Code of Virginia - Title 38.2 Insurance - Section 38.2-1207 Exceptions as to reciprocals licensed and operating

§ 38.2-1207. Exceptions as to reciprocals licensed and operating

A. Notwithstanding other provisions of this chapter regarding minimum required surplus, any reciprocal that was licensed to write and was writing any class of insurance in this Commonwealth on June 30, 1991, may continue to write that class of insurance under the appropriate license from the Commission until July 1, 1994. The reciprocal shall maintain at all times the minimum surplus, and the minimum trusteed surplus if an alien reciprocal, required on June 30, 1991.

B. Before any reciprocal obtains a license to write in this Commonwealth any class of insurance that it was not writing and licensed to write in this Commonwealth on June 30, 1991, it shall comply with all the requirements of this article regarding surplus.

(1977, c. 322, § 38.1-695.1; 1986, c. 562; 1991, c. 261.)

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Last modified: April 3, 2009