§ 38.2-1030. Surplus requirements for issuing policies without contingent liability
No domestic or foreign mutual insurer shall issue policies without contingent liability unless, at the time of issue, the insurer has at least four million dollars of surplus. In the case of an alien insurer, policies without contingent liability shall not be issued unless, at the time of issue, the insurer has at least four million dollars of trusteed surplus.
However, any mutual insurer that on June 30, 1991, was authorized to issue and was engaged in issuing policies without contingent liability may continue to do so, until July 1, 1994, by maintaining at all times the minimum surplus if a domestic or foreign insurer, and the minimum trusteed surplus if an alien insurer, required at the time of authorization.
(Code 1950, § 38-508; 1952, c. 317, § 38.1-95.1; 1966, c. 580; 1977, c. 322; 1986, c. 562; 1987, c. 520; 1991, c. 261.)
Sections: Previous 38.2-1023 38.2-1024 38.2-1025 38.2-1026 38.2-1027 38.2-1028 38.2-1029 38.2-1030 38.2-1031 38.2-1032 38.2-1033 38.2-1034 38.2-1035 38.2-1036 38.2-1037 NextLast modified: April 3, 2009