                                 CODE OF VIRGINIA

LEGAL RESERVE INSURERS (§ 38.2-3101)

Any life insurer, association or society whose policies or certificates are
required to contain any provision that a person insured shall, upon surrender of
the policy during his lifetime, receive a surrender value, either in cash,
paid-up insurance, or extended insurance, shall be regarded as a &#8220;legal
reserve insurer,&#8221; and shall maintain a reserve calculated in accordance
with the provisions of Article 10 (§ 38.2-1365 et seq.) of Chapter 13. Nothing
in this section shall be construed to apply to any insurer in the transaction of
industrial sick benefit insurance as defined in § 38.2-3544, nor to fraternal
benefit societies.

HISTORY: Code 1950, § 38-389; 1952, c. 317, § 38.1-432; 1986, c. 562; 2014, c.
571.