{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1032.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1032.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1032.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1032.html"}],"law_id":70766,"edition_id":1,"section_id":70766,"structure_id":15918,"section_number":"38.2-1032","catch_line":"Additional licensing requirements for domestic insurers","history":"Code 1950, \u00a7 38-505; 1952, c. 317, \u00a7 38.1-91; 1960, c. 289; 1966, c. 580; 1986, c. 562.","full_text":"No domestic insurer shall be licensed to transact the business of insurance in this Commonwealth until it has furnished the Commission with a statement under the seal of the insurer, verified by the president or treasurer or two of its directors, showing (i) the amount of surplus, (ii) the amount of capital stock fully paid in, (iii) the amount of actual cash in its treasury, (iv) the amount invested with a list of the investments and their cash value, and (v) any other information the Commission requires. In its discretion the Commission may make or direct to be made an examination of the insurer to ascertain if it is entitled to the license.","order_by":null,"text":{"0":{"id":255265,"text":"No domestic insurer shall be licensed to transact the business of insurance in this Commonwealth until it has furnished the Commission with a statement under the seal of the insurer, verified by the president or treasurer or two of its directors, showing (i) the amount of surplus, (ii) the amount of capital stock fully paid in, (iii) the amount of actual cash in its treasury, (iv) the amount invested with a list of the investments and their cash value, and (v) any other information the Commission requires. In its discretion the Commission may make or direct to be made an examination of the insurer to ascertain if it is entitled to the license.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1032\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1960, chapter 289; in 1966, chapter 580; in 1986, chapter 562.<\/p>","references":[{"id":69874,"section_number":"38.2-2506","catch_line":"What laws applicable","order_by":null,"url":"\/38.2-2506\/"}],"refers_to":false,"permalink":{"id":211055,"object_type":"law","relational_id":70766,"identifier":"38.2-1032","token":"38.2\/10\/5\/38.2-1032","url":"\/38.2-1032\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1032\/","token":"38.2\/10\/5\/38.2-1032","dublin_core":{"Title":"Additional licensing requirements for domestic insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1032","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No domestic <span class=\"dictionary\">insurer<\/span> shall be licensed to transact the business of <span class=\"dictionary\">insurance<\/span> in this Commonwealth until it has furnished the <span class=\"dictionary\">Commission<\/span> with a statement under the seal of the <span class=\"dictionary\">insurer<\/span>, verified by the president or treasurer or two of its directors, showing (i) the amount of surplus, (ii) the amount of capital stock fully paid in, (iii) the amount of actual cash in its treasury, (iv) the amount invested with a list of the investments and their cash value, and (v) any other information the <span class=\"dictionary\">Commission<\/span> requires. In its discretion the <span class=\"dictionary\">Commission<\/span> may make or direct to be made an examination of the <span class=\"dictionary\">insurer<\/span> to ascertain if it is entitled to the license.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nADDITIONAL LICENSING REQUIREMENTS FOR DOMESTIC INSURERS (\u00a7 38.2-1032)\n\nNo domestic insurer shall be licensed to transact the business of insurance in\nthis Commonwealth until it has furnished the Commission with a statement under\nthe seal of the insurer, verified by the president or treasurer or two of its\ndirectors, showing (i) the amount of surplus, (ii) the amount of capital stock\nfully paid in, (iii) the amount of actual cash in its treasury, (iv) the amount\ninvested with a list of the investments and their cash value, and (v) any other\ninformation the Commission requires. In its discretion the Commission may make\nor direct to be made an examination of the insurer to ascertain if it is\nentitled to the license.\n\nHISTORY: Code 1950, \u00a7 38-505; 1952, c. 317, \u00a7 38.1-91; 1960, c. 289; 1966, c.\n580; 1986, c. 562.","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}}