§ 38.2-1102. Application for license; limitations on authority.
A. No captive insurer shall transact any insurance business in thisCommonwealth unless (i) it is permitted to do so by its articles ofincorporation or charter and (ii) it procures a license to transact thebusiness of insurance from the Commission in accordance with Article 5 (§38.2-1024 et seq.) of Chapter 10 of this title. The license shall be renewedin accordance with § 38.2-1025. A captive insurer may only be licensed towrite the classes of insurance described in §§ 38.2-110 through 38.2-120,38.2-124, 38.2-126 and reinsure in accordance with § 38.2-136.
B. 1. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any pure captive insurer until it issatisfied that the total insurance coverage necessary to insure all risks,hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least $500,000.
2. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any association captive insurer until it issatisfied (i) that the total insurance coverage necessary to insure allrisks, hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least one million dollars and (ii) that its insuranceassociation has been in existence for at least one year. The Commission maywaive the requirement that the insurance association be in existence for atleast 1 year if the association captive insurer satisfies the Commission thateach member of the insurance association would have a gross annual premium inexcess of $100,000.
C. No captive insurer may write classes of personal insurance coverage forindividuals unless the individual is a parent.
D. No captive insurer may write insurance or reinsurance on personally ownedmotor vehicles or homeowners' insurance or any component of them.
§ 38.2-1102. Application for license; limitations on authority.
A. No captive insurer shall transact any insurance business in thisCommonwealth unless (i) it is permitted to do so by its articles ofincorporation or charter and (ii) it procures a license to transact thebusiness of insurance from the Commission in accordance with Article 5 (§38.2-1024 et seq.) of Chapter 10 of this title. The license shall be renewedin accordance with § 38.2-1025. A captive insurer may only be licensed towrite the classes of insurance described in §§ 38.2-110 through 38.2-120,38.2-124, 38.2-126 and reinsure in accordance with § 38.2-136.
B. 1. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any pure captive insurer until it issatisfied that the total insurance coverage necessary to insure all risks,hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least $500,000.
2. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any association captive insurer until it issatisfied (i) that the total insurance coverage necessary to insure allrisks, hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least one million dollars and (ii) that its insuranceassociation has been in existence for at least one year. The Commission maywaive the requirement that the insurance association be in existence for atleast 1 year if the association captive insurer satisfies the Commission thateach member of the insurance association would have a gross annual premium inexcess of $100,000.
C. No captive insurer may write classes of personal insurance coverage forindividuals unless the individual is a parent.
D. No captive insurer may write insurance or reinsurance on personally ownedmotor vehicles or homeowners' insurance or any component of them.
§ 38.2-1102. Application for license; limitations on authority.
A. No captive insurer shall transact any insurance business in thisCommonwealth unless (i) it is permitted to do so by its articles ofincorporation or charter and (ii) it procures a license to transact thebusiness of insurance from the Commission in accordance with Article 5 (§38.2-1024 et seq.) of Chapter 10 of this title. The license shall be renewedin accordance with § 38.2-1025. A captive insurer may only be licensed towrite the classes of insurance described in §§ 38.2-110 through 38.2-120,38.2-124, 38.2-126 and reinsure in accordance with § 38.2-136.
B. 1. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any pure captive insurer until it issatisfied that the total insurance coverage necessary to insure all risks,hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least $500,000.
2. The Commission shall not issue a license to transact the business ofinsurance in this Commonwealth to any association captive insurer until it issatisfied (i) that the total insurance coverage necessary to insure allrisks, hazards, and liabilities would develop, in the aggregate, gross annualpremiums of at least one million dollars and (ii) that its insuranceassociation has been in existence for at least one year. The Commission maywaive the requirement that the insurance association be in existence for atleast 1 year if the association captive insurer satisfies the Commission thateach member of the insurance association would have a gross annual premium inexcess of $100,000.
C. No captive insurer may write classes of personal insurance coverage forindividuals unless the individual is a parent.
D. No captive insurer may write insurance or reinsurance on personally ownedmotor vehicles or homeowners' insurance or any component of them.
