§ 38.2-1024 License required to transact the business of insurance; application fee requirements for license.
§ 38.2-1025 Annual renewal of license.
§ 38.2-1026 Retaliatory provisions as to taxes, fees, deposits and other requirements.
§ 38.2-1027 Admission of foreign and alien insurers.
§ 38.2-1028 Additional licensing requirements for stock insurers.
§ 38.2-1029 Additional licensing requirements for mutual insurers.
§ 38.2-1030 Surplus requirements for issuing policies without contingent liability.
§ 38.2-1031 Additional requirements, alien insurers.
§ 38.2-1032 Additional licensing requirements for domestic insurers.
§ 38.2-1033 Additional licensing requirements for foreign insurers.
§ 38.2-1034 How domestic mutual insurers may acquire initial surplus.
§ 38.2-1035 Domestic insurers to maintain minimum capital and surplus; proceedings by Commission if impairment found.
§ 38.2-1036 Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license.
§ 38.2-1037 Exceptions for licensed and operating insurers.
§ 38.2-1038 Authority of Commission to issue orders covering insurers in hazardous financial condition.
§ 38.2-1039 Enjoining unlicensed foreign or alien insurers from transacting the business of insurance in Commonwealth.
§ 38.2-1039.1 Risk retention groups.
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Terms Used In Virginia Code > Title 38.2 > Chapter 10 > Article 5 - Licensing of Insurers.

  • Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
  • 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
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bureau of Insurance: means the division of the Commission established to administer the insurance laws of the Commonwealth. See Virginia Code 38.2-100
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
  • Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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