38.2-1037 - Exceptions for licensed and operating insurers. - Virginia Statutes

§ 38.2-1037. Exceptions for licensed and operating insurers.

A. Notwithstanding the other provisions of this chapter with respect tominimum required capital and surplus, any insurer which, on June 30, 1991,was licensed to write and was writing any class of insurance in thisCommonwealth may continue to write that class of insurance under theappropriate license from the Commission, until July 1, 1994, if it maintainsat all times (i) the minimum capital and surplus if a stock insurer, (ii) theminimum surplus if a mutual insurer, and (iii) the minimum trusteed surplusif an alien insurer, required of the insurer as of June 30, 1991.

B. Any insurer not licensed to write a class of insurance in thisCommonwealth on June 30, 1991, shall meet all the capital surplus andtrusteed surplus requirements of this article before it obtains a license towrite that class of insurance.

(1952, c. 317, § 38.1-97; 1966, c. 580; 1977, c. 322; 1978, c. 20; 1986, c.562; 1987, c. 520; 1991, c. 261.)