38.2-1915 - Joint underwriting or joint reinsurance organizations. - Virginia Statutes

§ 38.2-1915. Joint underwriting or joint reinsurance organizations.

A. Each group, association or other organization of insurers that engages injoint underwriting or joint reinsurance for a class of insurance to whichthis chapter applies shall file with the Commission (i) a copy of itsconstitution, articles of incorporation, agreement or association, and of itsbylaws, rules and regulations governing its activities, all duly certified bythe custodian of the originals of the copies, (ii) a list of its members, and(iii) the name and address of a resident of this Commonwealth upon whomnotices or orders of the Commission or process may be served.

B. Each such organization of insurers shall notify the Commission promptly ofevery change in the information required to be filed by subsection A of thissection.

C. Each group, association or other organization of insurers that engages injoint underwriting for a class of insurance to which this chapter appliesshall be subject to this chapter. Each such organization of insurers thatengages in joint reinsurance for a class of insurance to which this chapterapplies shall be subject to §§ 38.2-1926, 38.2-1927, and 38.2-1928.

D. If, after providing notice and opportunity to be heard, the Commissionfinds that any activity or practice of any such organization of insurers isunfair, unreasonable or otherwise inconsistent with this chapter, it shallissue a written order (i) specifying in what respect the activity or practiceis unfair, unreasonable or otherwise inconsistent with this chapter, and (ii)requiring the discontinuance of the activity or practice.

(1973, c. 504, § 38.1-279.43; 1986, c. 562.)