IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 20 Mar 2017 | Removal date: open ended
Still in force

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.

 

AFFECTED COUNTRIES

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