                                 CODE OF VIRGINIA

EXCEPTIONS FOR LICENSED AND OPERATING INSURERS (§ 38.2-1037)

A. Notwithstanding the other provisions of this chapter with respect to minimum
required capital and surplus, any insurer which, on June 30, 1991, was licensed
to write and was writing any class of insurance in this Commonwealth may
continue to write that class of insurance under the appropriate license from the
Commission, until July 1, 1994, if it maintains at all times (i) the minimum
capital and surplus if a stock insurer, (ii) the minimum surplus if a mutual
insurer, and (iii) the minimum trusteed surplus if an alien insurer, required of
the insurer as of June 30, 1991.

B. Any insurer not licensed to write a class of insurance in this Commonwealth
on June 30, 1991, shall meet all the capital surplus and trusteed surplus
requirements of this article before it obtains a license to write that class of
insurance.

HISTORY: 1952, c. 317, § 38.1-97; 1966, c. 580; 1977, c. 322; 1978, c. 20;
1986, c. 562; 1987, c. 520; 1991, c. 261.