A. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.
B. No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.
1987, c. 585; 1992, c. 588.
Structure Code of Virginia
Chapter 51 - Risk Retention Groups and Purchasing Groups
§ 38.2-5102. Risk retention groups chartered in this Commonwealth
§ 38.2-5103. Risk retention groups not chartered in this Commonwealth
§ 38.2-5107. Insurers; exemptions from certain laws relating to the group purchase of insurance
§ 38.2-5108. Notice and registration requirements of purchasing groups
§ 38.2-5109. Restrictions on insurance purchased by purchasing groups
§ 38.2-5110. Commission's authority regarding risk retention groups and purchasing groups
§ 38.2-5112. Duty on agents or brokers
§ 38.2-5113. Financial responsibility policy form or coverage requirements
§ 38.2-5114. Application of other state laws to persons or corporations
§ 38.2-5115. Binding effect of orders issued in U.S. District Court