§ 38.2-1601 Application
This chapter shall apply to all classes of direct insurance written by member insurers but shall not be applicable to the following:
2. Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;
3. Fidelity or surety bonds, or any other bonding obligations;
4. Credit insurance, credit property insurance, and credit involuntary unemployment insurance;
7. Insurance of vessels or craft used primarily in a trade or business, their cargoes, and marine builders’ risk and marine protection and indemnity;
8. Any transaction or combination of transactions between a person, including affiliates of such person, and an insurer, including affiliates of such insurer, which involves the transfer of investment or credit risk unaccompanied by transfer of insurance risk; or
9. Any class of insurance written by cooperative nonprofit life benefit companies, mutual assessment life, accident and sickness insurers, burial societies, fraternal benefit societies, captive insurers, risk retention groups, and home protection companies.
History
This law was first created in 1970. The record of its establishment is cataloged in chapter 766 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1970 “Acts” aren’t available online. It has been modified 5 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1987, chapter 529; in 1993, chapters 77 and 774; in 1998, chapter 230; in 2000, chapter 526.
1970, c. 766, § 38.1-758; 1986, c. 562; 1987, c. 529; 1993, cc. 77, 774; 1998, c. 230; 2000, c. 526.