38.2-2002 - Joint underwriting and joint reinsurance. - Virginia Statutes

§ 38.2-2002. Joint underwriting and joint reinsurance.

A. 1. Each group, association or other organization of insurers that engagesin joint underwriting or joint reinsurance for the insurance to which thischapter applies shall file with the Commission (i) a copy of itsconstitution, its articles of incorporation, agreement or association, and acopy of its bylaws, rules and regulations governing its activities, all dulycertified by the custodian of the originals of the copies, (ii) a list of itsmembers, and (iii) the name and address of a resident of this Commonwealthupon whom notices or orders of the Commission or process may be served.

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

3. This subsection shall not apply to the Virginia Automobile Insurance Plan, the Virginia Property Insurance Association and the Virginia Workers'Compensation Insurance Plan.

B. Each group, association or other organization of insurers that engages injoint underwriting for the insurance to which this chapter applies shall besubject to this chapter. Each such organization of insurers that engages injoint reinsurance for the insurance to which this chapter applies shall besubject to § 38.2-2026.

C. If, after providing notice and opportunity to be heard, the Commissionfinds any activity or practice of any such organization of insurers to beunfair, 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.

(Code 1950, §§ 38-218.2, 38-249, 38-253.46; 1952, c. 317, § 38.1-224; 1973,c. 504, § 38.1-279.43; 1986, c. 562; 1993, c. 985.)