Virginia Code 38.2-3803: Licensing of additional companies prohibited.
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Any company that was not licensed and doing business in this Commonwealth on July 1, 1952, shall not be issued a license to do the business of insurance in this Commonwealth. On or after July 1, 1952, only a renewal of a license held by the company for the preceding year will be issued.
Terms Used In Virginia Code 38.2-3803
- 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
- company: means a cooperative nonprofit life benefit company as defined in subsection A of this section. See Virginia Code 38.2-3801
1952, c. 317, § 38.1-499; 1986, c. 562.