2006 Code of Virginia § 38.2-1024 - License required to transact the business of insurance; application fee requirements for licens...

38.2-1024. License required to transact the business of insurance;application fee requirements for license.

A. No insurer unless authorized pursuant to Chapter 48 ( 38.2-4806 et seq.)of this title shall transact the business of insurance in this Commonwealthuntil it has obtained a license from the Commission. For a foreign or alieninsurer, this license shall be in addition to the certificate of authorityrequired by 38.2-1027. Each application for a license to transact thebusiness of insurance in this Commonwealth shall be accompanied by anonrefundable license application fee of $500. The fee shall be collected bythe Commission and paid directly into the state treasury and credited to theBureau of Insurance's maintenance fund as provided in subsection B of 38.2-400. The license shall be signed by a member or other duly authorizedagent of the Commission and shall expire on the next June 30 after the dateon which it becomes effective, subject to renewal pursuant to 38.2-1025.

B. The Commission shall not grant a license to do the business of insurancein this Commonwealth to any insurer until it is satisfied that, from theevidence it requires under uniform procedures suitable to and applied equallyto all classes of insurers, the insurer:

1. Has paid all fees, taxes, and charges required by law;

2. Has made any deposit required by this title;

3. Has the minimum capital and surplus if a stock insurer, the minimumsurplus if a mutual or a reciprocal insurer, and the minimum trusteed surplusif an alien insurer, prescribed in this title for insurers transacting thesame class of insurance;

4. Has filed a financial statement or statements and any reports,certificates or other documents the Commission considers necessary to securea full and accurate knowledge of its affairs and financial condition;

5. Is solvent and its financial condition, method of operation, and manner ofdoing business are such as to satisfy the Commission that it can meet itsobligations to all policyholders; and

6. Has otherwise complied with all the requirements of law.

(Code 1950, 38-31 to 38-33, 38-505, 38-514; 1952, c. 317, 38.1-85,38.1-86; 1978, cc. 4, 20; 1981, c. 605; 1986, c. 562; 1994, c. 316.)