Virginia Code 52-36: Definitions
As used in this chapter, the following words shall have the following meanings:
Terms Used In Virginia Code 52-36
- Commission: means the State Corporation Commission. See Virginia Code 52-36
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurance policy: means a contract or other written instrument between an insured and insurer setting forth the obligations and responsibilities of each party. See Virginia Code 52-36
- Insured: means any person covered by an insurance policy. See Virginia Code 52-36
- Insurer: means any person subject to regulation pursuant to Title 38. See Virginia Code 52-36
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
“Commission” means the State Corporation Commission.
“Insurance fraud” means any commission or attempted commission of the criminal acts and practices defined in § 18.2-178 which involve any type of insurance as defined in §§ 38.2-110 through 38.2-122.2 and 38.2-124 through 38.2-132.
“Insurance policy” means a contract or other written instrument between an insured and insurer setting forth the obligations and responsibilities of each party.
“Insurance premium finance company” has the same meaning as specified in § 38.2-4700.
“Insurance professional” means adjusters, agents, managing general agents, surplus lines brokers, reinsurance intermediaries, insurance consultants, brokers, and attorneys-in-fact.
“Insurance transaction,” “insurance business,” and “business of insurance” include solicitation, negotiations preliminary to execution of an insurance contract, execution of an insurance contract and the transaction of matters subsequent to execution of a contract and arising out of it, and matters arising out of any relationship among or between an insured, an insurer and a third party for which an insurance policy provides coverage.
“Insured” means any person covered by an insurance policy.
“Insurer” means any person subject to regulation pursuant to Title 38.2, 46.2, or 65.2 engaged in the business of making, or purporting to make, contracts of insurance and any self-insured private or public employer; however, this term shall not include (i) any person licensed by or subject to regulation pursuant to Chapter 18 of Title 38.2, (ii) title insurers subject to regulation pursuant to Chapter 46 of Title 38.2, (iii) continuing care providers subject to registration pursuant to Chapter 49 of Title 38.2, and (iv) purchasing groups authorized by Chapter 51 of Title 38.2.