{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1203.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1203.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1203.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1203.html"}],"law_id":68651,"edition_id":1,"section_id":68651,"structure_id":14901,"section_number":"38.2-1203","catch_line":"What laws applicable to reciprocals; compliance with \u00a7 38.2-208","history":"Code 1950, \u00a7 38-543; 1952, c. 317, \u00a7 38.1-691; 1977, c. 58; 1986, c. 562.","full_text":"A\n\nExcept as otherwise provided, all the provisions of this title relating to insurers generally, and those relating to insurers writing the same classes of insurance that reciprocals are permitted to write, are applicable to reciprocals.B\n\nA reciprocal shall be deemed to have complied with \u00a7 38.2-208 if:1\n\nIt issues policies containing a contingent assessment liability as provided for in § 38.2-1212; and2\n\nIt has and maintains reinsurance in an amount that the Commission considers adequate to reasonably limit the reciprocal’s aggregate losses to the lesser of:\n\t\t\t\ta. Ten percent of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;\n\t\t\t\tb. The surplus to policyholders of the reciprocal multiplied by three; or\n\t\t\t\tc. Five million dollars.","order_by":null,"text":{"0":{"id":248507,"text":"Except as otherwise provided, all the provisions of this title relating to insurers generally, and those relating to insurers writing the same classes of insurance that reciprocals are permitted to write, are applicable to reciprocals.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":248508,"text":"A reciprocal shall be deemed to have complied with \u00a7 38.2-208 if:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":248509,"text":"It issues policies containing a contingent assessment liability as provided for in § 38.2-1212; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":248510,"text":"It has and maintains reinsurance in an amount that the Commission considers adequate to reasonably limit the reciprocal’s aggregate losses to the lesser of:\n\t\t\t\ta. Ten percent of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;\n\t\t\t\tb. The surplus to policyholders of the reciprocal multiplied by three; or\n\t\t\t\tc. Five million dollars.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"ancestry":[{"id":14901,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13369,"metadata":{},"date_created":"2026-06-26 03:50:41","date_modified":"2026-06-26 03:50:41","permalink":{"id":211215,"object_type":"structure","relational_id":14901,"identifier":"1","token":"38.2\/12\/1","url":"\/38.2\/12\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13369,"edition_id":1,"name":"Reciprocal Insurance","identifier":"12","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:43","date_modified":"2026-06-26 03:44:43","permalink":{"id":211213,"object_type":"structure","relational_id":13369,"identifier":"12","token":"38.2\/12","url":"\/38.2\/12\/","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":85789,"structure_id":14901,"section_number":"38.2-1200","catch_line":"Scope of chapter","url":"\/38.2-1200\/","token":"38.2\/12\/1\/38.2-1200","metadata":false},{"id":70586,"structure_id":14901,"section_number":"38.2-1201","catch_line":"Definitions","url":"\/38.2-1201\/","token":"38.2\/12\/1\/38.2-1201","metadata":false},{"id":64031,"structure_id":14901,"section_number":"38.2-1202","catch_line":"Insuring power of reciprocals","url":"\/38.2-1202\/","token":"38.2\/12\/1\/38.2-1202","metadata":false},{"id":68651,"structure_id":14901,"section_number":"38.2-1203","catch_line":"What laws applicable to reciprocals; compliance with \u00a7 38.2-208","url":"\/38.2-1203\/","token":"38.2\/12\/1\/38.2-1203","metadata":false},{"id":80754,"structure_id":14901,"section_number":"38.2-1204","catch_line":"Power to enter into reciprocal insurance contracts","url":"\/38.2-1204\/","token":"38.2\/12\/1\/38.2-1204","metadata":false},{"id":77954,"structure_id":14901,"section_number":"38.2-1205","catch_line":"Name","url":"\/38.2-1205\/","token":"38.2\/12\/1\/38.2-1205","metadata":false},{"id":86167,"structure_id":14901,"section_number":"38.2-1206","catch_line":"License required of reciprocals; surplus","url":"\/38.2-1206\/","token":"38.2\/12\/1\/38.2-1206","metadata":false},{"id":68496,"structure_id":14901,"section_number":"38.2-1207","catch_line":"Exceptions as to reciprocals licensed and operating","url":"\/38.2-1207\/","token":"38.2\/12\/1\/38.2-1207","metadata":false},{"id":86206,"structure_id":14901,"section_number":"38.2-1208","catch_line":"Additional requirements, foreign and alien reciprocals","url":"\/38.2-1208\/","token":"38.2\/12\/1\/38.2-1208","metadata":false},{"id":61707,"structure_id":14901,"section_number":"38.2-1209","catch_line":"Residence and office of attorney of foreign and alien reciprocals","url":"\/38.2-1209\/","token":"38.2\/12\/1\/38.2-1209","metadata":false},{"id":75674,"structure_id":14901,"section_number":"38.2-1210","catch_line":"Contracts executed by attorney","url":"\/38.2-1210\/","token":"38.2\/12\/1\/38.2-1210","metadata":false},{"id":69484,"structure_id":14901,"section_number":"38.2-1211","catch_line":"License required of agent","url":"\/38.2-1211\/","token":"38.2\/12\/1\/38.2-1211","metadata":false},{"id":76809,"structure_id":14901,"section_number":"38.2-1212","catch_line":"Subscribers' liability","url":"\/38.2-1212\/","token":"38.2\/12\/1\/38.2-1212","metadata":false},{"id":83934,"structure_id":14901,"section_number":"38.2-1213","catch_line":"Nonassessable policies","url":"\/38.2-1213\/","token":"38.2\/12\/1\/38.2-1213","metadata":false},{"id":57562,"structure_id":14901,"section_number":"38.2-1214","catch_line":"Savings returned to subscribers","url":"\/38.2-1214\/","token":"38.2\/12\/1\/38.2-1214","metadata":false},{"id":74683,"structure_id":14901,"section_number":"38.2-1215","catch_line":"Reserves","url":"\/38.2-1215\/","token":"38.2\/12\/1\/38.2-1215","metadata":false},{"id":82054,"structure_id":14901,"section_number":"38.2-1216","catch_line":"Clerk of Commission to be appointed agent for service of process; procedure thereafter","url":"\/38.2-1216\/","token":"38.2\/12\/1\/38.2-1216","metadata":false},{"id":68706,"structure_id":14901,"section_number":"38.2-1217","catch_line":"Reciprocal may be sued as such; where action or suit may be brought; upon whom service of process had","url":"\/38.2-1217\/","token":"38.2\/12\/1\/38.2-1217","metadata":false},{"id":56895,"structure_id":14901,"section_number":"38.2-1218","catch_line":"Effect of judgment against reciprocal","url":"\/38.2-1218\/","token":"38.2\/12\/1\/38.2-1218","metadata":false}],"previous_section":{"id":64031,"structure_id":14901,"section_number":"38.2-1202","catch_line":"Insuring power of reciprocals","url":"\/38.2-1202\/","token":"38.2\/12\/1\/38.2-1202","metadata":false},"next_section":{"id":80754,"structure_id":14901,"section_number":"38.2-1204","catch_line":"Power to enter into reciprocal insurance contracts","url":"\/38.2-1204\/","token":"38.2\/12\/1\/38.2-1204","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1203\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1977, chapter 58; in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":76809,"section_number":"38.2-1212","catch_line":"Subscribers' liability","order_by":null,"url":"\/38.2-1212\/"},{"id":66293,"section_number":"38.2-208","catch_line":"Limitation of risks generally","order_by":null,"url":"\/38.2-208\/"}],"permalink":{"id":211229,"object_type":"law","relational_id":68651,"identifier":"38.2-1203","token":"38.2\/12\/1\/38.2-1203","url":"\/38.2-1203\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1203\/","token":"38.2\/12\/1\/38.2-1203","dublin_core":{"Title":"What laws applicable to reciprocals; compliance with \u00a7 38.2-208","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1203","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as otherwise provided, all the provisions of this title relating to insurers<\/span> generally, and those relating to insurers<\/span> writing the same classes of insurance<\/span> that reciprocals are permitted to write, are applicable to reciprocals. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A reciprocal shall be deemed to have complied with \u00a7 38.2-208<\/a> if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> It issues<\/span> policies containing a contingent assessment liability as provided for in § 38.2-1212<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> It has and maintains reinsurance in an amount that the Commission<\/span> considers adequate to reasonably limit the reciprocal’s aggregate losses to the lesser of:\n\t\t\t\ta. Ten percent of the surplus to policyholders<\/span> of the reciprocal multiplied by the number of subscribers;\n\t\t\t\tb. The surplus to policyholders<\/span> of the reciprocal multiplied by three; or\n\t\t\t\tc. Five million dollars. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nWHAT LAWS APPLICABLE TO RECIPROCALS; COMPLIANCE WITH \u00a7 38.2-208 (\u00a7 38.2-1203)\n\nA. Except as otherwise provided, all the provisions of this title relating to\ninsurers generally, and those relating to insurers writing the same classes of\ninsurance that reciprocals are permitted to write, are applicable to\nreciprocals.\n\nB. A reciprocal shall be deemed to have complied with \u00a7 38.2-208 if:\n\n 1. It issues policies containing a contingent assessment liability as provided\n for in § 38.2-1212; and\n\n 2. It has and maintains reinsurance in an amount that the Commission considers\n adequate to reasonably limit the reciprocal’s aggregate losses to the\n lesser of:\n \t\t\t\ta. Ten percent of the surplus to policyholders of the reciprocal\n multiplied by the number of subscribers;\n \t\t\t\tb. The surplus to policyholders of the reciprocal multiplied by three; or\n \t\t\t\tc. Five million dollars.\n\nHISTORY: Code 1950, \u00a7 38-543; 1952, c. 317, \u00a7 38.1-691; 1977, c. 58; 1986, c.\n562.","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}}