Terms Used In Virginia Code > Title 38.2 > Chapter 25 > Article 5 - Financial Provisions

• 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
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Mutual assessment property and casualty insurer: means a company without capital stock that writes only mutual assessment insurance insuring property located in or protecting against losses of members who are residents of this Commonwealth. See Virginia Code 38.2-2501
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100