{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2507.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2507.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2507.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2507.html"}],"law_id":60885,"edition_id":1,"section_id":60885,"structure_id":13767,"section_number":"38.2-2507","catch_line":"Conversion of mutual assessment property and casualty insurers","history":"1986, c. 562.","full_text":"A\n\nAny mutual assessment property and casualty insurer desiring to remove itself from the provisions of this chapter and desiring to become an insurer under the provisions of Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by meeting the requirements of Chapter 10. The mutual assessment property and casualty insurer shall submit an application to the Commission showing that each requirement of Chapter 10 has been met. If the applicant does not meet the requirements of Chapter 10, the applicant may submit a plan that includes a schedule for meeting the requirements of Chapter 10. The schedule shall provide for compliance with those requirements within ten years of the approval of the application. For good cause shown, the Commission may grant, after informal hearing, an additional period in order to achieve compliance with the requirements of Chapter 10.B\n\nIf the Commission approves the application, the insurer shall have all the rights, privileges and responsibilities of an insurer licensed under the provisions of Chapter 10 of this title.C\n\nUpon failure of the applicant to comply with the terms of the approved schedule, the Commission may require the applicant to adhere to the provisions of this chapter.","order_by":null,"text":{"0":{"id":222688,"text":"Any mutual assessment property and casualty insurer desiring to remove itself from the provisions of this chapter and desiring to become an insurer under the provisions of Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by meeting the requirements of Chapter 10. The mutual assessment property and casualty insurer shall submit an application to the Commission showing that each requirement of Chapter 10 has been met. If the applicant does not meet the requirements of Chapter 10, the applicant may submit a plan that includes a schedule for meeting the requirements of Chapter 10. The schedule shall provide for compliance with those requirements within ten years of the approval of the application. For good cause shown, the Commission may grant, after informal hearing, an additional period in order to achieve compliance with the requirements of Chapter 10.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":222689,"text":"If the Commission approves the application, the insurer shall have all the rights, privileges and responsibilities of an insurer licensed under the provisions of Chapter 10 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":222690,"text":"Upon failure of the applicant to comply with the terms of the approved schedule, the Commission may require the applicant to adhere to the provisions of this chapter.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13767,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13766,"metadata":{},"date_created":"2026-06-26 03:45:49","date_modified":"2026-06-26 03:45:49","permalink":{"id":213813,"object_type":"structure","relational_id":13767,"identifier":"1","token":"38.2\/25\/1","url":"\/38.2\/25\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13766,"edition_id":1,"name":"Mutual Assessment Property and Casualty Insurers","identifier":"25","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:49","date_modified":"2026-06-26 03:45:49","permalink":{"id":213811,"object_type":"structure","relational_id":13766,"identifier":"25","token":"38.2\/25","url":"\/38.2\/25\/","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":86737,"structure_id":13767,"section_number":"38.2-2500","catch_line":"Scope of chapter","url":"\/38.2-2500\/","token":"38.2\/25\/1\/38.2-2500","metadata":false},{"id":60528,"structure_id":13767,"section_number":"38.2-2501","catch_line":"Definitions","url":"\/38.2-2501\/","token":"38.2\/25\/1\/38.2-2501","metadata":false},{"id":54776,"structure_id":13767,"section_number":"38.2-2502","catch_line":"Mutual assessment insurance authorized","url":"\/38.2-2502\/","token":"38.2\/25\/1\/38.2-2502","metadata":false},{"id":62065,"structure_id":13767,"section_number":"38.2-2503","catch_line":"Classes of insurance that may be written by mutual assessment property and casualty insurers; minimum surplus to policyholders required","url":"\/38.2-2503\/","token":"38.2\/25\/1\/38.2-2503","metadata":false},{"id":59278,"structure_id":13767,"section_number":"38.2-2504","catch_line":"Property beyond authorized territory","url":"\/38.2-2504\/","token":"38.2\/25\/1\/38.2-2504","metadata":false},{"id":86538,"structure_id":13767,"section_number":"38.2-2505","catch_line":"Risks limited to those specified in this chapter; personal liability for loss","url":"\/38.2-2505\/","token":"38.2\/25\/1\/38.2-2505","metadata":false},{"id":69874,"structure_id":13767,"section_number":"38.2-2506","catch_line":"What laws applicable","url":"\/38.2-2506\/","token":"38.2\/25\/1\/38.2-2506","metadata":false},{"id":60885,"structure_id":13767,"section_number":"38.2-2507","catch_line":"Conversion of mutual assessment property and casualty insurers","url":"\/38.2-2507\/","token":"38.2\/25\/1\/38.2-2507","metadata":false}],"previous_section":{"id":69874,"structure_id":13767,"section_number":"38.2-2506","catch_line":"What laws applicable","url":"\/38.2-2506\/","token":"38.2\/25\/1\/38.2-2506","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2507\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 562 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. Unfortunately, the 1986 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":58285,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","order_by":null,"url":"\/38.2-1000\/"}],"permalink":{"id":213843,"object_type":"law","relational_id":60885,"identifier":"38.2-2507","token":"38.2\/25\/1\/38.2-2507","url":"\/38.2-2507\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2507\/","token":"38.2\/25\/1\/38.2-2507","dublin_core":{"Title":"Conversion of mutual assessment property and casualty insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2507","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any mutual assessment property and casualty insurer<\/span> desiring to remove itself from the provisions of this chapter and desiring to become an insurer under the provisions of Chapter 10 (§ 38.2-1000<\/a> et seq.) of this title may do so by meeting the requirements of Chapter 10. The mutual assessment property and casualty insurer<\/span> shall submit an application to the Commission<\/span> showing that each requirement of Chapter 10 has been met. If the applicant does not meet the requirements of Chapter 10, the applicant may submit a plan that includes a schedule for meeting the requirements of Chapter 10. The schedule shall provide for compliance with those requirements within ten years of the approval of the application. For good cause shown, the Commission<\/span> may grant, after informal hearing<\/span>, an additional period in order<\/span> to achieve compliance with the requirements of Chapter 10. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the Commission<\/span> approves the application, the insurer shall have all the rights, privileges<\/span> and responsibilities of an insurer licensed under the provisions of Chapter 10 of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon failure of the applicant to comply with the terms of the approved schedule, the Commission<\/span> may require the applicant to adhere to the provisions of this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS (\u00a7 38.2-2507)\n\nA. Any mutual assessment property and casualty insurer desiring to remove itself\nfrom the provisions of this chapter and desiring to become an insurer under the\nprovisions of Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by\nmeeting the requirements of Chapter 10. The mutual assessment property and\ncasualty insurer shall submit an application to the Commission showing that each\nrequirement of Chapter 10 has been met. If the applicant does not meet the\nrequirements of Chapter 10, the applicant may submit a plan that includes a\nschedule for meeting the requirements of Chapter 10. The schedule shall provide\nfor compliance with those requirements within ten years of the approval of the\napplication. For good cause shown, the Commission may grant, after informal\nhearing, an additional period in order to achieve compliance with the\nrequirements of Chapter 10.\n\nB. If the Commission approves the application, the insurer shall have all the\nrights, privileges and responsibilities of an insurer licensed under the\nprovisions of Chapter 10 of this title.\n\nC. Upon failure of the applicant to comply with the terms of the approved\nschedule, the Commission may require the applicant to adhere to the provisions\nof this chapter.\n\nHISTORY: 1986, c. 562.","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}}