{"data":{"id":"us-va/va.-code-38.2-1206","jurisdiction":"us-va","citation":"Va. Code § 38.2-1206","heading":"License required of reciprocals; surplus","body":"A. No reciprocal shall engage in any insurance transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (§ 38.2-1024 et seq.) and 7 (§ 38.2-1045 et seq.) of Chapter 10 of this title.B. No domestic or foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus to policyholders of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in § 38.2-1031, of at least $1,600,000.Code 1950, § 38-549; 1952, c. 317, § 38.1-695; 1977, c. 322; 1986, c. 562; 1991, c. 261.","path":["Title 38.2. INSURANCE","Chapter 12. RECIPROCAL INSURANCE","Article 1. General Provisions"],"source_url":"https://law.lis.virginia.gov/vacode/38.2-1206/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:16:05Z","sha256":"fab711ee2f1831ed0c5b9e50964de742498aec1fe5efa39291c725c55a52b560","source_id":"us-va","stale":true,"prev":"us-va/va.-code-38.2-1205","next":"us-va/va.-code-38.2-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}