VA| Administrative Letter 2025-03 from the Virginia Bureau of Insurance details the updated requirements for domestic, foreign, and alien insurance companies seeking licensure in Virginia, replacing prior guidance from Administrative Letter 2002-07. The letter outlines steps for application, capital and surplus minimums, service of process procedures, financial and operational expectations, and conditions for both tentative approval and final admission. It stresses compliance with relevant sections of Title 38.2 of the Code of Virginia and emphasizes that incomplete or inadequate submissions may result in denial.
Key Points:
- Applicants must satisfy minimum capital and surplus requirements, undergo a risk-based assessment, and pay a nonrefundable $500 application fee.
- All applicants must provide detailed pro forma financial projections, actuarial certification, and adhere to NAIC financial reporting standards.
- Foreign and alien insurers must show three years of profitable direct writing operations and submit an authenticated examination report from their home state’s insurance authority.
- Virginia does not accept UCAA Form 12 for service of process; a registered agent is required, and certain insurers must appoint the Clerk of the Commission as statutory agent.
- Upon tentative approval, applicants must complete outstanding admission steps within 60 days, or risk rescinding of approval.