Each plan shall be conducted either by or through (i) a nonstock corporation organized pursuant to the laws of this Commonwealth or (ii) a foreign nonstock corporation that is subject to regulation and licensing under the laws of its domiciliary jurisdiction that are substantially similar to those provided by this chapter.
This section shall not apply to any foreign nonstock corporation already licensed in this Commonwealth as of July 1, 1980.
1980, c. 682, § 38.1-813.2; 1986, c. 562.