Code of Virginia - Title 38.2 Insurance - Chapter 51 Risk Retention Groups And Purchasing Groups

38.2-5100 Purpose
The purpose of this chapter is to regulate the formation and operation of risk retention groups and purchasing groups in this Commonwealth formed pursuant to ...

38.2-5101 Definitions
As used in this chapter: "Commissioner" means the commissioner, director, or superintendent of insurance in a state other than the Commonwealth of Virginia. "Completed operations ...

38.2-5102 Risk retention groups chartered in this Commonwealth
A. A risk retention group seeking to be chartered in this Commonwealth shall be chartered and licensed as a liability insurance company authorized by the ...

38.2-5103 Risk retention groups not chartered in this Commonwealth
Risk retention groups chartered in states other than this Commonwealth and seeking to do business as a risk retention group in this Commonwealth shall observe ...

38.2-5104 Associations
A. The provisions of Chapter 16 of Title 38.2 shall not apply to a risk retention group. B. A risk retention group shall participate in ...

38.2-5105 Description unavailable
Repealed by Acts 2001, c. 706, cl. 2, effective September 1, 2002. ...

38.2-5106 Purchasing groups; exemption from certain laws relating to the group purchase of insuranc...
Any purchasing group meeting the criteria established under the provisions of the federal Liability Risk Retention Act of 1986 shall be exempt from any law ...

38.2-5107 Insurers; exemptions from certain laws relating to the group purchase of insurance
A. An insurer shall be exempt from any law of this Commonwealth which prohibits providing, or offering to provide, to a purchasing group or its ...

38.2-5108 Notice and registration requirements of purchasing groups
A. A purchasing group which intends to do business in this Commonwealth shall furnish notice to the Commission, on forms prescribed by the Commission, which ...

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 ...

38.2-5110 Commission's authority regarding risk retention groups and purchasing groups
The Commission is authorized to make use of any of the powers established under Titles 12.1 and 38.2 to enforce the laws of this Commonwealth ...

38.2-5111 Penalties
A risk retention group which violates any provision of this chapter will be subject to fines and penalties applicable to licensed insurers generally, including revocation ...

38.2-5112 Duty on agents or brokers
Any person acting, or offering to act, as an agent or surplus lines broker for a risk retention group or purchasing group, which solicits members, ...

38.2-5113 Financial responsibility policy form or coverage requirements
Any risk retention group and any insurer who transacts the business of insurance in this Commonwealth with a purchasing group or its members shall not ...

38.2-5114 Application of other state laws to persons or corporations
Nothing in this chapter shall be construed to affect the applicability of state laws which are generally applicable to persons or corporations. (1987, c. 585.) ...

38.2-5115 Binding effect of orders issued in U.S. District Court
An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any ...