Chap. 300.—An ACT to amend and re-enact Section 4233 of the Code of Vir-
ginia, in relation to restrictions placed upon insurance companies or agents
of this State by the laws or regulations of another State. [H B 450]

Approved March 28, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion forty-two hundred and thirty-three of the Code of Virginia, be
amended and re-enacted so as to read as follows:

Section 4233. When other States place restrictions on Virginia
companies or agents greater than those provided by law of this State,
similar companies and agents of such other States to be subject to like
restrictions in this State-——If, by the existing or future laws of any
State an insurance company of this State having agencies in such
other State, or the agents thereof, shall be required to make any deposit
of securities in such other State for the protection of policyholders
or otherwise, or to make payment for taxes, fines, penalties, certifi-
cates of authority, license fees or otherwise, greater than the amount
required by this State from similar corporations of such other State
by the then existing laws of this State, then and in every such case,
all insurance companies of such State established or heretofore having
established an agency or agencies in this State, shall be, and they
are hereby, required to make the like deposits for the like purposes
with the Treasurer of this State, and to pay the State Corporation
Commission for taxes, fines, penalties, certificates of authority, license
fees and otherwise, an amount equal to the amount of such charges
and payments imposed by the laws of such other State upon the
insurance companies of this State and the agents thereof.

Provided, further, that if, by the existing or future laws or regu-
lations of any State, any restrictions as to the solicitation of contracts
of insurance or surety in such State be imposed upon duly registered
agents, resident in this State, of insurance companies licensed in this
State, or if any restriction be placed upon the amount or percentage
of commissions to be allowed to or received by such agents resident
in this State upon contracts of insurance or surety solicited by such
agents in such other State, or if such agents resident in this State
are required to make payment for taxes, fines, penalties, license fees
or otherwise, greater than the amounts required by the existing or
future laws of this State, then and in every such case all such restric-
tions as to the solicitation of contracts of insurance or surety, or
the amount or percentage of commissions to be allowed or received
thereon, shall be imposed upon insurance agents, and brokers, resident
in such other State, and any such insurance agents and brokers, resi-
dent in such other State, shall make payment for all such taxes,
fines, penalties, license fees or otherwise, greater than the amounts
required by the existing or future laws of this State, before such
insurance agents or brokers, resident in such other State, may be
licensed in this State to solicit contracts of insurance or surety in
this State.