38.2-2511 - How license obtained. - Virginia Statutes

§ 38.2-2511. How license obtained.

The applicant insurer shall file with and have approved by the Commission itsapplication for the license required by § 38.2-1024 prior to transacting thebusiness of insurance in this Commonwealth. The Commission shall not grant alicense to any insurer until it is satisfied that the insurer has compliedwith the requirements of § 38.2-1024 and has filed with the Commission astatement signed by its president and secretary or two of its directorssubject to § 38.2-1304, setting forth:

1. That the corporation holds bona fide applications for insurance of theclasses proposed to be issued from 100 or more persons who own propertyinsurable by the insurer under the provisions of this chapter and who desireto become members of the insurer;

2. The names of the proposed members and the amount of insurance subscribedfor by each;

3. A statement that the insurer has received from each proposed member theinitial fees and assessments required for the insurance requested;

4. The names and addresses of the officers and directors of the insurer;

5. The location of the insurer's principal office in this Commonwealth;

6. The classes of insurance proposed to be written; and

7. The territory within which the insurer proposes to transact insurance.

(Code 1950, § 38-524; 1952, c. 317, § 38.1-668; 1986, c. 562.)