Virginia Code 38.2-5113: Financial responsibility policy form or coverage requirements
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Any risk retention group and any insurer who transacts the business of insurance in this Commonwealth with a purchasing group or its members shall not be exempt from the policy form or coverage requirements of this Commonwealth’s motor vehicle financial responsibility insurance law. For the purpose of this section, any risk retention group and any insurer who transacts the business of insurance in this Commonwealth with a purchasing group or its members shall comply with §§ 38.2-2200 through 38.2-2207, §§ 38.2-2209, 38.2-2211, 38.2-2216, and §§ 38.2-2218 through 38.2-2225 and any other applicable law of this Commonwealth.
Terms Used In Virginia Code 38.2-5113
- 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
- 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
- Insurer: means an insurance company. 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.