38.2-1206 - License required of reciprocals; surplus. - Virginia Statutes

§ 38.2-1206. License required of reciprocals; surplus.

A. No reciprocal shall engage in any insurance transaction in thisCommonwealth until it has obtained a license to do so in accordance with theapplicable provisions of Articles 5 (§ 38.2-1024 et seq.) and 7 (§ 38.2-1045et seq.) of Chapter 10 of this title.

B. No domestic or foreign reciprocal shall be licensed to transact thebusiness of insurance in this Commonwealth unless it has a surplus topolicyholders of at least $1,600,000, and no alien reciprocal shall be solicensed unless it has a trusteed surplus, as defined in § 38.2-1031, of atleast $1,600,000.

(Code 1950, § 38-549; 1952, c. 317, § 38.1-695; 1977, c. 322; 1986, c. 562;1991, c. 261.)