{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1206.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1206.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1206.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1206.html"}],"law_id":86167,"edition_id":1,"section_id":86167,"structure_id":14901,"section_number":"38.2-1206","catch_line":"License required of reciprocals; surplus","history":"Code 1950, \u00a7 38-549; 1952, c. 317, \u00a7 38.1-695; 1977, c. 322; 1986, c. 562; 1991, c. 261.","full_text":"A\n\nNo reciprocal shall engage in any insurance transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (&#xA7; 38.2-1024 et seq.) and 7 (&#xA7; 38.2-1045 et seq.) of Chapter 10 of this title.B\n\nNo domestic or foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus to policyholders of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in &#xA7; 38.2-1031, of at least $1,600,000.","order_by":null,"text":{"0":{"id":308672,"text":"No reciprocal shall engage in any insurance transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (&#xA7; 38.2-1024 et seq.) and 7 (&#xA7; 38.2-1045 et seq.) of Chapter 10 of this title.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":308673,"text":"No domestic or foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus to policyholders of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in &#xA7; 38.2-1031, of at least $1,600,000.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1206\/","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 1977, chapter 322; in 1986, chapter 562; in 1991, chapter 261.<\/p>","references":[{"id":82841,"section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","order_by":null,"url":"\/38.2-1219\/"}],"refers_to":[{"id":86158,"section_number":"38.2-1024","catch_line":"License required to transact the business of insurance; application fee requirements for license","order_by":null,"url":"\/38.2-1024\/"},{"id":76434,"section_number":"38.2-1031","catch_line":"Additional requirements, alien insurers","order_by":null,"url":"\/38.2-1031\/"},{"id":57089,"section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","order_by":null,"url":"\/38.2-1045\/"}],"permalink":{"id":211241,"object_type":"law","relational_id":86167,"identifier":"38.2-1206","token":"38.2\/12\/1\/38.2-1206","url":"\/38.2-1206\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1206\/","token":"38.2\/12\/1\/38.2-1206","dublin_core":{"Title":"License required of reciprocals; surplus","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1206","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> No reciprocal shall engage in any <span class=\"dictionary\">insurance<\/span> transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (&#xA7; <a class=\"law\" title=\"License required to transact the business of insurance; application fee requirements for license\" href=\"\/38.2-1024\/\">38.2-1024<\/a> et seq.) and 7 (&#xA7; <a class=\"law\" title=\"Deposits required of insurers generally\" href=\"\/38.2-1045\/\">38.2-1045<\/a> et seq.) of Chapter 10 of this title. <a id=\"paragraph-308672\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1206\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> No domestic or foreign reciprocal shall be licensed to transact the business of <span class=\"dictionary\">insurance<\/span> in this Commonwealth unless it has a <span class=\"dictionary\">surplus to policyholders<\/span> of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in &#xA7; <a class=\"law\" title=\"Additional requirements, alien insurers\" href=\"\/38.2-1031\/\">38.2-1031<\/a>, of at least $1,600,000. <a id=\"paragraph-308673\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1206\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nLICENSE REQUIRED OF RECIPROCALS; SURPLUS (\u00a7 38.2-1206)\n\nA. No reciprocal shall engage in any insurance transaction in this Commonwealth\nuntil it has obtained a license to do so in accordance with the applicable\nprovisions of Articles 5 (&#xA7; 38.2-1024 et seq.) and 7 (&#xA7; 38.2-1045 et\nseq.) of Chapter 10 of this title.\n\nB. No domestic or foreign reciprocal shall be licensed to transact the business\nof insurance in this Commonwealth unless it has a surplus to policyholders of at\nleast $1,600,000, and no alien reciprocal shall be so licensed unless it has a\ntrusteed surplus, as defined in &#xA7; 38.2-1031, of at least $1,600,000.\n\nHISTORY: Code 1950, \u00a7 38-549; 1952, c. 317, \u00a7 38.1-695; 1977, c. 322; 1986, c.\n562; 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}}