2006 Code of Virginia § 38.2-100 - Definitions

38.2-100. Definitions.

As used in this title:

"Alien company" means a company incorporated or organized under the laws ofany country other than the United States.

"Commission" means the State Corporation Commission.

"Commissioner" or "Commissioner of Insurance" means the administrative orexecutive officer of the division or bureau of the Commission established toadminister the insurance laws of this Commonwealth.

"Company" means any association, aggregate of individuals, business,corporation, individual, joint-stock company, Lloyds type of organization,organization, partnership, receiver, reciprocal or interinsurance exchange,trustee or society.

"Domestic company" means a company incorporated or organized under the lawsof this Commonwealth.

"Foreign company" means a company incorporated or organized under the lawsof the United States, or of any state other than this Commonwealth.

"Health services plan" means any arrangement for offering or administeringhealth services or similar or related services by a corporation licensedunder Chapter 42 ( 38.2-4200 et seq.) of this title.

"Insurance" means the business of transferring risk by contract wherein aperson, for a consideration, undertakes (i) to indemnify another person, (ii)to pay or provide a specified or ascertainable amount of money, or (iii) toprovide a benefit or service upon the occurrence of a determinable riskcontingency. Without limiting the foregoing, "insurance" shall include (i)each of the classifications of insurance set forth in Article 2 ( 38.2-101et seq.) of this chapter and (ii) the issuance of group and individualcontracts, certificates, or evidences of coverage by any health services planas provided for in Chapter 42 ( 38.2-4200 et seq.) of this title, healthmaintenance organization as provided for in Chapter 43 ( 38.2-4300 et seq.)of this title, legal services organization or legal services plan as providedfor in Chapter 44 ( 38.2-4400 et seq.) of this title, dental or optometricservices plan as provided for in Chapter 45 ( 38.2-4500 et seq.) of thistitle, and dental plan organization as provided for in Chapter 61 (38.2-6100 et seq.) of this title. "Insurance" shall not include anyactivity involving an extended service contract that is subject to regulationpursuant to Chapter 34 ( 59.1-435 et seq.) of Title 59.1 or a warranty madeby a manufacturer, seller, lessor, or builder of a product or service.

"Insurance company" means any company engaged in the business of makingcontracts of insurance.

"Insurance transaction," "insurance business," and "business ofinsurance" include solicitation, negotiations preliminary to execution,execution of an insurance contract, and the transaction of matters subsequentto execution of the contract and arising out of it.

"Insurer" means an insurance company.

"Medicare" means the "Health Insurance for the Aged Act," Title XVIII ofthe Social Security Amendment of 1965, as amended.

"Person" means any association, aggregate of individuals, business,company, corporation, individual, joint-stock company, Lloyds type oforganization, organization, partnership, receiver, reciprocal orinterinsurance exchange, trustee or society.

"Rate" or "rates" means any rate of premium, policy fee, membership feeor any other charge made by an insurer for or in connection with a contractor policy of insurance. The terms "rate" or "rates" shall not include amembership fee paid to become a member of an organization or association, oneof the benefits of which is the purchasing of insurance coverage.

"Rate service organization" means any organization or person, other than ajoint underwriting association under 38.2-1915 or any employee of aninsurer including those insurers under common control or management, whoassists insurers in ratemaking or filing by:

(a) Collecting, compiling, and furnishing loss or expense statistics;

(b) Recommending, making or filing rates or supplementary rate information; or

(c) Advising about rate questions, except as an attorney giving legal advice.

"State" means any commonwealth, state, territory, district or insularpossession of the United States.

"Surplus to policyholders" means the excess of total admitted assets overthe liabilities of an insurer, and shall be the sum of all capital andsurplus accounts, including any voluntary reserves, minus any impairment ofall capital and surplus accounts.

Without otherwise limiting the meaning of or defining the following terms,"insurance contracts" or "insurance policies" shall include contracts offidelity, indemnity, guaranty and suretyship.

(Code 1950, 38-1, 38-194, 38-253.20, 38-253.67; 1952, c. 317, 38.1-1,38.1-219; 1973, c. 504, 38.1-279.30; 1980, c. 204, 38.1-362.12; 1986, c.562; 2001, c. 707; 2004, c. 668.)