§ 38.2-1100. Scope of chapter
The provisions of this chapter shall apply solely to captive insurers or association captive insurers domiciled in this Commonwealth. 1980, c. 665, § 38.1-916; 1986, c. 562.
§ 38.2-1101. Definitions
As used in this chapter: “Affiliated company” means (i) any company that directly or indirectly owns, controls, or holds, with power to vote, ten percent or more of the outstanding voting securities of a pure captive insurer, or (ii) any company of which ten percent or more of the voting securities are directly or indirectly […]
§ 38.2-1102. Application for license; limitations on authority
A. No captive insurer shall transact any insurance business in this Commonwealth unless (i) it is permitted to do so by its articles of incorporation or charter and (ii) it procures a license to transact the business of insurance from the Commission in accordance with Article 5 (§ 38.2-1024 et seq.) of Chapter 10 of […]
§ 38.2-1103. Name
A captive insurer shall not adopt the name of any existing company transacting a similar business or any name so familiar that it may mislead the public. 1980, c. 665, § 38.1-919; 1986, c. 562.
§ 38.2-1104. Formation; licensure after examination; amendment of articles; principal and home office
A. Captive insurers with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon […]
§ 38.2-1105. Deposit of minimum capital; letter of credit instead of deposit
A. No captive insurer shall be issued a license to transact the business of insurance in this Commonwealth until it has met the requirements of Article 5 (§ 38.2-1024 et seq.) of Chapter 10 of this title. B. The captive insurer shall deposit with the State Treasurer cash, bonds, or securities equal to the minimum […]
§ 38.2-1106. Minimum surplus in form of letter of credit
A. Any licensed captive insurer may, subject to the approval of the Commission, hold all or a portion of (i) the minimum surplus as set forth in Article 5 (§ 38.2-1024 et seq.) of Chapter 10 in the form of an irrevocable letter of credit, if a stock insurer, or (ii) fifty percent of minimum […]
§ 38.2-1107. Membership in rating organizations
No captive insurer shall be required to join a rating organization. 1980, c. 665, § 38.1-926; 1986, c. 562.
§ 38.2-1108. Tax on premiums collected
All captive insurers transacting business in this Commonwealth shall pay taxes as provided for in Chapter 25 of Title 58.1, except that taxes shall be paid on risks and property situated in any state in which the captive insurer is not licensed and upon which no premium tax is otherwise paid or payable. 1980, c. […]
§ 38.2-1109. Applicability of other provisions of title
Except as otherwise provided, all laws of this title that apply to insurers writing the same classes of insurance that captive insurers are permitted to write, shall apply in every respect to captive insurers. 1980, c. 665, § 38.1-930; 1986, c. 562.