{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1030.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1030.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1030.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1030.html"}],"law_id":63344,"edition_id":1,"section_id":63344,"structure_id":15918,"section_number":"38.2-1030","catch_line":"Surplus requirements for issuing policies without contingent liability","history":"Code 1950, \u00a7 38-508; 1952, c. 317, \u00a7 38.1-95.1; 1966, c. 580; 1977, c. 322; 1986, c. 562; 1987, c. 520; 1991, c. 261.","full_text":"No domestic or foreign mutual insurer shall issue policies without contingent liability unless, at the time of issue, the insurer has at least four million dollars of surplus. In the case of an alien insurer, policies without contingent liability shall not be issued unless, at the time of issue, the insurer has at least four million dollars of trusteed surplus.\n\t\tHowever, any mutual insurer that on June 30, 1991, was authorized to issue and was engaged in issuing policies without contingent liability may continue to do so, until July 1, 1994, by maintaining at all times the minimum surplus if a domestic or foreign insurer, and the minimum trusteed surplus if an alien insurer, required at the time of authorization.","order_by":null,"text":{"0":{"id":230833,"text":"No domestic or foreign mutual insurer shall issue policies without contingent liability unless, at the time of issue, the insurer has at least four million dollars of surplus. In the case of an alien insurer, policies without contingent liability shall not be issued unless, at the time of issue, the insurer has at least four million dollars of trusteed surplus.\n\t\tHowever, any mutual insurer that on June 30, 1991, was authorized to issue and was engaged in issuing policies without contingent liability may continue to do so, until July 1, 1994, by maintaining at all times the minimum surplus if a domestic or foreign insurer, and the minimum trusteed surplus if an alien insurer, required at the time of authorization.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1030\/","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 1986, chapter 562; in 1987, chapter 520; in 1991, chapter 261.<\/p>","references":[{"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":86012,"section_number":"38.2-4229.1","catch_line":"Conversion to domestic mutual insurer","order_by":null,"url":"\/38.2-4229.1\/"},{"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":211047,"object_type":"law","relational_id":63344,"identifier":"38.2-1030","token":"38.2\/10\/5\/38.2-1030","url":"\/38.2-1030\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1030\/","token":"38.2\/10\/5\/38.2-1030","dublin_core":{"Title":"Surplus requirements for issuing policies without contingent liability","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1030","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No domestic or foreign mutual <span class=\"dictionary\">insurer<\/span> shall <span class=\"dictionary\">issue<\/span> policies without contingent liability unless, at the time of <span class=\"dictionary\">issue<\/span>, the <span class=\"dictionary\">insurer<\/span> has at least four million dollars of surplus. In the case of an alien <span class=\"dictionary\">insurer<\/span>, policies without contingent liability shall not be issued unless, at the time of <span class=\"dictionary\">issue<\/span>, the <span class=\"dictionary\">insurer<\/span> has at least four million dollars of trusteed surplus.\n\t\tHowever, any mutual <span class=\"dictionary\">insurer<\/span> that on June 30, 1991, was authorized to <span class=\"dictionary\">issue<\/span> and was engaged in issuing policies without contingent liability may continue to do so, until July 1, 1994, by maintaining at all times the minimum surplus if a domestic or foreign <span class=\"dictionary\">insurer<\/span>, and the minimum trusteed surplus if an alien <span class=\"dictionary\">insurer<\/span>, required at the time of authorization.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSURPLUS REQUIREMENTS FOR ISSUING POLICIES WITHOUT CONTINGENT LIABILITY (\u00a7\n38.2-1030)\n\nNo domestic or foreign mutual insurer shall issue policies without contingent\nliability unless, at the time of issue, the insurer has at least four million\ndollars of surplus. In the case of an alien insurer, policies without contingent\nliability shall not be issued unless, at the time of issue, the insurer has at\nleast four million dollars of trusteed surplus.\n\t\tHowever, any mutual insurer that on June 30, 1991, was authorized to issue and\nwas engaged in issuing policies without contingent liability may continue to do\nso, until July 1, 1994, by maintaining at all times the minimum surplus if a\ndomestic or foreign insurer, and the minimum trusteed surplus if an alien\ninsurer, required at the time of authorization.\n\nHISTORY: Code 1950, \u00a7 38-508; 1952, c. 317, \u00a7 38.1-95.1; 1966, c. 580; 1977,\nc. 322; 1986, c. 562; 1987, c. 520; 1991, c. 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}}