CODE OF VIRGINIA

JOINT UNDERWRITING OR JOINT REINSURANCE ORGANIZATIONS (§ 38.2-1915)

A. Each group, association or other organization of insurers that engages in
joint underwriting or joint reinsurance for a class of insurance to which this
chapter applies shall file with the Commission (i) a copy of its constitution,
articles of incorporation, agreement or association, and of its bylaws, rules
and regulations governing its activities, all duly certified by the custodian of
the originals of the copies, (ii) a list of its members, and (iii) the name and
address of a resident of this Commonwealth upon whom notices or orders of the
Commission or process may be served.

B. Each such organization of insurers shall notify the Commission promptly of
every change in the information required to be filed by subsection A of this
section.

C. Each group, association or other organization of insurers that engages in
joint underwriting for a class of insurance to which this chapter applies shall
be subject to this chapter. Each such organization of insurers that engages in
joint reinsurance for a class of insurance to which this chapter applies shall
be subject to §§ 38.2-1926, 38.2-1927, and 38.2-1928.

D. If, after providing notice and opportunity to be heard, the Commission finds
that any activity or practice of any such organization of insurers is unfair,
unreasonable or otherwise inconsistent with this chapter, it shall issue a
written order (i) specifying in what respect the activity or practice is unfair,
unreasonable or otherwise inconsistent with this chapter, and (ii) requiring the
discontinuance of the activity or practice.

HISTORY: 1973, c. 504, § 38.1-279.43; 1986, c. 562.