§ 38.2-1206. License required of reciprocals; surplus
A. No reciprocal shall engage in any insurance transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (§ 38.2-1024 et seq.) and 7 (§ 38.2-1045 et seq.) of Chapter 10 of this title.
B. No domestic or foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus to policyholders of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in § 38.2-1031, of at least $1,600,000.
(Code 1950, § 38-549; 1952, c. 317, § 38.1-695; 1977, c. 322; 1986, c. 562; 1991, c. 261.)
Sections: Previous 38.2-1200 38.2-1201 38.2-1202 38.2-1203 38.2-1204 38.2-1205 38.2-1206 38.2-1207 38.2-1208 38.2-1209 38.2-1210 38.2-1211 38.2-1212 38.2-1213 38.2-1214 NextLast modified: April 16, 2009