78039038.2-1219Virginia Decodedhttps://vacode.org2016InsuranceReciprocal InsuranceDomestic ReciprocalsOrganization of reciprocals; what declaration to containCode 1950, § 38-546; 1952, c. 317, § 38.1-709; 1986, c. 562.

Twenty-five or more persons domiciled in this Commonwealth and designated as subscribers may organize a domestic reciprocal and apply to the Commission for a license to transact the business of insurance. The original subscribers and the proposed attorney shall execute and file with the Commission a declaration setting forth:section

A

AA1

The name of the attorney, and the name of the reciprocal;section

A

1

A1A12

section

A

2

A2A22

The classes of insurance proposed to be written;section

A

3

A3A32

The names and addresses of the original subscribers;section

A

4

A4A42

section

A

5

A5A52

The names and addresses of the officers and directors of the attorney if a corporation, or of its members if not a corporation;section

A

6

A6A62

section

A

7

A7A72

A statement that each of the original subscribers has in good faith applied for insurance of the class proposed to be written and that the reciprocal has received from each original subscriber the anticipated premium or premium deposit for a term of not less than six months for the policy for which application is made;section

A

8

A8A82

A statement of the financial condition of the reciprocal including a schedule of its assets;section

A

9

A9A92

A statement that the reciprocal has the surplus to policyholders required by § 38.2-1206; andsection

A

10

A10A102

A copy of each policy, endorsement and application form it proposes to issue or use.section

A

11

A11A112

The declaration shall be acknowledged by each original subscriber and by the attorney in the manner required for the acknowledgment of deeds in § 55-113.section

B

BB1

http://law.lis.virginia.gov/vacode/38.2-1219//38.2-1219/38.2/12/2/38.2-121938.2-121638.2-122038.2-1223