Virginia Code 38.2-701: When director of a domestic insurer may be a director of another insurer
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Any domestic insurer may have a director who is also a director of another domestic, foreign or alien insurer, unless the effect thereof (i) substantially lessens competition generally or (ii) tends to create a monopoly, in the business of insurance.
Terms Used In Virginia Code 38.2-701
- business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
- Insurer: means an insurance company. See Virginia Code 38.2-100
1952, c. 317, § 38.1-59; 1986, c. 562.