Virginia Code 38.2-100: Definitions.
As used in this title:
Terms Used In Virginia Code 38.2-100
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any association, aggregate of individuals, business, company, 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
- rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
- Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
“Alien company” means a company incorporated or organized under the laws of any country other than the United States.
“Bureau” or “Bureau of Insurance” means the division of the Commission established to administer the insurance laws of the Commonwealth.
“Commission” means the State Corporation Commission.
“Commissioner” or “Commissioner of Insurance” means the administrative or executive officer of the Bureau.
“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.
“Domestic company” means a company incorporated or organized under the laws of the Commonwealth.
“Foreign company” means a company incorporated or organized under the laws of the United States, or of any state other than the Commonwealth.
“Health services plan” means any arrangement for offering or administering health services or similar or related services by a corporation licensed under Chapter 42 of Title 59.1; an extended service contract that is subject to regulation pursuant to Chapter 34 of Title 59.1; a warranty made by a manufacturer, seller, lessor, or builder of a product or service; or a service agreement offered by an automobile club as defined in subsection E of § 38.2-514.1.
“Insurance company” means any company engaged in the business of making contracts of insurance.
“Insurance transaction,” “insurance business,” and “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.
“Insurer” means an insurance company.
“Medicare” means the “Health Insurance for the Aged Act,” Title XVIII of the Social Security Amendment of 1965, as amended.
“Person” means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society.
“Rate” or “rates” means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. The terms “rate” or “rates” shall not include a membership fee paid to become a member of an organization or association, one of the benefits of which is the purchasing of insurance coverage.
“Rate service organization” means any organization or person, other than a joint underwriting association under § 38.2-1915 or any employee of an insurer including those insurers under common control or management, who assists insurers in ratemaking or filing by:
(a) Collecting, compiling, and furnishing loss or expense statistics;
(b) Recommending, making or filing rates or supplementary rate information; or
(c) Advising about rate questions, except as an attorney giving legal advice.
“State” means any commonwealth, state, territory, district or insular possession of the United States.
“Surplus to policyholders” means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts.
Without otherwise limiting the meaning of or defining the following terms, “insurance contracts” or “insurance policies” shall include contracts of fidelity, indemnity, guaranty and suretyship.
Code 1950, §§ 38-1, 38-194, 38-253.20, 38-253.67; 1952, c. 317, §§ 38.1-1, 38.1-219; 1973, c. 504, § 38.1-279.30; 1980, c. 204, § 38.1-362.12; 1986, c. 562; 2001, c. 707; 2004, c. 668; 2017, cc. 653, 727; 2020, c. 264.