§ 38.2-3901 Definitions
As used in this chapter: “Mutual assessment life, accident and sickness insurance” means life, accident and sickness insurance and annuities provided by an insurer which has a right to assess its members for contributions and which is licensed under this chapter. “Mutual assessment life, accident and sickness insurer” means a nonstock corporation that provides life, accident or sickness insurance or annuity contracts for which the following provisions are applicable:
1. All benefits payable to beneficiaries are mainly provided for by (i) assessments upon members made when needed by the insurer, or (ii) advance premiums paid at fixed dates, with the right reserved by the insurer to make additional assessments; or
2. If definite periodic premiums are used without the right to make additional assessments, premiums must be sufficient to pay average claims in accordance with standards applicable to insurers licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.
History
This law was first created in 1985. The record of its establishment is cataloged in chapter 400 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.
1985, c. 400, § 38.1-549.2; 1986, c. 562.