{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-5102.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-5102.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-5102.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-5102.html"}],"law_id":80474,"edition_id":1,"section_id":80474,"structure_id":13375,"section_number":"38.2-5102","catch_line":"Risk retention groups chartered in this Commonwealth","history":"1987, c. 585; 1992, c. 588.","full_text":"A\n\nA risk retention group seeking to be chartered in this Commonwealth shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this Commonwealth to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, shall comply with (i) all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this Commonwealth and with (ii) § 38.2-5103 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this Commonwealth.B\n\nNotwithstanding any other provision to the contrary, all risk retention groups chartered in this Commonwealth shall file with the Commission and the National Association of Insurance Commissioners (NAIC), an annual statement in a form prescribed by the NAIC and in diskette form, if required by the Commission, and completed in accordance with its instructions and the NAIC Accounting Practices and Procedures Manual.C\n\nBefore it may offer insurance in any state, each risk retention group shall also submit for approval to the Commission a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten days of any such change. The group shall not offer any additional kinds of liability insurance, in this Commonwealth or any other state, until a revision of the plan or study is approved by the Commission.D\n\nAt the time of filing its application for licensure, the risk retention group shall provide to the Commission in summary form the following information: the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate.","order_by":null,"text":{"0":{"id":288267,"text":"A risk retention group seeking to be chartered in this Commonwealth shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this Commonwealth to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, shall comply with (i) all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this Commonwealth and with (ii) § 38.2-5103 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":288268,"text":"Notwithstanding any other provision to the contrary, all risk retention groups chartered in this Commonwealth shall file with the Commission and the National Association of Insurance Commissioners (NAIC), an annual statement in a form prescribed by the NAIC and in diskette form, if required by the Commission, and completed in accordance with its instructions and the NAIC Accounting Practices and Procedures Manual.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":288269,"text":"Before it may offer insurance in any state, each risk retention group shall also submit for approval to the Commission a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten days of any such change. The group shall not offer any additional kinds of liability insurance, in this Commonwealth or any other state, until a revision of the plan or study is approved by the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":288270,"text":"At the time of filing its application for licensure, the risk retention group shall provide to the Commission in summary form the following information: the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13375,"edition_id":1,"name":"Risk Retention Groups and Purchasing Groups","identifier":"51","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:44","date_modified":"2026-06-26 03:44:44","permalink":{"id":217707,"object_type":"structure","relational_id":13375,"identifier":"51","token":"38.2\/51","url":"\/38.2\/51\/","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":72747,"structure_id":13375,"section_number":"38.2-5100","catch_line":"Purpose","url":"\/38.2-5100\/","token":"38.2\/51\/38.2-5100","metadata":false},{"id":54348,"structure_id":13375,"section_number":"38.2-5101","catch_line":"Definitions","url":"\/38.2-5101\/","token":"38.2\/51\/38.2-5101","metadata":false},{"id":80474,"structure_id":13375,"section_number":"38.2-5102","catch_line":"Risk retention groups chartered in this Commonwealth","url":"\/38.2-5102\/","token":"38.2\/51\/38.2-5102","metadata":false},{"id":87356,"structure_id":13375,"section_number":"38.2-5103","catch_line":"Risk retention groups not chartered in this Commonwealth","url":"\/38.2-5103\/","token":"38.2\/51\/38.2-5103","metadata":false},{"id":55046,"structure_id":13375,"section_number":"38.2-5104","catch_line":"Associations","url":"\/38.2-5104\/","token":"38.2\/51\/38.2-5104","metadata":false},{"id":75270,"structure_id":13375,"section_number":"38.2-5105","catch_line":"Repealed","url":"\/38.2-5105\/","token":"38.2\/51\/38.2-5105","metadata":false},{"id":55239,"structure_id":13375,"section_number":"38.2-5106","catch_line":"Purchasing groups; exemption from certain laws relating to the group purchase of insurance","url":"\/38.2-5106\/","token":"38.2\/51\/38.2-5106","metadata":false},{"id":66043,"structure_id":13375,"section_number":"38.2-5107","catch_line":"Insurers; exemptions from certain laws relating to the group purchase of insurance","url":"\/38.2-5107\/","token":"38.2\/51\/38.2-5107","metadata":false},{"id":71850,"structure_id":13375,"section_number":"38.2-5108","catch_line":"Notice and registration requirements of purchasing groups","url":"\/38.2-5108\/","token":"38.2\/51\/38.2-5108","metadata":false},{"id":85715,"structure_id":13375,"section_number":"38.2-5109","catch_line":"Restrictions on insurance purchased by purchasing groups","url":"\/38.2-5109\/","token":"38.2\/51\/38.2-5109","metadata":false},{"id":58610,"structure_id":13375,"section_number":"38.2-5110","catch_line":"Commission's authority regarding risk retention groups and purchasing groups","url":"\/38.2-5110\/","token":"38.2\/51\/38.2-5110","metadata":false},{"id":84645,"structure_id":13375,"section_number":"38.2-5111","catch_line":"Penalties","url":"\/38.2-5111\/","token":"38.2\/51\/38.2-5111","metadata":false},{"id":62188,"structure_id":13375,"section_number":"38.2-5112","catch_line":"Duty on agents or brokers","url":"\/38.2-5112\/","token":"38.2\/51\/38.2-5112","metadata":false},{"id":81720,"structure_id":13375,"section_number":"38.2-5113","catch_line":"Financial responsibility policy form or coverage requirements","url":"\/38.2-5113\/","token":"38.2\/51\/38.2-5113","metadata":false},{"id":66351,"structure_id":13375,"section_number":"38.2-5114","catch_line":"Application of other state laws to persons or corporations","url":"\/38.2-5114\/","token":"38.2\/51\/38.2-5114","metadata":false},{"id":73111,"structure_id":13375,"section_number":"38.2-5115","catch_line":"Binding effect of orders issued in U.S. District Court","url":"\/38.2-5115\/","token":"38.2\/51\/38.2-5115","metadata":false}],"previous_section":{"id":54348,"structure_id":13375,"section_number":"38.2-5101","catch_line":"Definitions","url":"\/38.2-5101\/","token":"38.2\/51\/38.2-5101","metadata":false},"next_section":{"id":87356,"structure_id":13375,"section_number":"38.2-5103","catch_line":"Risk retention groups not chartered in this Commonwealth","url":"\/38.2-5103\/","token":"38.2\/51\/38.2-5103","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-5102\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 585 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 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1992, chapter 588.<\/p>","references":false,"refers_to":[{"id":87356,"section_number":"38.2-5103","catch_line":"Risk retention groups not chartered in this Commonwealth","order_by":null,"url":"\/38.2-5103\/"}],"permalink":{"id":217717,"object_type":"law","relational_id":80474,"identifier":"38.2-5102","token":"38.2\/51\/38.2-5102","url":"\/38.2-5102\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-5102\/","token":"38.2\/51\/38.2-5102","dublin_core":{"Title":"Risk retention groups chartered in this Commonwealth","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-5102","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A risk retention group<\/span> seeking to be chartered in this Commonwealth shall be chartered and licensed as a liability<\/span> insurance company<\/span> authorized by the insurance laws<\/span> of this Commonwealth to write only liability<\/span> insurance pursuant to this chapter and, except as provided elsewhere in this chapter, shall comply with (i) all of the laws<\/span>, rules, regulations and requirements applicable to such insurers<\/span> chartered and licensed in this Commonwealth and with (ii) § 38.2-5103<\/a> to the extent such requirements are not a limitation on laws<\/span>, rules, regulations or requirements of this Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any other provision to the contrary, all risk retention groups<\/span> chartered in this Commonwealth shall file with the Commission<\/span> and the National Association of Insurance Commissioners<\/span> (NAIC), an annual statement in a form prescribed by the NAIC and in diskette form, if required by the Commission<\/span>, and completed in accordance with its instructions and the NAIC Accounting Practices and Procedures Manual. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Before it may offer insurance in any state<\/span>, each risk retention group<\/span> shall also submit for approval to the Commission<\/span> a plan of operation<\/span> or feasibility study<\/span>. The risk retention group<\/span> shall submit an appropriate revision in the event of any subsequent material<\/span> change in any item of the plan of operation<\/span> or feasibility study<\/span>, within ten days of any such change. The group shall not offer any additional kinds of liability<\/span> insurance, in this Commonwealth or any other state<\/span>, until a revision of the plan or study is approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> At the time of filing its application for licensure, the risk retention group<\/span> shall provide to the Commission<\/span> in summary form the following information: the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states<\/span> in which the group intends to operate. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRISK RETENTION GROUPS CHARTERED IN THIS COMMONWEALTH (\u00a7 38.2-5102)\n\nA. A risk retention group seeking to be chartered in this Commonwealth shall be\nchartered and licensed as a liability insurance company authorized by the\ninsurance laws of this Commonwealth to write only liability insurance pursuant\nto this chapter and, except as provided elsewhere in this chapter, shall comply\nwith (i) all of the laws, rules, regulations and requirements applicable to such\ninsurers chartered and licensed in this Commonwealth and with (ii) §\n38.2-5103 to the extent such requirements are not a limitation on laws, rules,\nregulations or requirements of this Commonwealth.\n\nB. Notwithstanding any other provision to the contrary, all risk retention\ngroups chartered in this Commonwealth shall file with the Commission and the\nNational Association of Insurance Commissioners (NAIC), an annual statement in a\nform prescribed by the NAIC and in diskette form, if required by the Commission,\nand completed in accordance with its instructions and the NAIC Accounting\nPractices and Procedures Manual.\n\nC. Before it may offer insurance in any state, each risk retention group shall\nalso submit for approval to the Commission a plan of operation or feasibility\nstudy. The risk retention group shall submit an appropriate revision in the\nevent of any subsequent material change in any item of the plan of operation or\nfeasibility study, within ten days of any such change. The group shall not offer\nany additional kinds of liability insurance, in this Commonwealth or any other\nstate, until a revision of the plan or study is approved by the Commission.\n\nD. At the time of filing its application for licensure, the risk retention group\nshall provide to the Commission in summary form the following information: the\nidentity of the initial members of the group, the identity of those individuals\nwho organized the group or who will provide administrative services or otherwise\ninfluence or control the activities of the group, the amount and nature of\ninitial capitalization, the coverages to be afforded, and the states in which\nthe group intends to operate.\n\nHISTORY: 1987, c. 585; 1992, c. 588.","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}}