Virginia Code 38.2-5112: Duty on agents or brokers
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Any person acting, or offering to act, as an agent or surplus lines broker for a risk retention group or purchasing group, which solicits members, sells insurance coverage, purchases coverage for its members located within this Commonwealth or otherwise does business in this Commonwealth shall, before commencing any such activity, comply with the applicable provisions of Chapters 18 and 48 of this title, relating to property and casualty insurance agents and surplus lines brokers.
Terms Used In Virginia Code 38.2-5112
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this Commonwealth. See Virginia Code 38.2-5101
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Purchasing group: means any group which:
1. See Virginia Code 38.2-5101
- Risk retention group: means any corporation or other limited liability association:
1. See Virginia Code 38.2-5101
1987, c. 585.