§ 38.2-2511. How license obtained
The applicant insurer shall file with and have approved by the Commission its application for the license required by § 38.2-1024 prior to transacting the business of insurance in this Commonwealth. The Commission shall not grant a license to any insurer until it is satisfied that the insurer has complied with the requirements of § 38.2-1024 and has filed with the Commission a statement signed by its president and secretary or two of its directors subject to § 38.2-1304, setting forth:
1. That the corporation holds bona fide applications for insurance of the classes proposed to be issued from 100 or more persons who own property insurable by the insurer under the provisions of this chapter and who desire to become members of the insurer;
2. The names of the proposed members and the amount of insurance subscribed for by each;
3. A statement that the insurer has received from each proposed member the initial fees and assessments required for the insurance requested;
4. The names and addresses of the officers and directors of the insurer;
5. The location of the insurer's principal office in this Commonwealth;
6. The classes of insurance proposed to be written; and
7. The territory within which the insurer proposes to transact insurance.
(Code 1950, § 38-524; 1952, c. 317, § 38.1-668; 1986, c. 562.)
Sections: Previous 38.2-2504 38.2-2505 38.2-2506 38.2-2507 38.2-2508 38.2-2509 38.2-2510 38.2-2511 38.2-2512 38.2-2513 38.2-2514 38.2-2515 38.2-2516 38.2-2517 38.2-2518 NextLast modified: April 16, 2009