38.2-3922 - Reinsurance. - Virginia Statutes

§ 38.2-3922. Reinsurance.

Any mutual assessment life, accident and sickness insurer may reinsure thewhole or any part of its risks with any solvent insurer licensed in thisCommonwealth or licensed in any other state having standards of solvency, atleast equal to those required in this Commonwealth. However, the reinsuranceshall be ceded without contingent liability on the part of the reinsuredinsurer. Any mutual assessment life, accident and sickness insurer having asurplus in excess of $800,000 may accept or assume reinsurance from anylicensed insurer.

(1985, c. 400, § 38.1-549.23; 1986, c. 562.)