                                 CODE OF VIRGINIA

COMPANIES COMMENCING BUSINESS (§ 58.1-2504)

A. The license tax on a company commencing business in the Commonwealth shall be
paid to the Department before the license is issued. If a payment is made in an
amount subsequently found to be in error, the Department shall, if an additional
amount is due, notify the taxpayer of the additional amount due and the company
shall pay such amount within 30 days of the date of the notice, and, if an
overpayment is made, issue a refund as provided for in &#xA7; 58.1-2505.

B. No license to transact the business of insurance shall be issued by the
Commission for less than a year except to a company when it first commences
business in the Commonwealth, in which case the initial license shall be issued
for that part of the year from the date of the issuance of the license to June
30 following.

HISTORY: Code 1950, §§ 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4;
1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.