Virginia Code 38.2-1029: Additional licensing requirements for mutual insurers
Current as of: 2023 | Check for updates
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No mutual insurer shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus of at least $1,600,000.
Terms Used In Virginia Code 38.2-1029
- 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
Code 1950, § 38-514; 1952, c. 317, § 38.1-94; 1966, c. 580; 1978, c. 20; 1986, c. 562; 1991, c. 261.