{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2706.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2706.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2706.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2706.html"}],"law_id":72261,"edition_id":1,"section_id":72261,"structure_id":15499,"section_number":"15.2-2706","catch_line":"State Corporation Commission approval required","history":"1986, cc. 520, 556, \u00a7 15.1-503.4:6; 1997, c. 587.","full_text":"The formation and operation of a group self-insurance pool under this section shall be subject to approval by the State Corporation Commission which may, after notice and hearing, establish reasonable requirements and regulations for the approval and monitoring of such pools, including prior approval of pool administrators and provisions for periodic examinations of financial condition.\n\t\tThe Commission may disapprove an application for the formation of a group self-insurance pool, and may suspend or withdraw such approval whenever it finds that such applicant or pool:\n\n1\n\nHas refused to submit its books, papers, accounts, or affairs to the reasonable inspection of the Commission or its representative;2\n\nHas refused, or its officers or agents have refused, to furnish satisfactory evidence of its financial and business standing or solvency;3\n\nIs insolvent, or is in such condition that its further transaction of business in the Commonwealth is hazardous to its members and creditors in the Commonwealth, and to the public;4\n\nHas refused or neglected to pay a valid final judgment against it within sixty days after its rendition;5\n\nHas violated any law of the Commonwealth or has violated or exceeded the powers granted by its members;6\n\nHas failed to pay any fees, taxes or charges imposed in the Commonwealth within sixty days after they are due and payable, or within sixty days after final disposition or any legal contest with respect to liability therefor; or7\n\nHas been found insolvent by a court of any other state, or by the Insurance Commissioner or other proper officer or agency of any other state, and has been prohibited from doing business in such state.","order_by":null,"text":{"0":{"id":260294,"text":"The formation and operation of a group self-insurance pool under this section shall be subject to approval by the State Corporation Commission which may, after notice and hearing, establish reasonable requirements and regulations for the approval and monitoring of such pools, including prior approval of pool administrators and provisions for periodic examinations of financial condition.\n\t\tThe Commission may disapprove an application for the formation of a group self-insurance pool, and may suspend or withdraw such approval whenever it finds that such applicant or pool:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":260295,"text":"Has refused to submit its books, papers, accounts, or affairs to the reasonable inspection of the Commission or its representative;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":260296,"text":"Has refused, or its officers or agents have refused, to furnish satisfactory evidence of its financial and business standing or solvency;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":260297,"text":"Is insolvent, or is in such condition that its further transaction of business in the Commonwealth is hazardous to its members and creditors in the Commonwealth, and to the public;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":260298,"text":"Has refused or neglected to pay a valid final judgment against it within sixty days after its rendition;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":260299,"text":"Has violated any law of the Commonwealth or has violated or exceeded the powers granted by its members;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":260300,"text":"Has failed to pay any fees, taxes or charges imposed in the Commonwealth within sixty days after they are due and payable, or within sixty days after final disposition or any legal contest with respect to liability therefor; or","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":260301,"text":"Has been found insolvent by a court of any other state, or by the Insurance Commissioner or other proper officer or agency of any other state, and has been prohibited from doing business in such state.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"ancestry":[{"id":15499,"edition_id":1,"name":"Local Government Group Self-Insurance Pools","identifier":"27","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:55:35","date_modified":"2026-06-26 03:55:35","permalink":{"id":156215,"object_type":"structure","relational_id":15499,"identifier":"27","token":"15.2\/II\/27","url":"\/15.2\/II\/27\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":74035,"structure_id":15499,"section_number":"15.2-2700","catch_line":"Declaration of policy, findings and purpose","url":"\/15.2-2700\/","token":"15.2\/II\/27\/15.2-2700","metadata":false},{"id":59067,"structure_id":15499,"section_number":"15.2-2701","catch_line":"Definition","url":"\/15.2-2701\/","token":"15.2\/II\/27\/15.2-2701","metadata":false},{"id":78613,"structure_id":15499,"section_number":"15.2-2702","catch_line":"Commonwealth and agencies thereof authorized to exercise powers under this chapter","url":"\/15.2-2702\/","token":"15.2\/II\/27\/15.2-2702","metadata":false},{"id":81205,"structure_id":15499,"section_number":"15.2-2703","catch_line":"Group self-insurance pools authorized","url":"\/15.2-2703\/","token":"15.2\/II\/27\/15.2-2703","metadata":false},{"id":77220,"structure_id":15499,"section_number":"15.2-2704","catch_line":"Powers of group self-insurance pool; self-insurer for motor vehicle security; surety","url":"\/15.2-2704\/","token":"15.2\/II\/27\/15.2-2704","metadata":false},{"id":66419,"structure_id":15499,"section_number":"15.2-2705","catch_line":"Required provisions in contract; election of governing authority; financial plan; management plan","url":"\/15.2-2705\/","token":"15.2\/II\/27\/15.2-2705","metadata":false},{"id":72261,"structure_id":15499,"section_number":"15.2-2706","catch_line":"State Corporation Commission approval required","url":"\/15.2-2706\/","token":"15.2\/II\/27\/15.2-2706","metadata":false},{"id":81139,"structure_id":15499,"section_number":"15.2-2707","catch_line":"Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required","url":"\/15.2-2707\/","token":"15.2\/II\/27\/15.2-2707","metadata":false},{"id":84013,"structure_id":15499,"section_number":"15.2-2708","catch_line":"Exemptions from disclosure","url":"\/15.2-2708\/","token":"15.2\/II\/27\/15.2-2708","metadata":false},{"id":83025,"structure_id":15499,"section_number":"15.2-2709","catch_line":"Group self-insurance pool not an insurer","url":"\/15.2-2709\/","token":"15.2\/II\/27\/15.2-2709","metadata":false}],"previous_section":{"id":66419,"structure_id":15499,"section_number":"15.2-2705","catch_line":"Required provisions in contract; election of governing authority; financial plan; management plan","url":"\/15.2-2705\/","token":"15.2\/II\/27\/15.2-2705","metadata":false},"next_section":{"id":81139,"structure_id":15499,"section_number":"15.2-2707","catch_line":"Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required","url":"\/15.2-2707\/","token":"15.2\/II\/27\/15.2-2707","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2706\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapters 520 and 556 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1986 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":[{"id":60093,"section_number":"65.2-801","catch_line":"Insurance or proof of financial ability to pay required","order_by":null,"url":"\/65.2-801\/"}],"refers_to":false,"permalink":{"id":156241,"object_type":"law","relational_id":72261,"identifier":"15.2-2706","token":"15.2\/II\/27\/15.2-2706","url":"\/15.2-2706\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2706\/","token":"15.2\/II\/27\/15.2-2706","dublin_core":{"Title":"State Corporation Commission approval required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2706","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The formation and operation of a group self-insurance pool under this section shall be subject to approval by the State Corporation Commission which may, after notice and hearing<\/span>, establish reasonable requirements and regulations for the approval and monitoring of such pools, including prior approval of pool administrators and provisions for periodic examinations of financial condition.\n\t\tThe Commission may disapprove an application for the formation of a group self-insurance pool, and may suspend or withdraw such approval whenever it finds that such applicant or pool:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has refused to submit its books, papers, accounts, or affairs to the reasonable inspection of the Commission or its representative; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has refused, or its officers or agents have refused, to furnish satisfactory evidence<\/span> of its financial and business standing or solvency; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Is insolvent, or is in such condition that its further transaction of business in the Commonwealth is hazardous to its members and creditors<\/span> in the Commonwealth, and to the public; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Has refused or neglected to pay a valid final judgment<\/span> against it within sixty days after its rendition; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Has violated any law<\/span> of the Commonwealth or has violated or exceeded the powers granted by its members; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Has failed to pay any fees, taxes or charges imposed in the Commonwealth within sixty days after they are due and payable, or within sixty days after final disposition<\/span> or any legal contest with respect to liability therefor; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Has been found insolvent by a court<\/span> of any other state, or by the Insurance Commissioner or other proper officer or agency of any other state, and has been prohibited from doing business in such state. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATE CORPORATION COMMISSION APPROVAL REQUIRED (\u00a7 15.2-2706)\n\nThe formation and operation of a group self-insurance pool under this section\nshall be subject to approval by the State Corporation Commission which may,\nafter notice and hearing, establish reasonable requirements and regulations for\nthe approval and monitoring of such pools, including prior approval of pool\nadministrators and provisions for periodic examinations of financial condition.\n\t\tThe Commission may disapprove an application for the formation of a group\nself-insurance pool, and may suspend or withdraw such approval whenever it finds\nthat such applicant or pool:\n\n1. Has refused to submit its books, papers, accounts, or affairs to the\nreasonable inspection of the Commission or its representative;\n\n2. Has refused, or its officers or agents have refused, to furnish satisfactory\nevidence of its financial and business standing or solvency;\n\n3. Is insolvent, or is in such condition that its further transaction of\nbusiness in the Commonwealth is hazardous to its members and creditors in the\nCommonwealth, and to the public;\n\n4. Has refused or neglected to pay a valid final judgment against it within\nsixty days after its rendition;\n\n5. Has violated any law of the Commonwealth or has violated or exceeded the\npowers granted by its members;\n\n6. Has failed to pay any fees, taxes or charges imposed in the Commonwealth\nwithin sixty days after they are due and payable, or within sixty days after\nfinal disposition or any legal contest with respect to liability therefor; or\n\n7. Has been found insolvent by a court of any other state, or by the Insurance\nCommissioner or other proper officer or agency of any other state, and has been\nprohibited from doing business in such state.\n\nHISTORY: 1986, cc. 520, 556, \u00a7 15.1-503.4:6; 1997, c. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}