A. For the purposes of issuing a temporary or permanent injunction under § 38.2-220 to restrain unlicensed foreign or alien insurers from transacting the business of insurance in this Commonwealth, the following acts, effected by mail or otherwise, shall constitute transacting the business of insurance in this Commonwealth:
1. The issuance or delivery of insurance contracts to residents of this Commonwealth or to corporations authorized to do business in this Commonwealth;
2. The solicitation of applications for such contracts;
3. The collection of premiums, membership fees, assessments or other considerations for such contracts; or
4. The transaction of any other insurance business in connection with such contracts.
B. Process may be served in accordance with § 13.1-758 or in any other manner prescribed by law.
C. This section shall not apply to any nonprofit life insurance or annuity company which is organized and operated for the purpose of issuing insurance and annuity contracts, exclusively to or for the benefit of nonprofit educational or scientific institutions and individuals engaged in the service of those institutions. The clerk of the Commission shall be considered the attorney for service of process in this Commonwealth for all of such insurer's policy and contract holders in this Commonwealth. The appointment shall (i) be irrevocable, (ii) bind the insurer and any successors in interest, and (iii) remain in effect as long as there is in force in this Commonwealth any contract made by the insurer or any obligation arising from the contract.
D. This section shall not apply to the following acts:
1. The procuring of a policy of insurance upon a risk within this Commonwealth in compliance with Chapter 48 of this title;
2. Issuance of contracts of reinsurance;
3. Acts in this Commonwealth involving a policy lawfully solicited, written and delivered outside this Commonwealth covering only subjects of insurance not resident, located, or to be performed in this Commonwealth at the time of issuance of the policy;
4. Acts in this Commonwealth involving a group or blanket insurance policy or a group annuity lawfully issued and delivered in a state where the insurer was licensed to transact the business of insurance;
5. Acts in the Commonwealth involving insurance contracts issued to an "industrial insured." For the purposes of this section, an "industrial insured" is an insured (i) who procures the insurance of any risk or risks other than life and annuity contracts by use of the services of a full-time employee acting as an insurance manager or buyer or the services of a regularly and continuously retained licensed insurance consultant, (ii) whose aggregate annual premiums for insurance on all risks, except for life, annuity, and accident and sickness insurance, total at least $100,000, (iii) who has at least 25 full-time employees, and (iv) either has gross assets in excess of $3 million or has annual gross revenues in excess of $5 million.
E. Nothing in this section shall apply to nonprofit Railroad Brotherhood or other similar fraternal organizations.
1968, c. 266, § 38.1-98.1; 1986, c. 562; 2008, c. 95.
Structure Code of Virginia
Chapter 10 - Organization, Admission and Licensing of Insurers
§ 38.2-1000. Incorporation of domestic stock insurers
§ 38.2-1001. Incorporation of domestic mutual insurers
§ 38.2-1002. Additional requirements of articles of incorporation; name
§ 38.2-1003. When corporate status attained; bylaws filed with Commission
§ 38.2-1005.1. Conversion of a domestic mutual insurer to a domestic stock insurer
§ 38.2-1005.1:2. Formation of mutual holding company and conversion of mutual company
§ 38.2-1005.1:3. Mutual holding company membership interest
§ 38.2-1005.1:4. Contents of plan of MHC conversion
§ 38.2-1005.1:5. Adoption and approval of plan of MHC conversion
§ 38.2-1005.1:6. Corporate existence
§ 38.2-1005.1:7. Regulation and authority of a mutual holding company
§ 38.2-1005.1:8. Diversion of business to affiliates
§ 38.2-1005.1:9. Conversion of mutual holding company
§ 38.2-1005.1:10. Conflicts of interest
§ 38.2-1005.1:11. Costs and expenses
§ 38.2-1005.1:12. Failure to give notice
§ 38.2-1005.1:13. Limitation on actions
§ 38.2-1006. Conversion of a domestic stock insurer to a mutual insurer
§ 38.2-1007. Notice to policyholders of meeting to approve conversion
§ 38.2-1008. Conduct of and voting at meeting
§ 38.2-1009. Payment for shares pursuant to conversion plan
§ 38.2-1010. How acquired shares held
§ 38.2-1011. Disposition of dividends after payments provided in conversion plan
§ 38.2-1012. Jurisdiction to compel completion of mutualization
§ 38.2-1013. Venue of proceedings
§ 38.2-1014. Parties and process
§ 38.2-1016.1. Conversion of a health maintenance organization to an accident and sickness insurer
§ 38.2-1017. Applicability of Title 13.1
§ 38.2-1018. Plan of merger to be approved by Commission
§ 38.2-1019. Change of status from foreign to domestic insurer
§ 38.2-1020. Transfer of domicile from Virginia to another state
§ 38.2-1021. Change of domicile of foreign insurer to another foreign state
§ 38.2-1022. Commission to be notified of proposed transfer of domicile
§ 38.2-1025. Annual renewal of license
§ 38.2-1026. Retaliatory provisions as to taxes, fees, deposits and other requirements
§ 38.2-1027. Admission of foreign and alien insurers
§ 38.2-1028. Additional licensing requirements for stock insurers
§ 38.2-1029. Additional licensing requirements for mutual insurers
§ 38.2-1030. Surplus requirements for issuing policies without contingent liability
§ 38.2-1031. Additional requirements, alien insurers
§ 38.2-1032. Additional licensing requirements for domestic insurers
§ 38.2-1033. Additional licensing requirements for foreign insurers
§ 38.2-1034. How domestic mutual insurers may acquire initial surplus
§ 38.2-1037. Exceptions for licensed and operating insurers
§ 38.2-1039.1. Risk retention groups
§ 38.2-1040. Refusal, suspension or revocation of license
§ 38.2-1041. Notice to company of proposed suspension or revocation
§ 38.2-1042. Agent's authority likewise suspended or revoked
§ 38.2-1043. Suspension or revocation published
§ 38.2-1044. New business prohibited
§ 38.2-1045. Deposits required of insurers generally
§ 38.2-1046. Purpose of deposits; enforcement of lien
§ 38.2-1047. How deposits applied to payment of claims; deficit to be made good
§ 38.2-1048. Return of deposits
§ 38.2-1049. Alternate deposit requirements
§ 38.2-1050. Voluntary deposit in excess of amount required
§ 38.2-1052. Exchange of securities
§ 38.2-1053. Interest on deposits; to whom paid
§ 38.2-1054. Duty of State Treasurer when securities deposited are paid
§ 38.2-1055. Annual report of State Treasurer to Commission
§ 38.2-1057. Assessment for expense of holding deposits; Insurance Collateral Assessment Fund
§ 38.2-1058. Felony for State Treasurer to dispose of securities illegally