Virginia Code 38.2-1021: Change of domicile of foreign insurer to another foreign state.
Any foreign insurer licensed to transact the business of insurance in this Commonwealth, upon proper notice to the Commission, may change its domicile to another foreign state without interruption in licensing and without reapplying as a foreign insurer if:
Terms Used In Virginia Code 38.2-1021
- 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
- Insurer: means an insurance company. See Virginia Code 38.2-100
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
- 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. See Virginia Code 38.2-100
1. For a foreign stock insurer, the change in domicile does not result in a reduction in its capital and surplus to policyholders below the capital and surplus requirements for licensure specified in § 38.2-1028;
2. For a foreign mutual insurer, the change in domicile does not result in a reduction in its surplus below the surplus requirements for licensure specified in § 38.2-1029;
3. There is no substantial change in the lines of insurance to be written by the insurer;
4. There is no substantial change in the nature of the insurer or its method of operations and there is no deterioration in its financial condition; and
5. The change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.
1983, c. 441, § 38.1-951; 1986, c. 562.