{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1351.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1351.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1351.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1351.html"}],"law_id":65484,"edition_id":1,"section_id":65484,"structure_id":14993,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","history":"2001, c. 706.","full_text":"A\n\nAn insurer shall not engage the services of any individual or business entity to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by § 38.2-1348.B\n\nAn insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless such reinsurance intermediary broker is under common control with the insurer and 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.C\n\nThe insurer shall annually obtain a copy of the current financial statement of each reinsurance intermediary broker with which it transacts business. Such statement shall be certified by an independent public accountant and in a form acceptable to the Commission.","order_by":null,"text":{"0":{"id":238082,"text":"An insurer shall not engage the services of any individual or business entity to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by § 38.2-1348.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":238083,"text":"An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless such reinsurance intermediary broker is under common control with the insurer and 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":238084,"text":"The insurer shall annually obtain a copy of the current financial statement of each reinsurance intermediary broker with which it transacts business. Such statement shall be certified by an independent public accountant and in a form acceptable to the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1351\/","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":false,"refers_to":[{"id":66587,"section_number":"38.2-1322","catch_line":"Definitions","order_by":null,"url":"\/38.2-1322\/"},{"id":57275,"section_number":"38.2-4230","catch_line":"Definitions","order_by":null,"url":"\/38.2-4230\/"}],"permalink":{"id":211829,"object_type":"law","relational_id":65484,"identifier":"38.2-1351","token":"38.2\/13\/8\/38.2-1351","url":"\/38.2-1351\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1351\/","token":"38.2\/13\/8\/38.2-1351","dublin_core":{"Title":"Duties of insurers utilizing the services of a reinsurance intermediary broker","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1351","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An insurer<\/span> shall not engage the services of any individual or business entity<\/span> to act as a reinsurance intermediary broker<\/span> on its behalf unless such person<\/span> is licensed as required by § 38.2-1348<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An insurer<\/span> may not employ an individual who is employed by a reinsurance intermediary broker<\/span> with which it transacts business, unless such reinsurance intermediary broker<\/span> is under common control with the insurer<\/span> and 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The insurer<\/span> shall annually obtain a copy of the current financial statement of each reinsurance intermediary broker<\/span> with which it transacts business. Such statement shall be certified by an independent public accountant and in a form acceptable to the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY BROKER\n(\u00a7 38.2-1351)\n\nA. An insurer shall not engage the services of any individual or business entity\nto act as a reinsurance intermediary broker on its behalf unless such person is\nlicensed as required by § 38.2-1348.\n\nB. An insurer may not employ an individual who is employed by a reinsurance\nintermediary broker with which it transacts business, unless such reinsurance\nintermediary broker is under common control with the insurer and subject to\nArticle 5 (§ 38.2-1322 et seq.) of this chapter or Article 2 (§\n38.2-4230 et seq.) of Chapter 42 of this title.\n\nC. The insurer shall annually obtain a copy of the current financial statement\nof each reinsurance intermediary broker with which it transacts business. Such\nstatement shall be certified by an independent public accountant and in a form\nacceptable to the Commission.\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}}