Virginia § 38.2-1203 - What laws applicable to reciprocals; compliance with § 38.2-208
Full text of Virginia Code of Virginia § 38.2-1203 — What laws applicable to reciprocals; compliance with § 38.2-208, with citation guidance and answers to common questions.
§ 38.2-1203. What laws applicable to reciprocals; compliance with § 38.2-208
A. Except as otherwise provided, all the provisions of this title relating to insurers generally, and those relating to insurers writing the same classes of insurance that reciprocals are permitted to write, are applicable to reciprocals.
B. A reciprocal shall be deemed to have complied with § 38.2-208 if:
1. It issues policies containing a contingent assessment liability as provided for in § 38.2-1212; and
2. It has and maintains reinsurance in an amount that the Commission considers adequate to reasonably limit the reciprocal's aggregate losses to the lesser of:
a. Ten percent of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;
b. The surplus to policyholders of the reciprocal multiplied by three; or
c. Five million dollars.
Code 1950, § 38-543; 1952, c. 317, § 38.1-691; 1977, c. 58; 1986, c. 562.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-1203
What does Code of Virginia § 38.2-1203 cover?
Section 38.2-1203 ("What laws applicable to reciprocals; compliance with § 38.2-208") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-1203?
A common citation format is "Code of Virginia § 38.2-1203" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-1203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.