38.2-1207 - Exceptions as to reciprocals licensed and operating. - Virginia Statutes

§ 38.2-1207. Exceptions as to reciprocals licensed and operating.

A. Notwithstanding other provisions of this chapter regarding minimumrequired surplus, any reciprocal that was licensed to write and was writingany class of insurance in this Commonwealth on June 30, 1991, may continue towrite that class of insurance under the appropriate license from theCommission until July 1, 1994. The reciprocal shall maintain at all times theminimum surplus, and the minimum trusteed surplus if an alien reciprocal,required on June 30, 1991.

B. Before any reciprocal obtains a license to write in this Commonwealth anyclass of insurance that it was not writing and licensed to write in thisCommonwealth on June 30, 1991, it shall comply with all the requirements ofthis article regarding surplus.

(1977, c. 322, § 38.1-695.1; 1986, c. 562; 1991, c. 261.)