§ 38.2-1915. Joint underwriting or joint reinsurance organizations
A. Each group, association or other organization of insurers that engages in joint underwriting or joint reinsurance for a class of insurance to which this chapter applies shall file with the Commission (i) a copy of its constitution, articles of incorporation, agreement or association, and of its bylaws, rules and regulations governing its activities, all duly certified by the custodian of the originals of the copies, (ii) a list of its members, and (iii) the name and address of a resident of this Commonwealth upon whom notices or orders of the Commission or process may be served.
B. Each such organization of insurers shall notify the Commission promptly of every change in the information required to be filed by subsection A of this section.
C. Each group, association or other organization of insurers that engages in joint underwriting for a class of insurance to which this chapter applies shall be subject to this chapter. Each such organization of insurers that engages in joint reinsurance for a class of insurance to which this chapter applies shall be subject to §§ 38.2-1926, 38.2-1927, and 38.2-1928.
D. If, after providing notice and opportunity to be heard, the Commission finds that any activity or practice of any such organization of insurers is unfair, unreasonable or otherwise inconsistent with this chapter, it shall issue a written order (i) specifying in what respect the activity or practice is unfair, unreasonable or otherwise inconsistent with this chapter, and (ii) requiring the discontinuance of the activity or practice.
(1973, c. 504, § 38.1-279.43; 1986, c. 562.)
Sections: Previous 38.2-1909 38.2-1910 38.2-1911 38.2-1912 38.2-1912.1 38.2-1913 38.2-1914 38.2-1915 38.2-1916 38.2-1916.1 38.2-1916.2 38.2-1917 38.2-1918 38.2-1919 38.2-1919.1 NextLast modified: April 16, 2009