{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1028.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1028.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1028.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1028.html"}],"law_id":85672,"edition_id":1,"section_id":85672,"structure_id":15918,"section_number":"38.2-1028","catch_line":"Additional licensing requirements for stock insurers","history":"Code 1950, \u00a7\u00a7 38-29, 38-33, 38-36, 38-330; 1952, c. 317, \u00a7\u00a7 38.1-88, 38.1-89; 1966, c. 580; 1977, c. 322; 1978, c. 20; 1986, c. 562; 1991, c. 261.","full_text":"No stock insurer shall be licensed to transact the business of insurance in this Commonwealth unless it has fully paid in capital stock of at least one million dollars and surplus of at least three million dollars.","order_by":null,"text":{"0":{"id":306832,"text":"No stock insurer shall be licensed to transact the business of insurance in this Commonwealth unless it has fully paid in capital stock of at least one million dollars and surplus of at least three million dollars.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1028\/","history_text":"<p>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 1966, chapter 580; in 1977, chapter 322; in 1978, chapter 20; in 1986, chapter 562; in 1991, chapter 261.<\/p>","references":[{"id":71096,"section_number":"38.2-1005","catch_line":"Certain mutual companies and societies not to become stock companies without approval of Commission","order_by":null,"url":"\/38.2-1005\/"},{"id":79476,"section_number":"38.2-1021","catch_line":"Change of domicile of foreign insurer to another foreign state","order_by":null,"url":"\/38.2-1021\/"},{"id":80849,"section_number":"38.2-1035","catch_line":"Domestic insurers to maintain minimum capital and surplus; proceedings by Commission if impairment found","order_by":null,"url":"\/38.2-1035\/"},{"id":82299,"section_number":"38.2-1036","catch_line":"Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license","order_by":null,"url":"\/38.2-1036\/"},{"id":78847,"section_number":"38.2-4811","catch_line":"Surplus lines coverage to be placed with eligible nonadmitted insurers","order_by":null,"url":"\/38.2-4811\/"}],"refers_to":false,"permalink":{"id":211039,"object_type":"law","relational_id":85672,"identifier":"38.2-1028","token":"38.2\/10\/5\/38.2-1028","url":"\/38.2-1028\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1028\/","token":"38.2\/10\/5\/38.2-1028","dublin_core":{"Title":"Additional licensing requirements for stock insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1028","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No stock <span class=\"dictionary\">insurer<\/span> shall be licensed to transact the business of <span class=\"dictionary\">insurance<\/span> in this Commonwealth unless it has fully paid in capital stock of at least one million dollars and surplus of at least three million dollars.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nADDITIONAL LICENSING REQUIREMENTS FOR STOCK INSURERS (\u00a7 38.2-1028)\n\nNo stock insurer shall be licensed to transact the business of insurance in this\nCommonwealth unless it has fully paid in capital stock of at least one million\ndollars and surplus of at least three million dollars.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-29, 38-33, 38-36, 38-330; 1952, c. 317, \u00a7\u00a7\n38.1-88, 38.1-89; 1966, c. 580; 1977, c. 322; 1978, c. 20; 1986, c. 562; 1991,\nc. 261.","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}}