                                 CODE OF VIRGINIA

TAX ON GROSS PREMIUM RECEIPTS (§ 38.2-3812)

The officers of each company shall, at the time of making the annual statement,
file with the Commission a sworn statement of its gross premium receipts
collected from members residing in this Commonwealth for the preceding year
ending December 31. Each company shall pay into the state treasury by March 1 of
each year, a tax of one percent on its collected gross premiums. The tax shall
be in lieu of all other taxes, state, county or municipal, based on such gross
premium receipts. No city, town, municipality or other subdivision of the
Commonwealth shall impose any license fee on the company or any of its agents
for the privilege of conducting business in any portion of this Commonwealth. In
determining such gross premium receipts, the company shall not take credit for
any expenditures.

HISTORY: Code 1950, § 38-494; 1952, c. 317, § 38.1-511; 1986, c. 562; 1987,
cc. 565, 655.