Title 38.2. Insurance
Chapter 25. Mutual Assessment Property and Casualty Insurers
§ 38.2-2503. Classes of insurance that may be written by mutual assessment property and casualty insurers; minimum surplus to policyholders required.
A. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $25,000 may write the following classes:
1. Fire insurance as defined in § 38.2-110;
2. Miscellaneous property damage insurance as defined in § 38.2-111; and
3. Animal insurance as defined in § 38.2-116.
B. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $100,000 may write the following classes of insurance, in addition to those classes enumerated in subsection A of this section:
1. Water damage insurance as defined in § 38.2-112;
2. Burglary and theft insurance as defined in § 38.2-113;
3. Glass insurance as defined in § 38.2-114;
4. Boiler and machinery insurance as defined in § 38.2-115;
5. Personal injury liability insurance as defined in § 38.2-117;
6. Property damage liability insurance as defined in § 38.2-118;
7. Marine insurance as defined in § 38.2-126;
8. Home protection insurance as defined in § 38.2-129;
9. Homeowners insurance as defined in § 38.2-130;
10. Farmowners insurance as defined in § 38.2-131;
11. Commercial multi-peril insurance as defined in § 38.2-132; and
12. Contingent and consequential losses insurance as defined in § 38.2-133.
The liability coverages specified in this subsection may be written only by insurers having a surplus to policyholders of at least $300,000 unless the coverages are fully reinsured.
C. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $800,000 may write the following classes of insurance, in addition to those classes enumerated in subsections A and B of this section:
1. Workers' compensation and employers' liability insurance as defined in § 38.2-119;
2. Fidelity insurance as defined in § 38.2-120;
3. Surety insurance as defined in § 38.2-121;
4. Credit insurance as defined in § 38.2-122;
5. Motor vehicle insurance as defined in § 38.2-124;
6. Aircraft insurance as defined in § 38.2-125;
7. Legal services insurance as defined in § 38.2-127; and
8. Mortgage guaranty insurance as defined in § 38.2-128.
Code 1950, §§ 38-523, 38-526, 38-529; 1952, c. 317, § 38.1-659; 1954, c. 161; 1960, c. 292; 1962, c. 172; 1974, c. 244; 1986, c. 562.
