38.2-1204 - Power to enter into reciprocal insurance contracts. - Virginia Statutes

§ 38.2-1204. Power to enter into reciprocal insurance contracts.

A. Persons of this Commonwealth may enter into reciprocal insurance contractswith each other and with persons of other states and countries. For thepurposes of this chapter, the definition of "person" shall also include anycounty, city, or town, school board, Transportation District Commission, orany other local governmental authority or local agency or public servicecorporation owned, operated or controlled by a locality or local governmentauthority, with power to enter into contractual undertakings within orwithout the Commonwealth.

B. For any corporation now existing or hereafter organized under the laws ofthis Commonwealth, the power and authority to enter into reciprocal insurancecontracts shall be in addition to the powers conferred upon it in itscertificate of incorporation, and shall be incidental to the purposes forwhich the corporation is organized.

(Code 1950, §§ 38-543, 38-550; 1952, c. 317, §§ 38.1-692, 38.1-693; 1986, c.562.)