CODE OF VIRGINIA

DEFINITIONS (§ 38.2-4805.2)

As used in this chapter, unless the context requires a different
meaning:”Eligible nonadmitted insurer” or “eligible surplus
lines insurer” means a nonadmitted insurer approved by the Commission
pursuant to § 38.2-4811 with which a surplus lines broker may place surplus
lines insurance.”Home state” means (i) the state in which an insured
maintains its principal place of business or, in the case of an individual, the
individual’s principal residence or (ii) if 100 percent of the insured
risk is located out of the state referred to in clause (i) of this definition,
“home state” means the state to which the greatest percentage of the
insured’s taxable premium for that insurance contract is allocated. When
more than one insured from an affiliated group are named insureds on a single
insurance contract, “home state” means the state of the member of
the affiliated group that has the largest percentage of premium attributed to it
under such insurance contract.”Licensed insurer” or “admitted
insurer” means an insurer licensed in this Commonwealth to engage in the
business of insurance.”NAIC” means the National Association of
Insurance Commissioners.”Nonadmitted insurer” means an insurer not
licensed to engage in the business of insurance in this Commonwealth.
“Nonadmitted insurer” does not include a risk retention group as
defined in § 38.2-5101.”Principal place of business” means the
state where the insured maintains its headquarters and where the insured’s
high-level officers direct, control, and coordinate the business activities of
the insured.”Property and casualty insurance” means the classes of
insurance defined in §§ 38.2-109 through 38.2-122.2 and §§ 38.2-124 through
38.2-134.”Surplus lines broker” means an individual or business
entity licensed pursuant to Article 5.1 of Chapter 18 to sell, solicit, or
negotiate insurance on properties, risks, or exposures located or to be
performed in this Commonwealth with nonadmitted insurers.”Surplus lines
insurance” means any property and casualty insurance permitted to be
placed directly by an insured or through a surplus lines broker with an eligible
nonadmitted insurer.

HISTORY: 2011, c. 498.