Virginia Code 38.2-2615: Other insurance transactions prohibited
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A. A home protection company that engages in any business other than the business of a home protection company is not eligible for the issuance or renewal of a license in this Commonwealth.
Terms Used In Virginia Code 38.2-2615
- business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Home protection company: means any person who performs, or arranges to perform, services pursuant to a home protection insurance contract. See Virginia Code 38.2-2600
B. Nothing in this chapter shall be deemed to authorize any home protection company to transact any business other than that of a home protection company or to transact any other business of insurance, unless the company is authorized by a license issued by the Commission.
1981, c. 530, § 38.1-945; 1986, c. 562; 2006, c. 634; 2017, c. 727.