CODE OF VIRGINIA

EXCEPTIONS AS TO RECIPROCALS LICENSED AND OPERATING (§ 38.2-1207)

A. Notwithstanding other provisions of this chapter regarding minimum required
surplus, any reciprocal that was licensed to write and was writing any class of
insurance in this Commonwealth on June 30, 1991, may continue to write that
class of insurance under the appropriate license from the Commission until July
1, 1994. The reciprocal shall maintain at all times the minimum surplus, and the
minimum trusteed surplus if an alien reciprocal, required on June 30, 1991.

B. Before any reciprocal obtains a license to write in this Commonwealth any
class of insurance that it was not writing and licensed to write in this
Commonwealth on June 30, 1991, it shall comply with all the requirements of this
article regarding surplus.

HISTORY: 1977, c. 322, § 38.1-695.1; 1986, c. 562; 1991, c. 261.