Code of Virginia § 38.2-5107. Insurers; exemptions from certain laws relating to the group purchase of insurance.
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/va/title-38-2/chapter-51/38-2-5107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 members advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters.
B. Any insurer who transacts the business of insurance in this Commonwealth with a purchasing group or its members shall comply with the provisions of § 38.2-1024 and all other statutes in Title 38.2 which are applicable to licensed insurers, unless the insurer has received prior approval of the Commission to issue surplus lines insurance pursuant to Chapter 48 of this title.
1987, c. 585.