Virginia Code 38.2-2503: Classes of insurance that may be written by mutual assessment property and casualty insurers; minimum surplus to policyholders required.
A. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $25,000 may write the following classes:
Terms Used In Virginia Code 38.2-2503
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mutual assessment property and casualty insurer: means a company without capital stock that writes only mutual assessment insurance insuring property located in or protecting against losses of members who are residents of this Commonwealth. See Virginia Code 38.2-2501
- 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. Fire insurance as defined in § 38.2-110;
2. Miscellaneous property damage insurance as defined in § 38.2-111; and
3. Animal insurance as defined in § 38.2-116.
B. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $100,000 may write the following classes of insurance, in addition to those classes enumerated in subsection A of this section:
1. Water damage insurance as defined in § 38.2-112;
2. Burglary and theft insurance as defined in § 38.2-113;
3. Glass insurance as defined in § 38.2-114;
4. Boiler and machinery insurance as defined in § 38.2-115;
5. Personal injury liability insurance as defined in § 38.2-117;
6. Property damage liability insurance as defined in § 38.2-118;
7. Marine insurance as defined in § 38.2-126;
8. Home protection insurance as defined in § 38.2-129;
9. Homeowners insurance as defined in § 38.2-130;
10. Farmowners insurance as defined in § 38.2-131;
11. Commercial multi-peril insurance as defined in § 38.2-132; and
12. Contingent and consequential losses insurance as defined in § 38.2-133.
The liability coverages specified in this subsection may be written only by insurers having a surplus to policyholders of at least $300,000 unless the coverages are fully reinsured.
C. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $800,000 may write the following classes of insurance, in addition to those classes enumerated in subsections A and B of this section:
1. Workers’ compensation and employers’ liability insurance as defined in § 38.2-119;
2. Fidelity insurance as defined in § 38.2-120;
3. Surety insurance as defined in § 38.2-121;
4. Credit insurance as defined in § 38.2-122;
5. Motor vehicle insurance as defined in § 38.2-124;
6. Aircraft insurance as defined in § 38.2-125;
7. Legal services insurance as defined in § 38.2-127; and
8. Mortgage guaranty insurance as defined in § 38.2-128.
Code 1950, §§ 38-523, 38-526, 38-529; 1952, c. 317, § 38.1-659; 1954, c. 161; 1960, c. 292; 1962, c. 172; 1974, c. 244; 1986, c. 562.