Travelers Health Assn. v. Virginia Ex Rel. State Corporation Comm'n

In an effort to protect its citizens from “unfairness, imposition or fraud” in sales of certificates of insurance and other forms of securities, the Virginia “Blue Sky Law” requires those selling or offering such securities to obtain a permit from the State Corporation Commission.1 Applicants for permits must meet comprehensive conditions: they must, for example, provide detailed infor*645mation concerning their solvency, and must agree that suits can be filed against them in Virginia by service of process on the Secretary of the Commonwealth.2

While violation of the Act is a misdemeanor…