{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1037.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1037.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1037.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1037.html"}],"law_id":68854,"edition_id":1,"section_id":68854,"structure_id":15918,"section_number":"38.2-1037","catch_line":"Exceptions for licensed and operating insurers","history":"1952, c. 317, \u00a7 38.1-97; 1966, c. 580; 1977, c. 322; 1978, c. 20; 1986, c. 562; 1987, c. 520; 1991, c. 261.","full_text":"A\n\nNotwithstanding the other provisions of this chapter with respect to minimum required capital and surplus, any insurer which, on June 30, 1991, was licensed to write and was writing any class of insurance in this Commonwealth may continue to write that class of insurance under the appropriate license from the Commission, until July 1, 1994, if it maintains at all times (i) the minimum capital and surplus if a stock insurer, (ii) the minimum surplus if a mutual insurer, and (iii) the minimum trusteed surplus if an alien insurer, required of the insurer as of June 30, 1991.B\n\nAny insurer not licensed to write a class of insurance in this Commonwealth on June 30, 1991, shall meet all the capital surplus and trusteed surplus requirements of this article before it obtains a license to write that class of insurance.","order_by":null,"text":{"0":{"id":249239,"text":"Notwithstanding the other provisions of this chapter with respect to minimum required capital and surplus, any insurer which, on June 30, 1991, was licensed to write and was writing any class of insurance in this Commonwealth may continue to write that class of insurance under the appropriate license from the Commission, until July 1, 1994, if it maintains at all times (i) the minimum capital and surplus if a stock insurer, (ii) the minimum surplus if a mutual insurer, and (iii) the minimum trusteed surplus if an alien insurer, required of the insurer as of June 30, 1991.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":249240,"text":"Any insurer not licensed to write a class of insurance in this Commonwealth on June 30, 1991, shall meet all the capital surplus and trusteed surplus requirements of this article before it obtains a license to write that class of insurance.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1037\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 317 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 1952 \u201cActs\u201d aren\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 1966, chapter 580; in 1977, chapter 322; in 1978, chapter 20; in 1986, chapter 562; in 1987, chapter 520; in 1991, chapter 261.<\/p>","references":false,"refers_to":false,"permalink":{"id":211075,"object_type":"law","relational_id":68854,"identifier":"38.2-1037","token":"38.2\/10\/5\/38.2-1037","url":"\/38.2-1037\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1037\/","token":"38.2\/10\/5\/38.2-1037","dublin_core":{"Title":"Exceptions for licensed and operating insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1037","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding the other provisions of this chapter with respect to minimum required capital and surplus, any insurer<\/span> which, on June 30, 1991, was licensed to write and was writing any class of insurance<\/span> in this Commonwealth may continue to write that class of insurance<\/span> under the appropriate license from the Commission<\/span>, until July 1, 1994, if it maintains at all times (i) the minimum capital and surplus if a stock insurer<\/span>, (ii) the minimum surplus if a mutual insurer<\/span>, and (iii) the minimum trusteed surplus if an alien insurer<\/span>, required of the insurer<\/span> as of June 30, 1991. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any insurer<\/span> not licensed to write a class of insurance<\/span> in this Commonwealth on June 30, 1991, shall meet all the capital surplus and trusteed surplus requirements of this article before it obtains a license to write that class of insurance<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXCEPTIONS FOR LICENSED AND OPERATING INSURERS (\u00a7 38.2-1037)\n\nA. Notwithstanding the other provisions of this chapter with respect to minimum\nrequired capital and surplus, any insurer which, on June 30, 1991, was licensed\nto write and was writing any class of insurance in this Commonwealth may\ncontinue to write that class of insurance under the appropriate license from the\nCommission, until July 1, 1994, if it maintains at all times (i) the minimum\ncapital and surplus if a stock insurer, (ii) the minimum surplus if a mutual\ninsurer, and (iii) the minimum trusteed surplus if an alien insurer, required of\nthe insurer as of June 30, 1991.\n\nB. Any insurer not licensed to write a class of insurance in this Commonwealth\non June 30, 1991, shall meet all the capital surplus and trusteed surplus\nrequirements of this article before it obtains a license to write that class of\ninsurance.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-97; 1966, c. 580; 1977, c. 322; 1978, c. 20;\n1986, 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}}