SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1998 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-58.2 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-58.2. Insurance business of controlled subsidiary.
In addition to the types of business authorized in § 6.1-58.1, a
controlled subsidiary corporation may be formed (i) to transact the
type of insurance business specified in § 38.2-120 and other insurance
normally written under the coverage known as financial institution blanket
bonds or, (ii) to underwrite insurance
indemnifying the bank, its holding companies or its affiliates, and their
directors and officers against liability, and (iii) subject to such
conditions as the Commission may impose, to underwrite reinsurance of mortgage
guaranty insurance on loans secured by real estate made or purchased by such
controlled reinsurance subsidiary's affiliates or by a bank or banks owning
such controlled subsidiary, provided such controlled subsidiary
corporations transact only the insurance business specifically permitted by
this section. In such event The investment of any bank in the stock,
services or other obligations of such a controlled subsidiary shall
not exceed two percent of such bank's capital, surplus and undivided profits.
Such insurance company controlled subsidiary shall be
subject to the further provisions of Title 38.2 otherwise applicable to
insurance companies transacting a comparable business. Section 38.2-1811
shall not be deemed to be applicable to such controlled subsidiary
corporations. For the purpose of this section, a controlled subsidiary
corporation may be a Virginia corporation or a domestic or
foreign corporation organized under the laws of another state
and the majority of its voting stock be owned, directly or
indirectly, by (i) a bank or banks organized under the laws of the United
States, (ii) a bank or banks organized under the laws of this Commonwealth,
(iii) a bank or banks organized under the laws of one of the other states of
the United States, or (iv) a "bank holding company" owning a bank or banks in
this Commonwealth or in another state.