                                 CODE OF VIRGINIA

RIGHT TO LIMIT ASSESSMENT LIABILITY; WHEN CONTINGENT ASSESSMENT LIABILITY WAIVED
(§ 38.2-3917)

Any mutual assessment life, accident and sickness insurer having a surplus to
policyowners of at least $100,000 may limit the contingent assessment liability
of members, or classes of members, to an amount not more than 1 additional
current annual assessment. Any insurer having surplus to policyowners of at
least $300,000 may issue contracts omitting the right to make contingent
assessment against members if reserves for these contracts are established and
maintained in the same manner as would be required by an insurer licensed
pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title. Contracts so issued
shall be treated in all respects as nonassessment contracts.

HISTORY: 1985, c. 400, § 38.1-549.18; 1986, c. 562.