14 Va. Admin. Code § 5-370-30
Two or more employers having a common interest may be licensed by the commission as a group self-insurance association for the purpose of entering into agreements to pool their liabilities under the Act. The application for a license shall be made on the form prescribed by the commission and shall contain answers to all questions and shall be verified by the oath or affidavit of at least one member of the board of the association and the administrator.
If, after review of the association's application as well as the additional information required by 14VAC5-370-40, the commission is satisfied that it has satisfactory proof of (i) the solvency of each member of the association, (ii) the financial ability of each employer to meet its obligations as a member and (iii) the ability of the association to pay or cause to be paid the compensation in the amount and manner and when due as provided for in the Act, the commission may issue a license to the association.
The license may be revoked if the association fails to comply with all conditions and requirements set forth in this chapter and the Act.
Continuance of the license will require that the association maintain and produce on request by the commission evidence of continuing compliance with any requirements imposed under 14VAC5-370-60.
14 Va. Admin. Code § 5-370-30
Statutory Authority
§§ 12.1-13 and 65.2-802 of the Code of Virginia.