On and after July 1, 1952, no company transacting title insurance in this Commonwealth shall assume a single risk in an amount in excess of fifty percent of the aggregate amount of its total capital and surplus and its reserves other than its loss or claim reserves. As used in this section, "a single risk" means the risk or hazard attaching to or arising in connection with any one piece or parcel of property, whether or not the policy insures other property. Any risk, or portion of any risk, that has been reinsured as authorized in this title shall be deducted in determining the limitation of risk prescribed in this section.
Code 1950, § 38-167; 1952, c. 317, § 38.1-727; 1986, c. 562.
Structure Code of Virginia
§ 38.2-4600. Class of insurance and insurance companies to which chapter applies
§ 38.2-4601. Title insurance company defined
§ 38.2-4601.1. Title insurance agency or agent defined
§ 38.2-4602. What laws applicable
§ 38.2-4603. What companies may transact title insurance
§ 38.2-4604. Investment in plant and equipment
§ 38.2-4606. Forms to be filed with Commission
§ 38.2-4608. Title insurance rates
§ 38.2-4609. Loss or claim reserves
§ 38.2-4610.1. Unearned premium reserve
§ 38.2-4610.1:1. Unearned premium reserves of foreign title insurance companies
§ 38.2-4613. Unearned premium reserve to be held and administered for benefit of policyholders
§ 38.2-4615. Exchange of information
§ 38.2-4616. Notification to buyers of the availability of owner's title insurance