{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1358.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1358.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1358.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1358.html"}],"law_id":82605,"edition_id":1,"section_id":82605,"structure_id":13457,"section_number":"38.2-1358","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“Insurer” means any person, duly licensed in the 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“Managing general agent” means any person who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; and who acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or exceeding five percent of the surplus to policyholders of the insurer as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the Commission or (ii) negotiates reinsurance on behalf of the insurer.\n\t\tNotwithstanding the above, the following persons shall not be considered as managing general agents for the purposes of this article:\n\n1\n\nAn employee of the insurer;2\n\nA United States manager of the United States branch of an alien insurer;3\n\nAn underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, 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; or4\n\nThe attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer.\n\t\t\t“Qualified United States financial institution” means an institution that:1\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 United States 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“Underwrite” means the authority to accept or reject risk on behalf of the insurer.","order_by":null,"text":{"0":{"id":295951,"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“Insurer” means any person, duly licensed in the 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“Managing general agent” means any person who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; and who acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or exceeding five percent of the surplus to policyholders of the insurer as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the Commission or (ii) negotiates reinsurance on behalf of the insurer.\n\t\tNotwithstanding the above, the following persons shall not be considered as managing general agents for the purposes of this article:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":295952,"text":"An employee of the insurer;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":295953,"text":"A United States manager of the United States branch of an alien insurer;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":295954,"text":"An underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, 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; or","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":295955,"text":"The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer.\n\t\t\t“Qualified United States financial institution” means an institution that:","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"1"},"5":{"id":295956,"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":"4","next_prefix":"2"},"6":{"id":295957,"text":"Is regulated, supervised and examined by United States 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"},"7":{"id":295958,"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“Underwrite” means the authority to accept or reject risk on behalf of the insurer.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13457,"edition_id":1,"name":"Licensing of Managing General Agents","identifier":"9","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:44:55","date_modified":"2026-06-26 03:44:55","permalink":{"id":211857,"object_type":"structure","relational_id":13457,"identifier":"9","token":"38.2\/13\/9","url":"\/38.2\/13\/9\/","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":82605,"structure_id":13457,"section_number":"38.2-1358","catch_line":"Definitions","url":"\/38.2-1358\/","token":"38.2\/13\/9\/38.2-1358","metadata":false},{"id":84337,"structure_id":13457,"section_number":"38.2-1359","catch_line":"Licensure","url":"\/38.2-1359\/","token":"38.2\/13\/9\/38.2-1359","metadata":false},{"id":66843,"structure_id":13457,"section_number":"38.2-1360","catch_line":"Required contract provisions","url":"\/38.2-1360\/","token":"38.2\/13\/9\/38.2-1360","metadata":false},{"id":57894,"structure_id":13457,"section_number":"38.2-1361","catch_line":"Duties of insurers utilizing managing general agents","url":"\/38.2-1361\/","token":"38.2\/13\/9\/38.2-1361","metadata":false},{"id":54417,"structure_id":13457,"section_number":"38.2-1362","catch_line":"Examination authority","url":"\/38.2-1362\/","token":"38.2\/13\/9\/38.2-1362","metadata":false},{"id":83354,"structure_id":13457,"section_number":"38.2-1363","catch_line":"Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1363\/","token":"38.2\/13\/9\/38.2-1363","metadata":false},{"id":69749,"structure_id":13457,"section_number":"38.2-1364","catch_line":"Requirement to report to Commission","url":"\/38.2-1364\/","token":"38.2\/13\/9\/38.2-1364","metadata":false}],"next_section":{"id":84337,"structure_id":13457,"section_number":"38.2-1359","catch_line":"Licensure","url":"\/38.2-1359\/","token":"38.2\/13\/9\/38.2-1359","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1358\/","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":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":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":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":211859,"object_type":"law","relational_id":82605,"identifier":"38.2-1358","token":"38.2\/13\/9\/38.2-1358","url":"\/38.2-1358\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1358\/","token":"38.2\/13\/9\/38.2-1358","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1358","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“Insurer<\/span>” means any person<\/span>, duly licensed in the 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“Managing general agent<\/span>” means any person<\/span> who manages all or part of the insurance<\/span> business of an insurer<\/span>, including the management of a separate division, department or underwriting office; and who acts as an agent for such insurer<\/span> whether known as a managing general agent<\/span>, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites<\/span> an amount of gross direct written premium equal to or exceeding five percent of the surplus to policyholders<\/span> of the insurer<\/span> as reported in the last annual statement of the insurer<\/span> in any one quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the Commission<\/span> or (ii) negotiates reinsurance on behalf of the insurer<\/span>.\n\t\tNotwithstanding the above, the following persons<\/span> shall not be considered as managing general agents<\/span> for the purposes of this article:<\/p><\/section>\n\t\t\t\t\t\t

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

2.<\/span> A United States<\/span> manager of the United States<\/span> branch of an alien insurer<\/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 insurance<\/span> operations of the insurer<\/span>, is under common control with the insurer<\/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; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The attorney-in-fact<\/span><\/span> authorized by and acting for the subscribers of a reciprocal insurer<\/span>.\n\t\t\t“Qualified United States financial institution<\/span>” means an institution that: <\/i><\/a><\/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 United States 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“Underwrite<\/span>” means the authority to accept or reject risk on behalf of the insurer<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-1358)\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“Insurer” means any person, duly licensed in the 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“Managing general agent” means any person who manages all or part\nof the insurance business of an insurer, including the management of a separate\ndivision, department or underwriting office; and who acts as an agent for such\ninsurer whether known as a managing general agent, manager or other similar\nterm, who, with or without the authority, either separately or together with\naffiliates, produces, directly or indirectly, and underwrites an amount of gross\ndirect written premium equal to or exceeding five percent of the surplus to\npolicyholders of the insurer as reported in the last annual statement of the\ninsurer in any one quarter or year together with one or more of the following:\n(i) adjusts or pays claims in excess of an amount determined by the Commission\nor (ii) negotiates reinsurance on behalf of the insurer.\n\t\tNotwithstanding the above, the following persons shall not be considered as\nmanaging general agents for the purposes of this article:\n\n1. An employee of the insurer;\n\n2. A United States manager of the United States branch of an alien insurer;\n\n3. An underwriting manager who, pursuant to contract, manages all or part of the\ninsurance operations of the insurer, is under common control with the insurer,\nsubject to Article 5 (§ 38.2-1322 et seq.) of this chapter or Article 2\n(§ 38.2-4230 et seq.) of Chapter 42 of this title, and whose compensation\nis not based on the volume of premiums written; or\n\n4. The attorney-in-fact authorized by and acting for the subscribers of a\nreciprocal insurer.\n\t\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\nthereof;\n\n2. Is regulated, supervised and examined by United States federal or state\nauthorities having regulatory 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“Underwrite” means the authority to accept or reject risk on\nbehalf of the insurer.\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}}