§ 38.2-5109. Restrictions on insurance purchased by purchasing groups
A. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.
B. No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.
(1987, c. 585; 1992, c. 588.)Sections: Previous 38.2-5101 38.2-5102 38.2-5103 38.2-5104 38.2-5105 38.2-5106 38.2-5107 38.2-5108 38.2-5109 38.2-5110 38.2-5111 38.2-5112 38.2-5113 38.2-5114 38.2-5115 Next
Last modified: April 3, 2009