A. Persons of this Commonwealth may enter into reciprocal insurance contracts with each other and with persons of other states and countries. For the purposes of this chapter, the definition of "person" shall also include any county, city, or town, school board, Transportation District Commission, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a locality or local government authority, with power to enter into contractual undertakings within or without the Commonwealth.
B. For any corporation now existing or hereafter organized under the laws of this Commonwealth, the power and authority to enter into reciprocal insurance contracts shall be in addition to the powers conferred upon it in its certificate of incorporation, and shall be incidental to the purposes for which the corporation is organized.
Code 1950, §§ 38-543, 38-550; 1952, c. 317, §§ 38.1-692, 38.1-693; 1986, c. 562.
Structure Code of Virginia
Chapter 12 - Reciprocal Insurance
§ 38.2-1202. Insuring power of reciprocals
§ 38.2-1203. What laws applicable to reciprocals; compliance with § 38.2-208
§ 38.2-1204. Power to enter into reciprocal insurance contracts
§ 38.2-1206. License required of reciprocals; surplus
§ 38.2-1207. Exceptions as to reciprocals licensed and operating
§ 38.2-1208. Additional requirements, foreign and alien reciprocals
§ 38.2-1209. Residence and office of attorney of foreign and alien reciprocals
§ 38.2-1210. Contracts executed by attorney
§ 38.2-1211. License required of agent
§ 38.2-1212. Subscribers' liability
§ 38.2-1213. Nonassessable policies
§ 38.2-1214. Savings returned to subscribers
§ 38.2-1216. Clerk of Commission to be appointed agent for service of process; procedure thereafter
§ 38.2-1218. Effect of judgment against reciprocal
§ 38.2-1219. Organization of reciprocals; what declaration to contain
§ 38.2-1220. Attorney to file bond
§ 38.2-1221. Deposit instead of bond
§ 38.2-1222. Subscribers' advisory committee
§ 38.2-1223. Subscriber's agreement and power of attorney
§ 38.2-1224. Modification of power of attorney and subscriber's agreement
§ 38.2-1227. Time limit for assessment
§ 38.2-1228. Subscribers' share in assets
§ 38.2-1229. Impaired reciprocals