Code of Virginia § 38.2-1032. Additional licensing requirements for domestic insurers.

131 words·~1 min read·/va/title-38-2/chapter-10/38-2-1032

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

No domestic insurer shall be licensed to transact the business of insurance in this Commonwealth until it has furnished the Commission with a statement under the seal of the insurer, verified by the president or treasurer or two of its directors, showing

(i)the amount of surplus,

(ii)the amount of capital stock fully paid in,

(iii)the amount of actual cash in its treasury,

(iv)the amount invested with a list of the investments and their cash value, and

(v)any other information the Commission requires. In its discretion the Commission may make or direct to be made an examination of the insurer to ascertain if it is entitled to the license.

Code 1950, § 38-505; 1952, c. 317, § 38.1-91; 1960, c. 289; 1966, c. 580; 1986, c. 562.