§ 38.2-2511 — How license obtained

Virginia § 38.2-2511

• Jurisdiction: Virginia
• Title 38.2: INSURANCE
• Ch. 25: MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS
• Art. 2: ORGANIZATION AND LICENSING OF INSURERS

Text

The applicant insurer shall file with and have approved by the Commission its application for the license required by § 38.2-1024 prior to transacting the business of insurance in this Commonwealth. The Commission shall not grant a license to any insurer until it is satisfied that the insurer has complied with the requirements of § 38.2-1024 and has filed with the Commission a statement signed by its president and secretary or two of its directors subject to § 38.2-1304, setting forth:

1. That the corporation holds bona fide applications for insurance of the classes proposed to be issued from 100 or more persons who own property insurable by the insurer under the provisions of this chapter and who desire to become members of the insurer;

2. The names of the proposed members and the amount of insurance subscribed for by each;

3. A statement that the insurer has received from each proposed member the initial fees and assessments required for the insurance requested;

4. The names and addresses of the officers and directors of the insurer;

5. The location of the insurer's principal office in this Commonwealth;

6. The classes of insurance proposed to be written; and

7. The territory within which the insurer proposes to transact insurance.

Legislative History

Code 1950, § 38-524; 1952, c. 317, § 38.1-668; 1986, c. 562.