                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-4805.2)

As used in this chapter, unless the context requires a different meaning:

&#8220;Admitted insurer&#8221; means an insurer licensed in the Commonwealth to
engage in the business of insurance.

&#8220;Domestic surplus lines insurer&#8221; means a domestic surplus lines
insurer licensed by the Commission pursuant to § 38.2-1024 with which a surplus
lines broker may place surplus lines insurance.

&#8220;Eligible nonadmitted insurer&#8221; means a nonadmitted insurer approved
by the Commission pursuant to § 38.2-4811 or a domestic surplus lines insurer
licensed by the Commission pursuant to § 38.2-1024 with which a surplus lines
broker may place surplus lines insurance.

&#8220;Home state&#8221; means (i) the state in which an insured maintains its
principal place of business or, in the case of an individual, the
individual&#8217;s principal residence or (ii) if 100 percent of the insured
risk is located out of the state referred to in clause (i), &#8220;home
state&#8221; means the state to which the greatest percentage of the
insured&#8217;s taxable premium for that insurance contract is allocated. When
more than one insured from an affiliated group are named insureds on a single
insurance contract, &#8220;home state&#8221; means the state of the member of
the affiliated group that has the largest percentage of premium attributed to it
under such insurance contract.

&#8220;NAIC&#8221; means the National Association of Insurance Commissioners.

&#8220;Nonadmitted insurer&#8221; means an insurer not licensed to engage in the
business of insurance in this Commonwealth. &#8220;Nonadmitted insurer&#8221;
does not include a risk retention group as defined in § 38.2-5101.

&#8220;Principal place of business&#8221; means the state where the insured
maintains its headquarters and where the insured&#8217;s high-level officers
direct, control, and coordinate the business activities of the insured.

&#8220;Property and casualty insurance&#8221; means the classes of insurance
defined in §§ 38.2-109 through 38.2-122.2 and §§ 38.2-124 through 38.2-134.

&#8220;Surplus lines broker&#8221; means an individual or business entity
licensed pursuant to Article 5.1 (§ 38.2-1857.1 et seq.) of Chapter 18 to sell,
solicit, or negotiate insurance on properties, risks, or exposures located or to
be performed in the Commonwealth with eligible nonadmitted insurers.

&#8220;Surplus lines insurance&#8221; means any property and casualty insurance
permitted to be placed directly by an insured or through a surplus lines broker
with an eligible nonadmitted insurer.

HISTORY: 2011, c. 498; 2018, c. 205.