Virginia Code 38.2-700: When domestic insurer may hold stock of another insurer
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Subject to Article 6 (§ 38.2-1335 et seq.) of Chapter 13 and Chapter 14 (§ 38.2-1400 et seq.) of this title, any domestic insurer may retain, invest in or acquire the whole or any part of the capital stock of any other insurer, unless the effect of such action (i) substantially lessens competition generally or (ii) tends to create a monopoly, in the business of insurance.
Terms Used In Virginia Code 38.2-700
- 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, § 38.1-58; 1983, c. 457; 1986, c. 562.