CODE OF VIRGINIA

WHEN CORPORATE STATUS ATTAINED; BYLAWS FILED WITH COMMISSION (§ 38.2-1003)

A domestic mutual insurer shall have legal existence as soon as the charter has
been recorded with the Commission, after which the board of directors named in
the charter may adopt bylaws and accept applications for insurance.  However, no
insurance shall be put in force until the insurer has been licensed to transact
the business of insurance as provided by this chapter. The bylaws and any
amendments shall be filed with the Commission within thirty days after adoption.

HISTORY: Code 1950, § 38-503; 1952, c. 317, § 38.1-76; 1986, c. 562.