                                 CODE OF VIRGINIA

COOPERATIVE NONPROFIT LIFE BENEFIT COMPANY DEFINED (§ 38.2-3801)

A. Any company that (i) is organized without capital stock, (ii) has a
representative form of government, (iii) conducts its business under the
provisions of this chapter without profit and for the sole benefit of its
members and their beneficiaries, (iv) issues benefit certificates or policies of
life insurance, annuities, or accident and sickness insurance, or any
combination of those classes of insurance, upon its members, and (v) maintains
the reserves required in this chapter on all contracts issued by it to its
members, shall be a cooperative nonprofit life benefit company.

B. As used in this chapter, &#8220;company&#8221; means a cooperative nonprofit
life benefit company as defined in subsection A of this section.

HISTORY: Code 1950, § 38-467; 1952, c. 317, § 38.1-497; 1986, c. 562.