                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-402)

As used in this chapter:
		&#8220;Assessable year&#8221; means the calendar year upon which the direct
gross premium income is computed under this chapter. In the case of direct gross
premium income for a fraction of a calendar year, the term includes the period
in which that direct gross premium income is received or derived from business
in this Commonwealth.
		&#8220;Direct gross premium income&#8221; means direct gross premium as
defined in § 58.1-2500.
		&#8220;License year&#8221; means the 12-month period beginning on July 1 next
succeeding the assessable year and ending on June 30 of the subsequent year.
This shall also be the year in which annual reports of direct gross premium
income are required to be filed under § 38.2-406 and the annual assessment paid
under the provisions of this chapter.

HISTORY: 1977, c. 317, §§ 38.1-48.1, 38.1-48.2; 1978, c. 4; 1986, c. 562;
1996, c. 22; 2012, c. 584.