No mutual insurer shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus of at least $ 1,600,000.

History

Code 1950, § 38-514; 1952, c. 317, § 38.1-94; 1966, c. 580; 1978, c. 20; 1986, c. 562; 1991, c. 261.