{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1104.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1104.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1104.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1104.html"}],"law_id":84000,"edition_id":1,"section_id":84000,"structure_id":15916,"section_number":"38.2-1104","catch_line":"Formation; licensure after examination; amendment of articles; principal and home office","history":"1980, c. 665, \u00a7 38.1-920; 1986, c. 562.","full_text":"A\n\nCaptive insurers with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.B\n\nCaptive insurers without shares of capital stock shall be incorporated under Article 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1, as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.C\n\n1. No charter shall be granted to any captive insurer until the Commission receives a certificate from the State Treasurer showing that (i) cash, bonds or other securities in the amount required by \u00a7 38.2-1105 have been deposited or (ii) an irrevocable letter of credit in that amount has been deposited and is to be held under the provisions, terms and conditions set forth in \u00a7 38.2-1105.2\n\nWhen the certificate has been presented to the Commission, the Commission may make or direct to be made an examination of the captive insurer.3\n\nThe Commission shall issue a license if the captive insurer complies with this chapter.D\n\nAny amendment of the articles of incorporation of a captive insurer shall be pursuant to Article 11 (§ 13.1-705 et seq.) of Chapter 9 or of Article 10 (§ 13.1-884 et seq.) of Chapter 10 of Title 13.1.E\n\nThe principal and home office of every captive insurer shall be in this Commonwealth.","order_by":null,"text":{"0":{"id":301038,"text":"Captive insurers with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":301039,"text":"Captive insurers without shares of capital stock shall be incorporated under Article 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1, as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":301040,"text":"1. No charter shall be granted to any captive insurer until the Commission receives a certificate from the State Treasurer showing that (i) cash, bonds or other securities in the amount required by \u00a7 38.2-1105 have been deposited or (ii) an irrevocable letter of credit in that amount has been deposited and is to be held under the provisions, terms and conditions set forth in \u00a7 38.2-1105.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C2"},"3":{"id":301041,"text":"When the certificate has been presented to the Commission, the Commission may make or direct to be made an examination of the captive insurer.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"C3"},"4":{"id":301042,"text":"The Commission shall issue a license if the captive insurer complies with this chapter.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"D"},"5":{"id":301043,"text":"Any amendment of the articles of incorporation of a captive insurer shall be pursuant to Article 11 (§ 13.1-705 et seq.) of Chapter 9 or of Article 10 (§ 13.1-884 et seq.) of Chapter 10 of Title 13.1.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C3","next_prefix":"E"},"6":{"id":301044,"text":"The principal and home office of every captive insurer shall be in this Commonwealth.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15916,"edition_id":1,"name":"Captive Insurers","identifier":"11","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 04:01:50","date_modified":"2026-06-26 04:01:50","permalink":{"id":211171,"object_type":"structure","relational_id":15916,"identifier":"11","token":"38.2\/11","url":"\/38.2\/11\/","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":65109,"structure_id":15916,"section_number":"38.2-1100","catch_line":"Scope of chapter","url":"\/38.2-1100\/","token":"38.2\/11\/38.2-1100","metadata":false},{"id":62853,"structure_id":15916,"section_number":"38.2-1101","catch_line":"Definitions","url":"\/38.2-1101\/","token":"38.2\/11\/38.2-1101","metadata":false},{"id":75949,"structure_id":15916,"section_number":"38.2-1102","catch_line":"Application for license; limitations on authority","url":"\/38.2-1102\/","token":"38.2\/11\/38.2-1102","metadata":false},{"id":83328,"structure_id":15916,"section_number":"38.2-1103","catch_line":"Name","url":"\/38.2-1103\/","token":"38.2\/11\/38.2-1103","metadata":false},{"id":84000,"structure_id":15916,"section_number":"38.2-1104","catch_line":"Formation; licensure after examination; amendment of articles; principal and home office","url":"\/38.2-1104\/","token":"38.2\/11\/38.2-1104","metadata":false},{"id":66651,"structure_id":15916,"section_number":"38.2-1105","catch_line":"Deposit of minimum capital; letter of credit instead of deposit","url":"\/38.2-1105\/","token":"38.2\/11\/38.2-1105","metadata":false},{"id":83845,"structure_id":15916,"section_number":"38.2-1106","catch_line":"Minimum surplus in form of letter of credit","url":"\/38.2-1106\/","token":"38.2\/11\/38.2-1106","metadata":false},{"id":77376,"structure_id":15916,"section_number":"38.2-1107","catch_line":"Membership in rating organizations","url":"\/38.2-1107\/","token":"38.2\/11\/38.2-1107","metadata":false},{"id":61754,"structure_id":15916,"section_number":"38.2-1108","catch_line":"Tax on premiums collected","url":"\/38.2-1108\/","token":"38.2\/11\/38.2-1108","metadata":false},{"id":73669,"structure_id":15916,"section_number":"38.2-1109","catch_line":"Applicability of other provisions of title","url":"\/38.2-1109\/","token":"38.2\/11\/38.2-1109","metadata":false}],"previous_section":{"id":83328,"structure_id":15916,"section_number":"38.2-1103","catch_line":"Name","url":"\/38.2-1103\/","token":"38.2\/11\/38.2-1103","metadata":false},"next_section":{"id":66651,"structure_id":15916,"section_number":"38.2-1105","catch_line":"Deposit of minimum capital; letter of credit instead of deposit","url":"\/38.2-1105\/","token":"38.2\/11\/38.2-1105","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1104\/","history_text":"

This law was first created in 1980. The record of its establishment is cataloged in chapter 665 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 1980 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":86934,"section_number":"13.1-618","catch_line":"Incorporators","order_by":null,"url":"\/13.1-618\/"},{"id":71609,"section_number":"13.1-705","catch_line":"Authority to amend articles of incorporation","order_by":null,"url":"\/13.1-705\/"},{"id":85649,"section_number":"13.1-818","catch_line":"Incorporators","order_by":null,"url":"\/13.1-818\/"},{"id":85025,"section_number":"13.1-884","catch_line":"Authority to amend articles of incorporation","order_by":null,"url":"\/13.1-884\/"},{"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\/"}],"permalink":{"id":211189,"object_type":"law","relational_id":84000,"identifier":"38.2-1104","token":"38.2\/11\/38.2-1104","url":"\/38.2-1104\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1104\/","token":"38.2\/11\/38.2-1104","dublin_core":{"Title":"Formation; licensure after examination; amendment of articles; principal and home office","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1104","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Captive insurers<\/span> with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618<\/a> et seq.) of Chapter 9 of Title 13.1 as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Captive insurers<\/span> without shares of capital stock shall be incorporated under Article 3 (§ 13.1-818<\/a> et seq.) of Chapter 10 of Title 13.1, as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> 1. No charter shall be granted to any captive insurer<\/span> until the Commission<\/span> receives a certificate from the State<\/span> Treasurer showing that (i) cash, bonds<\/span> or other securities in the amount required by \u00a7 38.2-1105<\/a> have been deposited or (ii) an irrevocable letter of credit in that amount has been deposited and is to be held under the provisions, terms and conditions set forth in \u00a7 38.2-1105<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> When the certificate has been presented to the Commission<\/span>, the Commission<\/span> may make or direct to be made an examination of the captive insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The Commission<\/span> shall issue<\/span> a license if the captive insurer<\/span> complies with this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any amendment of the articles of incorporation of a captive insurer<\/span> shall be pursuant to Article 11 (§ 13.1-705<\/a> et seq.) of Chapter 9 or of Article 10 (§ 13.1-884<\/a> et seq.) of Chapter 10 of Title 13.1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The principal and home office of every captive insurer<\/span> shall be in this Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFORMATION; LICENSURE AFTER EXAMINATION; AMENDMENT OF ARTICLES; PRINCIPAL AND\nHOME OFFICE (\u00a7 38.2-1104)\n\nA. Captive insurers with shares of capital stock shall be incorporated under\nArticle 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as modified by\nthis title and, except as provided in this title, shall be subject to all the\ngeneral restrictions and shall have all the general powers imposed and conferred\nupon such corporations by law.\n\nB. Captive insurers without shares of capital stock shall be incorporated under\nArticle 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1, as modified by\nthis title and, except as provided in this title, shall be subject to all the\ngeneral restrictions and shall have all the general powers imposed and conferred\nupon such corporations by law.\n\nC. 1. No charter shall be granted to any captive insurer until the Commission\nreceives a certificate from the State Treasurer showing that (i) cash, bonds or\nother securities in the amount required by \u00a7 38.2-1105 have been deposited or\n(ii) an irrevocable letter of credit in that amount has been deposited and is to\nbe held under the provisions, terms and conditions set forth in \u00a7 38.2-1105.\n\n 2. When the certificate has been presented to the Commission, the Commission\n may make or direct to be made an examination of the captive insurer.\n\n 3. The Commission shall issue a license if the captive insurer complies with\n this chapter.\n\nD. Any amendment of the articles of incorporation of a captive insurer shall be\npursuant to Article 11 (§ 13.1-705 et seq.) of Chapter 9 or of Article 10\n(§ 13.1-884 et seq.) of Chapter 10 of Title 13.1.\n\nE. The principal and home office of every captive insurer shall be in this\nCommonwealth.\n\nHISTORY: 1980, c. 665, \u00a7 38.1-920; 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}}