38.2-3102 - Domestic insurers prohibited from insuring lives and persons of residents of "reciprocal states.". - Virginia Statutes

§ 38.2-3102. Domestic insurers prohibited from insuring lives and persons ofresidents of "reciprocal states.".

A. As used in this section, "reciprocal state" means a state whose lawsprohibit its domestic insurers from insuring the lives or persons ofresidents of this Commonwealth unless the insurer is licensed in thisCommonwealth. The prohibition may be subject to exceptions similar to thoseset forth in subsection C of this section.

B. Subject to the exceptions set forth in subsection C of this section, adomestic insurer shall not enter into an insurance contract upon the life orperson of a resident of a reciprocal state unless the insurer is licensed inthat state.

C. The following are exceptions to the provisions of subsection B of thissection:

1. Contracts entered into when the person insured, or proposed to be insured,is, at the time he signs the application, personally present in a state wherethe insurer is licensed;

2. Certificates issued under any lawfully issued group life or group accidentand sickness policy, when the group policy is entered into in a state wherethe insurer is licensed;

3. Contracts made pursuant to a pension or retirement plan of an employer,when the contracts are applied for in a state where the employer ispersonally present or doing business and where the insurer is also licensed;or

4. Contracts renewed, reinstated, converted, or continued in force, with orwithout modification, that are otherwise lawful and that were not originallyexecuted in violation of this section.

(Code 1950, § 38-364; 1952, c. 317, § 38.1-433; 1986, c. 562.)