{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3904.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3904.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3904.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3904.html"}],"law_id":84007,"edition_id":1,"section_id":84007,"structure_id":14070,"section_number":"38.2-3904","catch_line":"Conversion of mutual assessment life, accident and sickness insurers","history":"1985, c. 400, \u00a7 38.1-549.5; 1986, c. 562.","full_text":"A\n\nAny mutual assessment life, accident and sickness insurer which chooses to remove itself from the provisions of this chapter by becoming an insurer licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by meeting the requirements of that chapter. When applying for a license pursuant to Chapter 10, an insurer shall submit an application to the Commission that shows that each requirement of Chapter 10 has been met. If the applicant does not meet these requirements, the applicant may submit for approval a plan that includes a schedule for meeting these requirements. The schedule must provide for compliance with these requirements within five years of the approval of the application. The Commission may grant an additional period in order to achieve compliance with the requirements of Chapter 10 after an informal hearing.B\n\nIf the Commission approves the application, the insurer shall have all the rights, privileges and responsibilities of a licensed insurer not subject to the provisions of this chapter.C\n\nThe Commission, upon failure of the applicant to comply with the terms of an approved schedule, may require the applicant to adhere to the requirements of this chapter.","order_by":null,"text":{"0":{"id":301065,"text":"Any mutual assessment life, accident and sickness insurer which chooses to remove itself from the provisions of this chapter by becoming an insurer licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by meeting the requirements of that chapter. When applying for a license pursuant to Chapter 10, an insurer shall submit an application to the Commission that shows that each requirement of Chapter 10 has been met. If the applicant does not meet these requirements, the applicant may submit for approval a plan that includes a schedule for meeting these requirements. The schedule must provide for compliance with these requirements within five years of the approval of the application. The Commission may grant an additional period in order to achieve compliance with the requirements of Chapter 10 after an informal hearing.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":301066,"text":"If the Commission approves the application, the insurer shall have all the rights, privileges and responsibilities of a licensed insurer not subject to the provisions of this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":301067,"text":"The Commission, upon failure of the applicant to comply with the terms of an approved schedule, may require the applicant to adhere to the requirements of this chapter.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14070,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":14069,"metadata":{},"date_created":"2026-06-26 03:46:47","date_modified":"2026-06-26 03:46:47","permalink":{"id":216233,"object_type":"structure","relational_id":14070,"identifier":"1","token":"38.2\/39\/1","url":"\/38.2\/39\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14069,"edition_id":1,"name":"Mutual Assessment Life, Accident and Sickness Insurers","identifier":"39","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:46:47","date_modified":"2026-06-26 03:46:47","permalink":{"id":216231,"object_type":"structure","relational_id":14069,"identifier":"39","token":"38.2\/39","url":"\/38.2\/39\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85422,"structure_id":14070,"section_number":"38.2-3900","catch_line":"Scope of chapter","url":"\/38.2-3900\/","token":"38.2\/39\/1\/38.2-3900","metadata":false},{"id":70247,"structure_id":14070,"section_number":"38.2-3901","catch_line":"Definitions","url":"\/38.2-3901\/","token":"38.2\/39\/1\/38.2-3901","metadata":false},{"id":55183,"structure_id":14070,"section_number":"38.2-3902","catch_line":"Classes of insurance that may be written by mutual assessment life, accident and sickness insurers","url":"\/38.2-3902\/","token":"38.2\/39\/1\/38.2-3902","metadata":false},{"id":59424,"structure_id":14070,"section_number":"38.2-3903","catch_line":"What laws applicable","url":"\/38.2-3903\/","token":"38.2\/39\/1\/38.2-3903","metadata":false},{"id":84007,"structure_id":14070,"section_number":"38.2-3904","catch_line":"Conversion of mutual assessment life, accident and sickness insurers","url":"\/38.2-3904\/","token":"38.2\/39\/1\/38.2-3904","metadata":false}],"previous_section":{"id":59424,"structure_id":14070,"section_number":"38.2-3903","catch_line":"What laws applicable","url":"\/38.2-3903\/","token":"38.2\/39\/1\/38.2-3903","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3904\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 400 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":58285,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","order_by":null,"url":"\/38.2-1000\/"}],"permalink":{"id":216251,"object_type":"law","relational_id":84007,"identifier":"38.2-3904","token":"38.2\/39\/1\/38.2-3904","url":"\/38.2-3904\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3904\/","token":"38.2\/39\/1\/38.2-3904","dublin_core":{"Title":"Conversion of mutual assessment life, accident and sickness insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3904","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any mutual assessment life, accident and sickness insurer<\/span> which chooses to remove itself from the provisions of this chapter by becoming an insurer licensed pursuant to Chapter 10 (§ 38.2-1000<\/a> et seq.) of this title may do so by meeting the requirements of that chapter. When applying for a license pursuant to Chapter 10, an insurer shall submit an application to the Commission<\/span> that shows that each requirement of Chapter 10 has been met. If the applicant does not meet these requirements, the applicant may submit for approval a plan that includes a schedule for meeting these requirements. The schedule must provide for compliance with these requirements within five years of the approval of the application. The Commission<\/span> may grant an additional period in order<\/span> to achieve compliance with the requirements of Chapter 10 after an informal hearing<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the Commission<\/span> approves the application, the insurer shall have all the rights, privileges<\/span> and responsibilities of a licensed insurer not subject to the provisions of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span>, upon failure of the applicant to comply with the terms of an approved schedule, may require the applicant to adhere to the requirements of this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONVERSION OF MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURERS (\u00a7\n38.2-3904)\n\nA. Any mutual assessment life, accident and sickness insurer which chooses to\nremove itself from the provisions of this chapter by becoming an insurer\nlicensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title may do\nso by meeting the requirements of that chapter. When applying for a license\npursuant to Chapter 10, an insurer shall submit an application to the Commission\nthat shows that each requirement of Chapter 10 has been met. If the applicant\ndoes not meet these requirements, the applicant may submit for approval a plan\nthat includes a schedule for meeting these requirements. The schedule must\nprovide for compliance with these requirements within five years of the approval\nof the application. The Commission may grant an additional period in order to\nachieve compliance with the requirements of Chapter 10 after an informal\nhearing.\n\nB. If the Commission approves the application, the insurer shall have all the\nrights, privileges and responsibilities of a licensed insurer not subject to the\nprovisions of this chapter.\n\nC. The Commission, upon failure of the applicant to comply with the terms of an\napproved schedule, may require the applicant to adhere to the requirements of\nthis chapter.\n\nHISTORY: 1985, c. 400, \u00a7 38.1-549.5; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}