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2017 SESSION

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SB 1158 Insurance; reciprocals.

Introduced by: Bryce E. Reeves (by request) | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Insurance; reciprocals. Allows a foreign reciprocal to obtain a license to transact the business of insurance in the Commonwealth if an affiliate of the foreign reciprocal is licensed to write the class of insurance it proposes to write in Virginia and is writing actively that class of insurance in its state of domicile or at least two other states. The measure also provides that a foreign or alien reciprocal is prohibited from transacting the business of insurance in Virginia until it obtains from the State Corporation Commission both a certificate of authority and a license to transact the business of insurance in the Commonwealth.

SUMMARY AS INTRODUCED:

Insurance; reciprocals. Removes the condition for obtaining a license to transact the business of insurance in the Commonwealth that a foreign reciprocal be actively writing, in the state in which it is organized, the class of insurance that the reciprocal proposes to write in Virginia. A similar condition for licensure of alien reciprocals is not affected. The measure also provides that a foreign or alien reciprocal is prohibited from transacting the business of insurance in Virginia until it obtains from the State Corporation Commission both a certificate of authority and a license to transact the business of insurance in the Commonwealth.