Code of Virginia § 38.2-1207. Exceptions as to reciprocals licensed and operating.
130 words·~1 min read·
/va/title-38-2/chapter-12/38-2-1207A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Notwithstanding other provisions of this chapter regarding minimum required surplus, any reciprocal that was licensed to write and was writing any class of insurance in this Commonwealth on June 30, 1991, may continue to write that class of insurance under the appropriate license from the Commission until July 1, 1994. The reciprocal shall maintain at all times the minimum surplus, and the minimum trusteed surplus if an alien reciprocal, required on June 30, 1991.
B. Before any reciprocal obtains a license to write in this Commonwealth any class of insurance that it was not writing and licensed to write in this Commonwealth on June 30, 1991, it shall comply with all the requirements of this article regarding surplus.
1977, c. 322, § 38.1-695.1; 1986, c. 562; 1991, c. 261.