Code of Virginia - Title 38.2 Insurance - Chapter 11 Captive Insurers

• 38.2-1100 Scope of chapter
  The provisions of this chapter shall apply solely to captive insurers or association captive insurers domiciled in this Commonwealth. (1980, c. 665, § 38.1-916; 1986, ...
• 38.2-1101 Definitions
  As used in this chapter: "Affiliated company" means (i) any company that directly or indirectly owns, controls, or holds, with power to vote, ten percent ...
• 38.2-1102 Application for license; limitations on authority
  A. No captive insurer shall transact any insurance business in this Commonwealth unless (i) it is permitted to do so by its articles of incorporation ...
• 38.2-1103 Name
  A captive insurer shall not adopt the name of any existing company transacting a similar business or any name so familiar that it may mislead ...
• 38.2-1104 Formation; licensure after examination; amendment of articles; principal and home office
  A. Captive insurers with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as ...
• 38.2-1105 Deposit of minimum capital; letter of credit instead of deposit
  A. No captive insurer shall be issued a license to transact the business of insurance in this Commonwealth until it has met the requirements of ...
• 38.2-1106 Minimum surplus in form of letter of credit
  A. Any licensed captive insurer may, subject to the approval of the Commission, hold all or a portion of (i) the minimum surplus as set ...
• 38.2-1107 Membership in rating organizations
  No captive insurer shall be required to join a rating organization. (1980, c. 665, § 38.1-926; 1986, c. 562.) ...
• 38.2-1108 Tax on premiums collected
  All captive insurers transacting business in this Commonwealth shall pay taxes as provided for in Chapter 25 of Title 58.1, except that taxes shall be ...
• 38.2-1109 Applicability of other provisions of title
  Except as otherwise provided, all laws of this title that apply to insurers writing the same classes of insurance that captive insurers are permitted to ...

Last modified: April 3, 2009