Code of Virginia § 38.2-3917. Right to limit assessment liability; when contingent assessment liability waived.
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/va/title-38-2/chapter-39/38-2-3917A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
1985, c. 400, § 38.1-549.18; 1986, c. 562.