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FDI: Entry and ownership rule
On March 20, 2017 the governor of Virginia signed into law a bill (SB1158) that eases the entry of foreign insurance providers into the state market. The bill allows a foreign reciprocal to obtain a license to transact the business of insurance in the Commonwealth of Virginia if an affiliate of the foreign reciprocal is licensed to write the class of insurance it proposes to write in Virginia and is writing actively that class of insurance in its state of domicile or at least two other states. The measure also provides that a foreign or alien reciprocal is prohibited from transacting the business of insurance in Virginia until it obtains from the State Corporation Commission both a certificate of authority and a license to transact the business of insurance in the Commonwealth.
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