ref: reel030499 date: 1978-02-01 content: or property owned are to be shown. Statement must show at least $800,000 surplus, if assessable policies are to be issued or $2,000,000 if nonassessable policies are proposed and in either case an adequate additional amount for operations. (j) Written description of proposed method of operation and manner of doing business including information as to sales efforts, markets to be served, geographical areas, and a projection of anticipated income and expenses for each of the first two years of operation and the anticipated financial condition at the end of those years. (k) Copy of each policy, endorsement an application form it then proposes to issue or use together with underwriting rules to be used and rates to be charges.
Attorney-In-Fact to secure $25,000 fidelity bond from licensed insurance company and file it with Bureau of Insurance. (Section 38.1-710)
Declaration of Estimated License Tax based on anticipated premium income until end of calendar year must be prepared and filed with Bureau of Insurance and check for amount due, payable to Treasurer of Virginia. (Section 58-488)
Copy of any reinsurance agreements and evidence that they are in force and will provide coverage upon licensing must be filed with Bureau of Insurance.
Description of fidelity bonds and insurance policies secured, showing who is covered, against what perils and for what amounts must be filed with Bureau of Insurance.
Execute power of attorney appointing Secretary of the Commonwealth for service of process and file two copies with Bureau of Insurance together with check for $3.00 payable to Secretary of the Commonwealth for filing fee. (Section 38.1-706)
Make Deposit of securities with Treasurer of Virginia, amount to be determined, not less than $50,000, by Bureau of Insurance. Secure Certificate of Deposit and file with Bureau of Insurance. (Section 38.1-108)
February 1, 1978 chunkid: 20647 recordid: 1667 page_number: 1