{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1024.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1024.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1024.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1024.html"}],"law_id":86158,"edition_id":1,"section_id":86158,"structure_id":15918,"section_number":"38.2-1024","catch_line":"License required to transact the business of insurance; application fee requirements for license","history":"Code 1950, \u00a7\u00a7 38-31 to 38-33, 38-505, 38-514; 1952, c. 317, \u00a7\u00a7 38.1-85, 38.1-86; 1978, cc. 4, 20; 1981, c. 605; 1986, c. 562; 1994, c. 316; 2017, c. 655.","full_text":"A\n\nNo insurer unless authorized pursuant to Chapter 48 (§ 38.2-4805.1 et seq.) shall transact the business of insurance in this Commonwealth until it has obtained a license from the Commission. For a foreign or alien insurer or reciprocal, this license shall be in addition to the certificate of authority required by § 38.2-1027. Each application for a license to transact the business of insurance in this Commonwealth shall be accompanied by a nonrefundable license application fee of $500. The fee shall be collected by the Commission and paid directly into the state treasury and credited to the Bureau of Insurance’s maintenance fund as provided in subsection B of § 38.2-400. The license shall be signed by a member or other duly authorized agent of the Commission and shall expire on the next June 30 after the date on which it becomes effective, subject to renewal pursuant to § 38.2-1025.B\n\nThe Commission shall not grant a license to do the business of insurance in this Commonwealth to any insurer until it is satisfied that, from the evidence it requires under uniform procedures suitable to and applied equally to all classes of insurers, the insurer:1\n\nHas paid all fees, taxes, and charges required by law;2\n\nHas made any deposit required by this title;3\n\nHas the minimum capital and surplus if a stock insurer, the minimum surplus if a mutual or a reciprocal insurer, and the minimum trusteed surplus if an alien insurer, prescribed in this title for insurers transacting the same class of insurance;4\n\nHas filed a financial statement or statements and any reports, certificates or other documents the Commission considers necessary to secure a full and accurate knowledge of its affairs and financial condition;5\n\nIs solvent and its financial condition, method of operation, and manner of doing business are such as to satisfy the Commission that it can meet its obligations to all policyholders; and6\n\nHas otherwise complied with all the requirements of law.","order_by":null,"text":{"0":{"id":308616,"text":"No insurer unless authorized pursuant to Chapter 48 (§ 38.2-4805.1 et seq.) shall transact the business of insurance in this Commonwealth until it has obtained a license from the Commission. For a foreign or alien insurer or reciprocal, this license shall be in addition to the certificate of authority required by § 38.2-1027. Each application for a license to transact the business of insurance in this Commonwealth shall be accompanied by a nonrefundable license application fee of $500. The fee shall be collected by the Commission and paid directly into the state treasury and credited to the Bureau of Insurance’s maintenance fund as provided in subsection B of § 38.2-400. The license shall be signed by a member or other duly authorized agent of the Commission and shall expire on the next June 30 after the date on which it becomes effective, subject to renewal pursuant to § 38.2-1025.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":308617,"text":"The Commission shall not grant a license to do the business of insurance in this Commonwealth to any insurer until it is satisfied that, from the evidence it requires under uniform procedures suitable to and applied equally to all classes of insurers, the insurer:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":308618,"text":"Has paid all fees, taxes, and charges required by law;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":308619,"text":"Has made any deposit required by this title;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":308620,"text":"Has the minimum capital and surplus if a stock insurer, the minimum surplus if a mutual or a reciprocal insurer, and the minimum trusteed surplus if an alien insurer, prescribed in this title for insurers transacting the same class of insurance;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":308621,"text":"Has filed a financial statement or statements and any reports, certificates or other documents the Commission considers necessary to secure a full and accurate knowledge of its affairs and financial condition;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":308622,"text":"Is solvent and its financial condition, method of operation, and manner of doing business are such as to satisfy the Commission that it can meet its obligations to all policyholders; and","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":308623,"text":"Has otherwise complied with all the requirements of law.","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5"}},"ancestry":[{"id":15918,"edition_id":1,"name":"Licensing of Insurers","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 04:01:51","date_modified":"2026-06-26 04:01:51","permalink":{"id":211021,"object_type":"structure","relational_id":15918,"identifier":"5","token":"38.2\/10\/5","url":"\/38.2\/10\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","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":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":86158,"structure_id":15918,"section_number":"38.2-1024","catch_line":"License required to transact the business of insurance; application fee requirements for license","url":"\/38.2-1024\/","token":"38.2\/10\/5\/38.2-1024","metadata":false},{"id":77754,"structure_id":15918,"section_number":"38.2-1025","catch_line":"Annual renewal of license","url":"\/38.2-1025\/","token":"38.2\/10\/5\/38.2-1025","metadata":false},{"id":69463,"structure_id":15918,"section_number":"38.2-1026","catch_line":"Retaliatory provisions as to taxes, fees, deposits and other requirements","url":"\/38.2-1026\/","token":"38.2\/10\/5\/38.2-1026","metadata":false},{"id":87463,"structure_id":15918,"section_number":"38.2-1027","catch_line":"Admission of foreign and alien insurers","url":"\/38.2-1027\/","token":"38.2\/10\/5\/38.2-1027","metadata":false},{"id":85672,"structure_id":15918,"section_number":"38.2-1028","catch_line":"Additional licensing requirements for stock insurers","url":"\/38.2-1028\/","token":"38.2\/10\/5\/38.2-1028","metadata":false},{"id":79650,"structure_id":15918,"section_number":"38.2-1029","catch_line":"Additional licensing requirements for mutual insurers","url":"\/38.2-1029\/","token":"38.2\/10\/5\/38.2-1029","metadata":false},{"id":63344,"structure_id":15918,"section_number":"38.2-1030","catch_line":"Surplus requirements for issuing policies without contingent liability","url":"\/38.2-1030\/","token":"38.2\/10\/5\/38.2-1030","metadata":false},{"id":76434,"structure_id":15918,"section_number":"38.2-1031","catch_line":"Additional requirements, alien insurers","url":"\/38.2-1031\/","token":"38.2\/10\/5\/38.2-1031","metadata":false},{"id":70766,"structure_id":15918,"section_number":"38.2-1032","catch_line":"Additional licensing requirements for domestic insurers","url":"\/38.2-1032\/","token":"38.2\/10\/5\/38.2-1032","metadata":false},{"id":87308,"structure_id":15918,"section_number":"38.2-1033","catch_line":"Additional licensing requirements for foreign insurers","url":"\/38.2-1033\/","token":"38.2\/10\/5\/38.2-1033","metadata":false},{"id":61767,"structure_id":15918,"section_number":"38.2-1034","catch_line":"How domestic mutual insurers may acquire initial surplus","url":"\/38.2-1034\/","token":"38.2\/10\/5\/38.2-1034","metadata":false},{"id":80849,"structure_id":15918,"section_number":"38.2-1035","catch_line":"Domestic insurers to maintain minimum capital and surplus; proceedings by Commission if impairment found","url":"\/38.2-1035\/","token":"38.2\/10\/5\/38.2-1035","metadata":false},{"id":82299,"structure_id":15918,"section_number":"38.2-1036","catch_line":"Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license","url":"\/38.2-1036\/","token":"38.2\/10\/5\/38.2-1036","metadata":false},{"id":68854,"structure_id":15918,"section_number":"38.2-1037","catch_line":"Exceptions for licensed and operating insurers","url":"\/38.2-1037\/","token":"38.2\/10\/5\/38.2-1037","metadata":false},{"id":84129,"structure_id":15918,"section_number":"38.2-1038","catch_line":"Authority of Commission to issue orders covering insurers in hazardous financial condition","url":"\/38.2-1038\/","token":"38.2\/10\/5\/38.2-1038","metadata":false},{"id":62989,"structure_id":15918,"section_number":"38.2-1039","catch_line":"Enjoining unlicensed foreign or alien insurers from transacting the business of insurance in Commonwealth","url":"\/38.2-1039\/","token":"38.2\/10\/5\/38.2-1039","metadata":false},{"id":68850,"structure_id":15918,"section_number":"38.2-1039.1","catch_line":"Risk retention groups","url":"\/38.2-1039.1\/","token":"38.2\/10\/5\/38.2-1039.1","metadata":false}],"next_section":{"id":77754,"structure_id":15918,"section_number":"38.2-1025","catch_line":"Annual renewal of license","url":"\/38.2-1025\/","token":"38.2\/10\/5\/38.2-1025","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1024\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. 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. Those modifications are as follows: in 1952, chapter 317; in 1978, chapters 4 and 20; in 1981, chapter 605; in 1986, chapter 562; in 1994, chapter 316<\/a>; in 2017, chapter 655<\/a>.<\/p>","references":[{"id":55817,"section_number":"38.2-1016.1","catch_line":"Conversion of a health maintenance organization to an accident and sickness insurer","order_by":null,"url":"\/38.2-1016.1\/"},{"id":60287,"section_number":"38.2-1019","catch_line":"Change of status from foreign to domestic insurer","order_by":null,"url":"\/38.2-1019\/"},{"id":77754,"section_number":"38.2-1025","catch_line":"Annual renewal of license","order_by":null,"url":"\/38.2-1025\/"},{"id":87463,"section_number":"38.2-1027","catch_line":"Admission of foreign and alien insurers","order_by":null,"url":"\/38.2-1027\/"},{"id":75949,"section_number":"38.2-1102","catch_line":"Application for license; limitations on authority","order_by":null,"url":"\/38.2-1102\/"},{"id":66651,"section_number":"38.2-1105","catch_line":"Deposit of minimum capital; letter of credit instead of deposit","order_by":null,"url":"\/38.2-1105\/"},{"id":83845,"section_number":"38.2-1106","catch_line":"Minimum surplus in form of letter of credit","order_by":null,"url":"\/38.2-1106\/"},{"id":86167,"section_number":"38.2-1206","catch_line":"License required of reciprocals; surplus","order_by":null,"url":"\/38.2-1206\/"},{"id":84358,"section_number":"38.2-1341","catch_line":"Definitions","order_by":null,"url":"\/38.2-1341\/"},{"id":84201,"section_number":"38.2-2511","catch_line":"How license obtained","order_by":null,"url":"\/38.2-2511\/"},{"id":80501,"section_number":"38.2-2604","catch_line":"Qualification for license; net worth; deposit of securities with State Treasurer","order_by":null,"url":"\/38.2-2604\/"},{"id":58581,"section_number":"38.2-4805.2","catch_line":"Definitions","order_by":null,"url":"\/38.2-4805.2\/"},{"id":64334,"section_number":"38.2-4811.1","catch_line":"Surplus lines coverage placed with domestic surplus lines insurers","order_by":null,"url":"\/38.2-4811.1\/"},{"id":66043,"section_number":"38.2-5107","catch_line":"Insurers; exemptions from certain laws relating to the group purchase of insurance","order_by":null,"url":"\/38.2-5107\/"},{"id":60406,"section_number":"38.2-6113","catch_line":"Application of other laws","order_by":null,"url":"\/38.2-6113\/"}],"refers_to":[{"id":87463,"section_number":"38.2-1027","catch_line":"Admission of foreign and alien insurers","order_by":null,"url":"\/38.2-1027\/"},{"id":57860,"section_number":"38.2-400","catch_line":"Expense of administration of insurance laws borne by licensees; minimum contribution","order_by":null,"url":"\/38.2-400\/"},{"id":54697,"section_number":"38.2-4805.1","catch_line":"Application of chapter","order_by":null,"url":"\/38.2-4805.1\/"}],"permalink":{"id":211023,"object_type":"law","relational_id":86158,"identifier":"38.2-1024","token":"38.2\/10\/5\/38.2-1024","url":"\/38.2-1024\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1024\/","token":"38.2\/10\/5\/38.2-1024","dublin_core":{"Title":"License required to transact the business of insurance; application fee requirements for license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1024","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No insurer<\/span> unless authorized pursuant to Chapter 48 (§ 38.2-4805.1<\/a> et seq.) shall transact the business of insurance in this Commonwealth until it has obtained a license from the Commission<\/span>. For a foreign or alien insurer<\/span> or reciprocal, this license shall be in addition to the certificate of authority required by § 38.2-1027<\/a>. Each application for a license to transact the business of insurance in this Commonwealth shall be accompanied by a nonrefundable license application fee of $500. The fee shall be collected by the Commission<\/span> and paid directly into the state<\/span> treasury and credited to the Bureau of Insurance<\/span>’s maintenance fund as provided in subsection B of § 38.2-400<\/a>. The license shall be signed by a member or other duly authorized agent of the Commission<\/span> and shall expire on the next June 30 after the date on which it becomes effective, subject to renewal pursuant to § 38.2-1025<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> shall not grant a license to do the business of insurance in this Commonwealth to any insurer<\/span> until it is satisfied that, from the evidence<\/span> it requires under uniform procedures suitable to and applied equally to all classes of insurers<\/span>, the insurer<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has paid all fees, taxes, and charges required by law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has made any deposit required by this title; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has the minimum capital and surplus if a stock insurer<\/span>, the minimum surplus if a mutual or a reciprocal insurer<\/span>, and the minimum trusteed surplus if an alien insurer<\/span>, prescribed in this title for insurers<\/span> transacting the same class of insurance; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Has filed a financial statement or statements and any reports, certificates or other documents the Commission<\/span> considers necessary to secure a full and accurate knowledge of its affairs and financial condition; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Is solvent and its financial condition, method of operation, and manner of doing business are such as to satisfy the Commission<\/span> that it can meet its obligations to all policyholders; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Has otherwise complied with all the requirements of law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSE REQUIRED TO TRANSACT THE BUSINESS OF INSURANCE; APPLICATION FEE\nREQUIREMENTS FOR LICENSE (\u00a7 38.2-1024)\n\nA. No insurer unless authorized pursuant to Chapter 48 (§ 38.2-4805.1 et\nseq.) shall transact the business of insurance in this Commonwealth until it has\nobtained a license from the Commission. For a foreign or alien insurer or\nreciprocal, this license shall be in addition to the certificate of authority\nrequired by § 38.2-1027. Each application for a license to transact the\nbusiness of insurance in this Commonwealth shall be accompanied by a\nnonrefundable license application fee of $500. The fee shall be collected by the\nCommission and paid directly into the state treasury and credited to the Bureau\nof Insurance’s maintenance fund as provided in subsection B of §\n38.2-400. The license shall be signed by a member or other duly authorized agent\nof the Commission and shall expire on the next June 30 after the date on which\nit becomes effective, subject to renewal pursuant to § 38.2-1025.\n\nB. The Commission shall not grant a license to do the business of insurance in\nthis Commonwealth to any insurer until it is satisfied that, from the evidence\nit requires under uniform procedures suitable to and applied equally to all\nclasses of insurers, the insurer:\n\n 1. Has paid all fees, taxes, and charges required by law;\n\n 2. Has made any deposit required by this title;\n\n 3. Has the minimum capital and surplus if a stock insurer, the minimum surplus\n if a mutual or a reciprocal insurer, and the minimum trusteed surplus if an\n alien insurer, prescribed in this title for insurers transacting the same\n class of insurance;\n\n 4. Has filed a financial statement or statements and any reports, certificates\n or other documents the Commission considers necessary to secure a full and\n accurate knowledge of its affairs and financial condition;\n\n 5. Is solvent and its financial condition, method of operation, and manner of\n doing business are such as to satisfy the Commission that it can meet its\n obligations to all policyholders; and\n\n 6. Has otherwise complied with all the requirements of law.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-31 to 38-33, 38-505, 38-514; 1952, c. 317, \u00a7\u00a7\n38.1-85, 38.1-86; 1978, cc. 4, 20; 1981, c. 605; 1986, c. 562; 1994, c. 316;\n2017, c. 655.","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}}