                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-3901)

As used in this chapter:
		&#8220;Mutual assessment life, accident and sickness insurance&#8221; means
life, accident and sickness insurance and annuities provided by an insurer which
has a right to assess its members for contributions and which is licensed under
this chapter.
		&#8220;Mutual assessment life, accident and sickness insurer&#8221; means a
nonstock corporation that provides life, accident or sickness insurance or
annuity contracts for which the following provisions are applicable:

1. All benefits payable to beneficiaries are mainly provided for by (i)
assessments upon members made when needed by the insurer, or (ii) advance
premiums paid at fixed dates, with the right reserved by the insurer to make
additional assessments; or

2. If definite periodic premiums are used without the right to make additional
assessments, premiums must be sufficient to pay average claims in accordance
with standards applicable to insurers licensed pursuant to Chapter 10 (&#xA7;
38.2-1000 et seq.) of this title.

HISTORY: 1985, c. 400, § 38.1-549.2; 1986, c. 562.