{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1347.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1347.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1347.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1347.html"}],"law_id":58348,"edition_id":1,"section_id":58348,"structure_id":14993,"section_number":"38.2-1347","catch_line":"Definitions","history":"2001, c. 706.","full_text":"As used in this article:\n\t\t“Actuary” means a person who is a member in good standing of the American Academy of Actuaries.\n\t\t“Business entity” means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship.\n\t\t“Controlling” shall have the same meaning as set forth in \u00a7 38.2-1322.\n\t\t“Insurer” means any person duly licensed in this Commonwealth pursuant to Chapters 10 (\u00a7 38.2-1000 et seq.), 11 (\u00a7 38.2-1100 et seq.), 12 (\u00a7 38.2-1200 et seq.), 25 (\u00a7 38.2-2500 et seq.), 26 (\u00a7 38.2-2600 et seq.), 38 (\u00a7 38.2-3800 et seq.) through 46 (\u00a7 38.2-4600 et seq.), or 51 (\u00a7 38.2-5100 et seq.) of this title.\n\t\t“Licensed reinsurance intermediary” means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article.\n\t\t“Qualified United States financial institution” means an institution that:\n\n1\n\nIs organized or (in the case of a United States office of a foreign banking organization) licensed under the laws of the United States or any state thereof;2\n\nIs regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies; and3\n\nHas been determined by either the Commission, or the Securities Valuation Office of the National Association of Insurance Commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commission.\n\t\t\t“Reinsurance intermediary” means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article.\n\t\t\t“Reinsurance intermediary broker” means any person, other than an officer or employee of the ceding insurer, who, without the power to bind the ceding insurer, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer or otherwise negotiates with a ceding insurer concerning reinsurance cessions or retrocessions.\n\t\t\t“Reinsurance intermediary manager” means any person who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary manager or other similar term. Notwithstanding the foregoing, the following persons shall not be considered a reinsurance intermediary manager for the purposes of this article, provided such person is acting in the capacity of employee or agent, as described herein, and properly discharging the duties of such employment or agency:1\n\nAn employee of the reinsurer;2\n\nA United States manager of the United States branch of an alien reinsurer;3\n\nAn underwriting manager who, pursuant to contract, manages all or part of the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to Article 5 (§ 38.2-1322 et seq.) of this chapter or Article 2 (§ 38.2-4230 et seq.) of Chapter 42 of this title, and whose compensation is not based on the volume of premiums written;4\n\nThe manager of a group, association, pool or organization of insurers that engages in joint underwriting or joint reinsurance and that is subject to examination by the supervising insurance official of the state, as defined in § 38.2-100, in which the manager’s principal business office is located; or5\n\nA licensed managing general agent who binds facultative reinsurance contracts by placing individual risks pursuant to obligatory facultative agreements and subdivision 10 of § 38.2-1360.\n\t\t\t“Reinsurer” means any insurer licensed in this Commonwealth with the authority to cede or accept from any insurer reinsurance pursuant to § 38.2-136.","order_by":null,"text":{"0":{"id":213692,"text":"As used in this article:\n\t\t“Actuary” means a person who is a member in good standing of the American Academy of Actuaries.\n\t\t“Business entity” means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship.\n\t\t“Controlling” shall have the same meaning as set forth in \u00a7 38.2-1322.\n\t\t“Insurer” means any person duly licensed in this Commonwealth pursuant to Chapters 10 (\u00a7 38.2-1000 et seq.), 11 (\u00a7 38.2-1100 et seq.), 12 (\u00a7 38.2-1200 et seq.), 25 (\u00a7 38.2-2500 et seq.), 26 (\u00a7 38.2-2600 et seq.), 38 (\u00a7 38.2-3800 et seq.) through 46 (\u00a7 38.2-4600 et seq.), or 51 (\u00a7 38.2-5100 et seq.) of this title.\n\t\t“Licensed reinsurance intermediary” means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article.\n\t\t“Qualified United States financial institution” means an institution that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":213693,"text":"Is organized or (in the case of a United States office of a foreign banking organization) licensed under the laws of the United States or any state thereof;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":213694,"text":"Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":213695,"text":"Has been determined by either the Commission, or the Securities Valuation Office of the National Association of Insurance Commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commission.\n\t\t\t“Reinsurance intermediary” means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article.\n\t\t\t“Reinsurance intermediary broker” means any person, other than an officer or employee of the ceding insurer, who, without the power to bind the ceding insurer, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer or otherwise negotiates with a ceding insurer concerning reinsurance cessions or retrocessions.\n\t\t\t“Reinsurance intermediary manager” means any person who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary manager or other similar term. Notwithstanding the foregoing, the following persons shall not be considered a reinsurance intermediary manager for the purposes of this article, provided such person is acting in the capacity of employee or agent, as described herein, and properly discharging the duties of such employment or agency:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"4":{"id":213696,"text":"An employee of the reinsurer;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"5":{"id":213697,"text":"A United States manager of the United States branch of an alien reinsurer;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"6":{"id":213698,"text":"An underwriting manager who, pursuant to contract, manages all or part of the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to Article 5 (§ 38.2-1322 et seq.) of this chapter or Article 2 (§ 38.2-4230 et seq.) of Chapter 42 of this title, and whose compensation is not based on the volume of premiums written;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"7":{"id":213699,"text":"The manager of a group, association, pool or organization of insurers that engages in joint underwriting or joint reinsurance and that is subject to examination by the supervising insurance official of the state, as defined in § 38.2-100, in which the manager’s principal business office is located; or","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"8":{"id":213700,"text":"A licensed managing general agent who binds facultative reinsurance contracts by placing individual risks pursuant to obligatory facultative agreements and subdivision 10 of § 38.2-1360.\n\t\t\t“Reinsurer” means any insurer licensed in this Commonwealth with the authority to cede or accept from any insurer reinsurance pursuant to § 38.2-136.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"ancestry":[{"id":14993,"edition_id":1,"name":"Licensing of Reinsurance Intermediaries","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:51:22","date_modified":"2026-06-26 03:51:22","permalink":{"id":211811,"object_type":"structure","relational_id":14993,"identifier":"8","token":"38.2\/13\/8","url":"\/38.2\/13\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","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":58348,"structure_id":14993,"section_number":"38.2-1347","catch_line":"Definitions","url":"\/38.2-1347\/","token":"38.2\/13\/8\/38.2-1347","metadata":false},{"id":73342,"structure_id":14993,"section_number":"38.2-1348","catch_line":"License requirements","url":"\/38.2-1348\/","token":"38.2\/13\/8\/38.2-1348","metadata":false},{"id":57200,"structure_id":14993,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","url":"\/38.2-1349\/","token":"38.2\/13\/8\/38.2-1349","metadata":false},{"id":75604,"structure_id":14993,"section_number":"38.2-1350","catch_line":"Books and records; reinsurance intermediary brokers","url":"\/38.2-1350\/","token":"38.2\/13\/8\/38.2-1350","metadata":false},{"id":65484,"structure_id":14993,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","url":"\/38.2-1351\/","token":"38.2\/13\/8\/38.2-1351","metadata":false},{"id":85577,"structure_id":14993,"section_number":"38.2-1352","catch_line":"Required contract provisions; reinsurance intermediary managers","url":"\/38.2-1352\/","token":"38.2\/13\/8\/38.2-1352","metadata":false},{"id":82758,"structure_id":14993,"section_number":"38.2-1353","catch_line":"Prohibited acts","url":"\/38.2-1353\/","token":"38.2\/13\/8\/38.2-1353","metadata":false},{"id":58188,"structure_id":14993,"section_number":"38.2-1354","catch_line":"Duties of reinsurers utilizing the services of a reinsurance intermediary manager","url":"\/38.2-1354\/","token":"38.2\/13\/8\/38.2-1354","metadata":false},{"id":87094,"structure_id":14993,"section_number":"38.2-1355","catch_line":"Examination authority","url":"\/38.2-1355\/","token":"38.2\/13\/8\/38.2-1355","metadata":false},{"id":59046,"structure_id":14993,"section_number":"38.2-1356","catch_line":"Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1356\/","token":"38.2\/13\/8\/38.2-1356","metadata":false},{"id":58156,"structure_id":14993,"section_number":"38.2-1357","catch_line":"Requirement to report to Commission","url":"\/38.2-1357\/","token":"38.2\/13\/8\/38.2-1357","metadata":false}],"next_section":{"id":73342,"structure_id":14993,"section_number":"38.2-1348","catch_line":"License requirements","url":"\/38.2-1348\/","token":"38.2\/13\/8\/38.2-1348","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1347\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 706<\/a> 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.<\/p>","references":[{"id":69357,"section_number":"38.2-1346","catch_line":"Licensure","order_by":null,"url":"\/38.2-1346\/"},{"id":57200,"section_number":"38.2-1349","catch_line":"Required contract provisions; reinsurance intermediary brokers","order_by":null,"url":"\/38.2-1349\/"},{"id":85577,"section_number":"38.2-1352","catch_line":"Required contract provisions; reinsurance intermediary managers","order_by":null,"url":"\/38.2-1352\/"},{"id":57894,"section_number":"38.2-1361","catch_line":"Duties of insurers utilizing managing general agents","order_by":null,"url":"\/38.2-1361\/"}],"refers_to":[{"id":59918,"section_number":"38.2-100","catch_line":"Definitions","order_by":null,"url":"\/38.2-100\/"},{"id":58285,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","order_by":null,"url":"\/38.2-1000\/"},{"id":65109,"section_number":"38.2-1100","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-1100\/"},{"id":85789,"section_number":"38.2-1200","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-1200\/"},{"id":66587,"section_number":"38.2-1322","catch_line":"Definitions","order_by":null,"url":"\/38.2-1322\/"},{"id":83796,"section_number":"38.2-136","catch_line":"Reinsurance","order_by":null,"url":"\/38.2-136\/"},{"id":66843,"section_number":"38.2-1360","catch_line":"Required contract provisions","order_by":null,"url":"\/38.2-1360\/"},{"id":86737,"section_number":"38.2-2500","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-2500\/"},{"id":85986,"section_number":"38.2-2600","catch_line":"Definitions","order_by":null,"url":"\/38.2-2600\/"},{"id":82567,"section_number":"38.2-3800","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-3800\/"},{"id":57275,"section_number":"38.2-4230","catch_line":"Definitions","order_by":null,"url":"\/38.2-4230\/"},{"id":60163,"section_number":"38.2-4600","catch_line":"Class of insurance and insurance companies to which chapter applies","order_by":null,"url":"\/38.2-4600\/"},{"id":72747,"section_number":"38.2-5100","catch_line":"Purpose","order_by":null,"url":"\/38.2-5100\/"}],"permalink":{"id":211813,"object_type":"law","relational_id":58348,"identifier":"38.2-1347","token":"38.2\/13\/8\/38.2-1347","url":"\/38.2-1347\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1347\/","token":"38.2\/13\/8\/38.2-1347","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1347","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article:\n\t\t“Actuary<\/span>” means a person<\/span> who is a member in good standing of the American Academy of Actuaries.\n\t\t“Business entity<\/span>” means a partnership, limited partnership, limited liability company<\/span>, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship.\n\t\t“Controlling” shall have the same meaning as set forth in \u00a7 38.2-1322<\/a>.\n\t\t“Insurer<\/span>” means any person<\/span> duly licensed in this Commonwealth pursuant to Chapters 10 (\u00a7 38.2-1000<\/a> et seq.), 11 (\u00a7 38.2-1100<\/a> et seq.), 12 (\u00a7 38.2-1200<\/a> et seq.), 25 (\u00a7 38.2-2500<\/a> et seq.), 26 (\u00a7 38.2-2600<\/a> et seq.), 38 (\u00a7 38.2-3800<\/a> et seq.) through 46 (\u00a7 38.2-4600<\/a> et seq.), or 51 (\u00a7 38.2-5100<\/a> et seq.) of this title.\n\t\t“Licensed reinsurance intermediary<\/span>” means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article.\n\t\t“Qualified United States financial institution<\/span>” means an institution that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is organized or (in the case of a United States office of a foreign banking organization) licensed under the laws<\/span> of the United States or any state<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Is regulated, supervised and examined by federal or state<\/span> authorities having regulatory authority over banks and trust companies; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has been determined by either the Commission<\/span>, or the Securities Valuation Office of the National Association of Insurance<\/span> Commissioners<\/span>, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commission<\/span>.\n\t\t\t“Reinsurance intermediary” means a reinsurance intermediary broker<\/span> or a reinsurance intermediary manager<\/span> as these terms are defined in this article.\n\t\t\t“Reinsurance intermediary broker<\/span>” means any person<\/span>, other than an officer or employee of the ceding insurer<\/span>, who, without the power to bind the ceding insurer<\/span>, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer<\/span> or otherwise negotiates with a ceding insurer<\/span> concerning reinsurance cessions or retrocessions.\n\t\t\t“Reinsurance intermediary manager<\/span>” means any person<\/span> who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer<\/span>, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer<\/span> whether known as a reinsurance intermediary manager<\/span> or other similar term. Notwithstanding the foregoing, the following persons<\/span> shall not be considered a reinsurance intermediary manager<\/span> for the purposes of this article, provided such person<\/span> is acting in the capacity of employee or agent, as described herein, and properly discharging the duties of such employment or agency: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An employee of the reinsurer<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A United States manager of the United States branch of an alien reinsurer<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> An underwriting manager who, pursuant to contract<\/span>, manages all or part of the reinsurance operations of the reinsurer<\/span>, is under common control with the reinsurer<\/span>, subject to Article 5 (§ 38.2-1322<\/a> et seq.) of this chapter or Article 2 (§ 38.2-4230<\/a> et seq.) of Chapter 42 of this title, and whose compensation is not based on the volume of premiums written; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The manager of a group, association, pool or organization of insurers<\/span> that engages in joint underwriting or joint reinsurance and that is subject to examination by the supervising insurance<\/span> official of the state<\/span>, as defined in § 38.2-100<\/a>, in which the manager’s principal business office is located; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A licensed managing general agent who binds facultative reinsurance contracts<\/span> by placing individual risks pursuant to obligatory facultative agreements and subdivision 10 of § 38.2-1360<\/a>.\n\t\t\t“Reinsurer<\/span>” means any insurer<\/span> licensed in this Commonwealth with the authority to cede or accept from any insurer<\/span> reinsurance pursuant to § 38.2-136<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-1347)\n\nAs used in this article:\n\t\t“Actuary” means a person who is a member in good standing of the\nAmerican Academy of Actuaries.\n\t\t“Business entity” means a partnership, limited partnership,\nlimited liability company, corporation, or other legal entity that is entitled\nto hold property in its own name and which is not a sole proprietorship.\n\t\t“Controlling” shall have the same meaning as set forth in \u00a7\n38.2-1322.\n\t\t“Insurer” means any person duly licensed in this Commonwealth\npursuant to Chapters 10 (\u00a7 38.2-1000 et seq.), 11 (\u00a7 38.2-1100 et seq.), 12\n(\u00a7 38.2-1200 et seq.), 25 (\u00a7 38.2-2500 et seq.), 26 (\u00a7 38.2-2600 et seq.), 38\n(\u00a7 38.2-3800 et seq.) through 46 (\u00a7 38.2-4600 et seq.), or 51 (\u00a7 38.2-5100 et\nseq.) of this title.\n\t\t“Licensed reinsurance intermediary” means an agent, broker or\nreinsurance intermediary licensed to act as a reinsurance intermediary pursuant\nto the applicable provision of this article.\n\t\t“Qualified United States financial institution” means an\ninstitution that:\n\n1. Is organized or (in the case of a United States office of a foreign banking\norganization) licensed under the laws of the United States or any state thereof;\n\n2. Is regulated, supervised and examined by federal or state authorities having\nregulatory authority over banks and trust companies; and\n\n3. Has been determined by either the Commission, or the Securities Valuation\nOffice of the National Association of Insurance Commissioners, to meet such\nstandards of financial condition and standing as are considered necessary and\nappropriate to regulate the quality of financial institutions whose letters of\ncredit will be acceptable to the Commission.\n\t\t\t“Reinsurance intermediary” means a reinsurance intermediary\nbroker or a reinsurance intermediary manager as these terms are defined in this\narticle.\n\t\t\t“Reinsurance intermediary broker” means any person, other than an\nofficer or employee of the ceding insurer, who, without the power to bind the\nceding insurer, solicits, negotiates or places reinsurance cessions or\nretrocessions on behalf of a ceding insurer or otherwise negotiates with a\nceding insurer concerning reinsurance cessions or retrocessions.\n\t\t\t“Reinsurance intermediary manager” means any person who (i) has\nauthority to bind reinsurance risks or (ii) manages all or part of the assumed\nreinsurance business of a reinsurer, including the management of a separate\ndivision, department or underwriting office, and acts as an agent for such\nreinsurer whether known as a reinsurance intermediary manager or other similar\nterm. Notwithstanding the foregoing, the following persons shall not be\nconsidered a reinsurance intermediary manager for the purposes of this article,\nprovided such person is acting in the capacity of employee or agent, as\ndescribed herein, and properly discharging the duties of such employment or\nagency:\n\n1. An employee of the reinsurer;\n\n2. A United States manager of the United States branch of an alien reinsurer;\n\n3. An underwriting manager who, pursuant to contract, manages all or part of the\nreinsurance operations of the reinsurer, is under common control with the\nreinsurer, subject to Article 5 (§ 38.2-1322 et seq.) of this chapter or\nArticle 2 (§ 38.2-4230 et seq.) of Chapter 42 of this title, and whose\ncompensation is not based on the volume of premiums written;\n\n4. The manager of a group, association, pool or organization of insurers that\nengages in joint underwriting or joint reinsurance and that is subject to\nexamination by the supervising insurance official of the state, as defined in\n§ 38.2-100, in which the manager’s principal business office is\nlocated; or\n\n5. A licensed managing general agent who binds facultative reinsurance contracts\nby placing individual risks pursuant to obligatory facultative agreements and\nsubdivision 10 of § 38.2-1360.\n\t\t\t“Reinsurer” means any insurer licensed in this Commonwealth with\nthe authority to cede or accept from any insurer reinsurance pursuant to §\n38.2-136.\n\nHISTORY: 2001, c. 706.","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}}