38.2-5102 - Risk retention groups chartered in this Commonwealth. - Virginia Statutes

§ 38.2-5102. Risk retention groups chartered in this Commonwealth.

A. A risk retention group seeking to be chartered in this Commonwealth shallbe chartered and licensed as a liability insurance company authorized by theinsurance laws of this Commonwealth to write only liability insurancepursuant to this chapter and, except as provided elsewhere in this chapter,shall comply with (i) all of the laws, rules, regulations and requirementsapplicable to such insurers chartered and licensed in this Commonwealth andwith (ii) § 38.2-5103 to the extent such requirements are not a limitation onlaws, rules, regulations or requirements of this Commonwealth.

B. Notwithstanding any other provision to the contrary, all risk retentiongroups chartered in this Commonwealth shall file with the Commission and theNational Association of Insurance Commissioners (NAIC), an annual statementin a form prescribed by the NAIC and in diskette form, if required by theCommission, and completed in accordance with its instructions and the NAICAccounting Practices and Procedures Manual.

C. Before it may offer insurance in any state, each risk retention groupshall also submit for approval to the Commission a plan of operation orfeasibility study. The risk retention group shall submit an appropriaterevision in the event of any subsequent material change in any item of theplan of operation or feasibility study, within ten days of any such change.The group shall not offer any additional kinds of liability insurance, inthis Commonwealth or any other state, until a revision of the plan or studyis approved by the Commission.

D. At the time of filing its application for licensure, the risk retentiongroup shall provide to the Commission in summary form the followinginformation: the identity of the initial members of the group, the identityof those individuals who organized the group or who will provideadministrative services or otherwise influence or control the activities ofthe group, the amount and nature of initial capitalization, the coverages tobe afforded, and the states in which the group intends to operate.

(1987, c. 585; 1992, c. 588.)