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2021 Code of Virginia
Title 38.2 - Insurance
Chapter 10 - Organization, Admission and Licensing of Insurers
Article 1. Organization of Domestic Insurers
- § 38.2-1000. Incorporation of domestic stock insurers
- § 38.2-1001. Incorporation of domestic mutual insurers
- § 38.2-1002. Additional requirements of articles of incorporation; name
- § 38.2-1003. When corporate status attained; bylaws filed with Commission
- § 38.2-1004. Voting
- § 38.2-1005. Certain mutual companies and societies not to become stock companies without approval of Commission
- § 38.2-1005.1. Conversion of a domestic mutual insurer to a domestic stock insurer
Article 1.1. Formation of Mutual Insurance Holding Company; Conversion of Mutual Holding Company to Stock Holding Company
- § 38.2-1005.1:1. Definitions
- § 38.2-1005.1:2. Formation of mutual holding company and conversion of mutual company
- § 38.2-1005.1:3. Mutual holding company membership interest
- § 38.2-1005.1:4. Contents of plan of MHC conversion
- § 38.2-1005.1:5. Adoption and approval of plan of MHC conversion
- § 38.2-1005.1:6. Corporate existence
- § 38.2-1005.1:7. Regulation and authority of a mutual holding company
- § 38.2-1005.1:8. Diversion of business to affiliates
- § 38.2-1005.1:9. Conversion of mutual holding company
- § 38.2-1005.1:10. Conflicts of interest
- § 38.2-1005.1:11. Costs and expenses
- § 38.2-1005.1:12. Failure to give notice
- § 38.2-1005.1:13. Limitation on actions
Article 2. Conversion of Domestic Stock Insurer to Mutual Insurer
- § 38.2-1006. Conversion of a domestic stock insurer to a mutual insurer
- § 38.2-1007. Notice to policyholders of meeting to approve conversion
- § 38.2-1008. Conduct of and voting at meeting
- § 38.2-1009. Payment for shares pursuant to conversion plan
- § 38.2-1010. How acquired shares held
- § 38.2-1011. Disposition of dividends after payments provided in conversion plan
- § 38.2-1012. Jurisdiction to compel completion of mutualization
- § 38.2-1013. Venue of proceedings
- § 38.2-1014. Parties and process
- § 38.2-1015. Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock
- § 38.2-1016. Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers
Article 2.1. Conversion of Health Maintenance Organization to Accident and Sickness Insurer
Article 3. Mergers
Article 4. Redomestication of Insurers
- § 38.2-1019. Change of status from foreign to domestic insurer
- § 38.2-1020. Transfer of domicile from Virginia to another state
- § 38.2-1021. Change of domicile of foreign insurer to another foreign state
- § 38.2-1022. Commission to be notified of proposed transfer of domicile
- § 38.2-1023. Effect of transfer of domicile on certificate of authority, agents' appointments and licenses, etc.
Article 5. Licensing of Insurers
- § 38.2-1024. License required to transact the business of insurance; application fee requirements for license
- § 38.2-1025. Annual renewal of license
- § 38.2-1026. Retaliatory provisions as to taxes, fees, deposits and other requirements
- § 38.2-1027. Admission of foreign and alien insurers
- § 38.2-1028. Additional licensing requirements for stock insurers
- § 38.2-1029. Additional licensing requirements for mutual insurers
- § 38.2-1030. Surplus requirements for issuing policies without contingent liability
- § 38.2-1031. Additional requirements, alien insurers
- § 38.2-1032. Additional licensing requirements for domestic insurers
- § 38.2-1033. Additional licensing requirements for foreign insurers
- § 38.2-1034. How domestic mutual insurers may acquire initial surplus
- § 38.2-1035. Domestic insurers to maintain minimum capital and surplus; proceedings by Commission if impairment found
- § 38.2-1036. Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license
- § 38.2-1037. Exceptions for licensed and operating insurers
- § 38.2-1038. Authority of Commission to issue orders covering insurers in hazardous financial condition
- § 38.2-1039. Enjoining unlicensed foreign or alien insurers from transacting the business of insurance in Commonwealth
- § 38.2-1039.1. Risk retention groups
Article 6. Refusal, Suspension or Revocation of Insurer's License
- § 38.2-1040. Refusal, suspension or revocation of license
- § 38.2-1041. Notice to company of proposed suspension or revocation
- § 38.2-1042. Agent's authority likewise suspended or revoked
- § 38.2-1043. Suspension or revocation published
- § 38.2-1044. New business prohibited
Article 7. Deposits
- § 38.2-1045. Deposits required of insurers generally
- § 38.2-1046. Purpose of deposits; enforcement of lien
- § 38.2-1047. How deposits applied to payment of claims; deficit to be made good
- § 38.2-1048. Return of deposits
- § 38.2-1049. Alternate deposit requirements
- § 38.2-1050. Voluntary deposit in excess of amount required
- § 38.2-1051. Repealed
- § 38.2-1052. Exchange of securities
- § 38.2-1053. Interest on deposits; to whom paid
- § 38.2-1054. Duty of State Treasurer when securities deposited are paid
- § 38.2-1055. Annual report of State Treasurer to Commission
- § 38.2-1056. Treasurer to receipt for deposits; responsibility of Commonwealth; taxation of deposited bonds
- § 38.2-1057. Assessment for expense of holding deposits; Insurance Collateral Assessment Fund
- § 38.2-1058. Felony for State Treasurer to dispose of securities illegally
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