                                 CODE OF VIRGINIA

TAXES APPLICABLE TO INSURANCE COMPANIES (§ 58.1-2508)

A. The real estate and tangible personal property, situated or located in the
Commonwealth, of every such company and every fraternal benefit society
transacting insurance in the Commonwealth shall be listed and assessed on the
land and property books of the commissioner of the revenue in the same manner as
other real estate and tangible personal property are assessed, and shall be
taxed at the same rates as other like property is taxed.

B. The license tax provided in this chapter, the tax on real estate and tangible
personal property provided for in subsection A, the fee assessed by the
Commission for the administration of the insurance laws pursuant to Chapter 4
(&#xA7; 38.2-400 et seq.) of Title 38.2, the fee assessed by the Commission for
the Fire Programs Fund pursuant to &#xA7; 38.2-401, the fee assessed by the
Commission for the Dam Safety, Flood Prevention and Protection Assistance Fund
pursuant to &#xA7; 38.2-401.1, the fee assessed by the Commission to fund the
program to reduce losses from motor vehicle thefts pursuant to &#xA7; 38.2-414,
the fee assessed by the Commission to fund the program to reduce losses from
insurance fraud pursuant to &#xA7; 38.2-415, and the retaliatory amounts
assessed by the Department pursuant to &#xA7; 38.2-1026 shall be in lieu of all
fees, licenses, taxes and levies whatsoever, state, county, city or town;
however, nothing in this section shall be construed to exempt insurance
companies from the tax levied in Chapter 6 (&#xA7; 58.1-600 et seq.) of this
title. No additional fee or license tax shall be applicable to an agent of an
insurance company other than the annual license fee on agents required pursuant
to Article 3 (&#xA7; 38.2-1819 et seq.) of Chapter 18 of Title 38.2.

HISTORY: Code 1950, §§ 58-499, 58-500; 1952, c. 190; 1984, c. 675; 1985, c.
545; 1992, c. 678; 1996, c. 22; 1998, c. 590; 2001, c. 706; 2006, cc. 648, 765;
2011, c. 850.