                                 CODE OF VIRGINIA

DEFINITIONS (§ 58.1-2500)

As used in this chapter the term or phrase:
		&#8220;Commission&#8221; means the State Corporation Commission.
		&#8220;Company&#8221; means any association, aggregation of individuals,
business, corporation, individual, joint-stock company, Lloyds type of
organization, organization, partnership, receiver, reciprocal or inter-insurance
exchange, trustee or society.
		&#8220;Department&#8221; means the Department of Taxation.
		&#8220;Direct gross premium income&#8221; means the gross amount of all
premiums, assessments, dues and fees collected, received or derived, or
obligations taken therefor, from business in this Commonwealth during each year
ending December 31, excluding premiums received for reinsurance assumed from
licensed insurance companies, without any deduction for dividends paid or
deduction on any other account except for premiums returned on cancelled
policies, or on account of reduction in rates or reduction in the amount
insured, and excluding premiums received or derived to provide insurance of the
kinds classified in §§ 38.2-102 and 38.2-109 issued on a group basis by an
insurance company insuring its employees, agents and representatives. In
computing direct gross premium income on insurance issued by mutual insurance
companies other than life insurance companies, refunds or returns made to
policyholders otherwise than for losses may be deducted.
		&#8220;Estimated tax&#8221; means the amount which the insurance company
estimates as the amount of the tax imposed by this chapter for the license year,
measured by direct gross premium income received or derived in the taxable year.
		&#8220;Insurance company&#8221; means any company engaged in the business of
making contracts of insurance.
		&#8220;License year&#8221; means the 12-month period beginning on July 1 next
succeeding the taxable year and ending on June 30 of the subsequent year.
		&#8220;Preceding year&#8217;s tax&#8221; means the tax as ascertained on the
preceding year&#8217;s tax report.
		&#8220;Subscriber fee income&#8221; means the gross premium or deposit income
collected, received or derived from and credited to the accounts of subscribers
from business in the Commonwealth during the preceding year ending December 31,
decreased by all returns for cancellation and all amounts returned to
subscribers or credited to their accounts as savings.
		&#8220;Tax&#8221; means the amount derived by multiplying the direct gross
premium income in the taxable year by the tax rate.
		&#8220;Taxable year&#8221; means the calendar year preceding the license year
upon the basis of which direct gross premium income is computed. The term
includes, in the case of direct gross premium income for a fractional part of a
calendar year, the period in which such direct gross premium income is received
or derived from business in this Commonwealth.

HISTORY: Code 1950, §§ 58-486, 58-502, 58-502.1, 58-502.2; 1952, c. 190; 1954,
c. 207; 1966, c. 264; 1968, c. 13; 1978, c. 4; 1984, c. 675; 1998, c. 365; 2003,
c. 372; 2011, c. 850.