reglab/housing_qa huggingface dataset:
VA Code § 38.2-3816 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 38 - Cooperative Nonprofit Life Benefit Companies|§ 38.2-3816. Policies companies may issue; reserves required; provisions concerning increase of rates and extra assessments

Any company may issue contracts of life, accident and sickness insurance or combinations of them. The reserves for such policies or contracts shall be based upon the American Experience Table of Mortality, with an interest assumption of no more than four percent, or some higher standard, or upon any minimum standard allowed by law in this Commonwealth for legal reserve life insurers. It may provide in its laws or bylaws and membership contracts that the rates shall not be increased or extra assessments made.Code 1950, § 38-488; 1952, c. 317, § 38.1-516; 1986, c. 562.
VA Code § 38.2-3817 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 38 - Cooperative Nonprofit Life Benefit Companies|§ 38.2-3817. Paid-up insurance or extended term insurance

Any company shall provide for automatic paid-up or extended term insurance in the event of the default in premium payments of any contract that has been in force for at least two years from the date of issue. The amount of such insurance shall not exceed the amount which the reserve that is credited to the member will purchase. The company shall carry the liability on its books.Code 1950, § 38-486; 1952, c. 317, § 38.1-517; 1986, c. 562.
VA Code § 38.2-3818 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 38 - Cooperative Nonprofit Life Benefit Companies|§ 38.2-3818. Officers and members not individually liable for payment

Officers and members of the supreme, grand or any subordinate body of any company shall not be individually liable for the payment of any disability or death or other benefits provided for in the laws, bylaws and contracts of the company. Benefits shall be payable out of the funds of the company and in the manner provided by its laws and bylaws.Code 1950, § 38-487; 1952, c. 317, § 38.1-519; 1986, c. 562.
VA Code § 38.2-3900 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3900. Scope of chapter

This chapter applies to mutual assessment life, accident and sickness insurers and to the classes of insurance written by these insurers.1985, c. 400, § 38.1-549.1; 1986, c. 562.
VA Code § 38.2-3901 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3901. Definitions

As used in this chapter:"Mutual assessment life, accident and sickness insurance" means life, accident and sickness insurance and annuities provided by an insurer which has a right to assess its members for contributions and which is licensed under this chapter."Mutual assessment life, accident and sickness insurer" means a nonstock corporation that provides life, accident or sickness insurance or annuity contracts for which the following provisions are applicable:1. All benefits payable to beneficiaries are mainly provided for by (i) assessments upon members made when needed by the insurer, or (ii) advance premiums paid at fixed dates, with the right reserved by the insurer to make additional assessments; or2. If definite periodic premiums are used without the right to make additional assessments, premiums must be sufficient to pay average claims in accordance with standards applicable to insurers licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.1985, c. 400, § 38.1-549.2; 1986, c. 562.
VA Code § 38.2-3902 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3902. Classes of insurance that may be written by mutual assessment life, accident and sickness insurers

The following classes of insurance can be written by mutual assessment life, accident and sickness insurers:Category A1. Life insurance as defined in § 38.2-102;2. Industrial life insurance as defined in § 38.2-104; and3. Accident and sickness insurance as defined in § 38.2-109 except Medicare supplement insurance as defined in § 38.2-3600.Category B1. Credit life insurance as defined in § 38.2-103;2. Variable life insurance as defined in § 38.2-105;3. Credit accident and sickness insurance as defined in § 38.2-108; and4. Medicare supplement insurance as defined in § 38.2-3600.Category C1. Annuities as defined in § 38.2-106; and2. Variable annuities as defined in § 38.2-107.1985, c. 400, § 38.1-549.3; 1986, c. 562.
VA Code § 38.2-3903 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3903. What laws applicable

Except as provided in this section, all mutual assessment life, accident and sickness insurers shall comply with all provisions of this title relating to insurers generally. Until July 1, 1990, those classes of insurance specified in Category A of § 38.2-3902 shall be exempt from this title, except this chapter and Chapters 5 and 6 of this title. In the event of conflict between the provisions of this chapter and other provisions of this title, the provisions of this chapter shall be controlling.1985, c. 400, § 38.1-549.4; 1986, c. 562.
VA Code § 38.2-3904 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3904. Conversion of mutual assessment life, accident and sickness insurers

A. Any mutual assessment life, accident and sickness insurer which chooses to remove itself from the provisions of this chapter by becoming an insurer licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title may do so by meeting the requirements of that chapter. When applying for a license pursuant to Chapter 10, an insurer shall submit an application to the Commission that shows that each requirement of Chapter 10 has been met. If the applicant does not meet these requirements, the applicant may submit for approval a plan that includes a schedule for meeting these requirements. The schedule must provide for compliance with these requirements within five years of the approval of the application. The Commission may grant an additional period in order to achieve compliance with the requirements of Chapter 10 after an informal hearing.B. If the Commission approves the application, the insurer shall have all the rights, privileges and responsibilities of a licensed insurer not subject to the provisions of this chapter.C. The Commission, upon failure of the applicant to comply with the terms of an approved schedule, may require the applicant to adhere to the requirements of this chapter.1985, c. 400, § 38.1-549.5; 1986, c. 562.
VA Code § 38.2-3905 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3905. Incorporation of companies

Any insurer that was licensed and transacting in this Commonwealth the business of mutual assessment life, accident and sickness insurance on July 1, 1985, may continue to transact that business in accordance with its license.1985, c. 400, § 38.1-549.6; 1986, c. 562.
VA Code § 38.2-3906 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3906. Licensing of additional companies prohibited

Any insurer that was not licensed and engaged in the business of mutual assessment life, accident and sickness insurance in this Commonwealth under the provisions of former Title 38.1 on July 1, 1952, shall not be issued a license pursuant to this chapter to transact the business of insurance in this Commonwealth. On or after that date a license shall not be issued except for renewal of a license held by the insurer for the preceding year.1985, c. 400, § 38.1-549.7; 1986, c. 562.
VA Code § 38.2-3907 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3907. Directors; terms; annual meetings; voting; executive committee

A. As provided in its certificate of incorporation and as provided in its bylaws, the management of any mutual assessment life, accident and sickness insurer shall be vested in a board of at least five directors, each of whom shall be a member of the insurer. Each director shall hold office for one year or for a longer term if specified by the bylaws, and thereafter until his successor is elected and has qualified. Vacancies on the board may be filled for the unexpired term by the remaining directors.B. The annual meeting of the members of the insurer shall be held as provided by the certificate of incorporation or the bylaws. A quorum shall consist of the larger of ten members or the number of members specified by either the certificate of incorporation or bylaws. In all meetings of members, each member of the insurer shall be entitled to one vote, or a number of votes based upon insurance in force, the number of policies held, or the amount of premiums paid as provided in the bylaws of the insurer. Votes by proxy may be received in accordance with the certificate of incorporation or the bylaws. The date of the annual meeting shall be stated in the policy, or notice of the date and location of the annual meeting shall be provided annually.C. Notwithstanding the provisions of the charter of any insurer to the contrary, upon a resolution adopted by the board of directors of the insurer and approved by a majority of its members present in person or by proxy, the directors of the insurer may be divided into classes, and only a portion may be elected each year. Pursuant to the provisions of § 13.1-869 the directors may appoint an executive committee to exercise the powers and perform the duties set out in that section.1985, c. 400, § 38.1-549.8; 1986, c. 562.
VA Code § 38.2-3908 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3908. Officers

Unless the certificate of incorporation provides otherwise, the directors shall elect from their number a president and may elect a chairman, and shall also elect a secretary and a treasurer and any additional officers as they determine necessary, who may or may not be members of the insurer. The offices of secretary and treasurer may be held by one person. Unless otherwise provided in the certificate of incorporation, the term of these officers shall be not less than one year nor more than three years or until their successors are elected or qualified.1985, c. 400, § 38.1-549.9; 1986, c. 562.
VA Code § 38.2-3909 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3909. Inspection of books and papers

The books and papers of the insurer shall be open for examination by members or their representatives at all reasonable times.1985, c. 400, § 38.1-549.10; 1986, c. 562.
VA Code § 38.2-3910 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3910. Policy forms to be filed

Every mutual assessment life, accident and sickness insurer shall file with the Commission a copy of all policy forms and standard endorsements which the insurer intends to use. These companies shall be exempt from form approval requirements regarding those lines of insurance specified in Category A of § 38.2-3902 until July 1, 1990.1985, c. 400, § 38.1-549.11; 1986, c. 562.
VA Code § 38.2-3911 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3911. Time limit on certain defenses

Every insurance policy or contract shall contain a provision that after two years from the effective date of the policy or contract, only fraudulent misstatements in the application may be used to void the policy or contract or deny any claim for a loss incurred or a disability that starts after the two-year period. This provision may be omitted if the incontestable clause referred to in § 38.2-3912 is included.1985, c. 400, § 38.1-549.12; 1986, c. 562.
VA Code § 38.2-3912 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3912. Incontestability of policies

Every insurance policy or contract shall contain a provision that it shall be incontestable after it has been in force during the lifetime of the insured for two years from its date of issuance, except for nonpayment of the policy's assessments or premiums. In the case of life policies and at the option of the insurer, provisions relating to benefits in the event of disability and provisions which grant additional insurance specifically against death by accident or accidental means, may be excepted in the incontestability provision. This provision may be omitted if the time limit on the certain defense clause specified in § 38.2-3911 is included.1985, c. 400, § 38.1-549.13; 1986, c. 562; 1987, c. 520.
VA Code § 38.2-3913 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3913. Required grace periods

Each insurance policy shall have a provision that the insured is entitled to a thirty-one-day period within which the payment of any premium or assessment after the first payment may be made. At the option of the insurer this may be subject to a reasonable interest charge for the number of days of grace elapsing before the payment of the premium or assessment. The provision shall also state that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or assessment is paid, the amount of such premium or assessment, with applicable interest, may be deducted from any amount payable under the policy in settlement.1985, c. 400, § 38.1-549.14; 1986, c. 562.
VA Code § 38.2-3914 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3914. Policy to specify amount of payment and when to be paid

Each policy shall specify the sum of money payable upon the occurrence of the insured risk. Each policy shall also state that payment shall be made within thirty days after showing proof of the occurrence of the insured risk.1985, c. 400, § 38.1-549.15; 1986, c. 562.
VA Code § 38.2-3915 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3915. Assessment contract

Contracts issued by a mutual assessment life, accident and sickness insurer shall be on forms prescribed by the insurer and shall be substantially uniform among members of the respective classes of insurance written by the insurer. Each member shall pay his pro rata share of all losses or damages sustained, expenses of operations of the insurer, and the maintenance of an adequate surplus to policyowners as determined by the board of directors. Periodic assessments may be collected as advance premiums, or by past assessments, or by both methods. The amount of assessments shall be established by the board of directors of the insurer. When a contract is subject to assessment, the contingent liability of each member of an insurer shall be clearly stated in the contract. Contracts omitting the right of contingent assessment shall be deemed to be nonassessable.1985, c. 400, § 38.1-549.16; 1986, c. 562.
VA Code § 38.2-3916 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3916. Classification of risks; rates

Any insurer writing mutual assessment life, accident and sickness insurance may classify the risks insured against, and fix the rate of assessment of premium for such insurance in accordance with the classifications.1985, c. 400, § 38.1-549.17; 1986, c. 562.
VA Code § 38.2-3917 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3917. Right to limit assessment liability; when contingent assessment liability waived

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.
VA Code § 38.2-3918 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3918. Notice of assessment; how given

After an assessment is made, the insurer shall give each member subject to the assessment written notice stating the amount of the assessment and the date when payment is due. Except where the provisions of the bylaws or the policy provide otherwise, the time of payment shall not be less than thirty days nor more than sixty days from the service of the notice. This notice may be served personally or mailed with the United States Postal Service. If sent by mail, notice shall be considered given at the time of mailing and shall be sent to the member at his address shown on the insurer's records.1985, c. 400, § 38.1-549.19; 1986, c. 562.
VA Code § 38.2-3919 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3919. Agents' licenses required

A. Except as provided in subsection B, each individual who is a resident of this Commonwealth who desires to obtain a license to sell, solicit, or negotiate any of the classes of insurance specified in § 38.2-3902 shall obtain that license only when that individual has passed a written examination prescribed by the Commission.B. Any individual who is licensed prior to July 1, 1990, and whose license is restricted to the classes of insurance specified in Category A of § 38.2-3902 shall be exempted from the written examination provision noted above.C. Business entities, as defined in § 38.2-1800, whether resident or nonresident, as well as nonresident individuals who desire to obtain a license to sell, solicit, or negotiate any of the classes of insurance specified in § 38.2-3902 shall be eligible for licensing upon satisfaction of the requirements set forth in § 38.2-1836.1985, c. 400, § 38.1-549.20; 1986, c. 562; 2001, c. 706.
VA Code § 38.2-3920 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3920. Surplus to policyowners

A. A mutual assessment life, accident and sickness insurer shall have a minimum surplus to policyowners of $100,000.B. In order to write the classes of insurance referred to in Category C of § 38.2-3902, minimum surplus to policyowners shall be $800,000.1985, c. 400, § 38.1-549.21; 1986, c. 562.
VA Code § 38.2-3921 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3921. Limitation on single risk to be assumed

No single risk shall be assumed by a mutual assessment life, accident and sickness insurer if the risk exceeds fifteen percent of the company's total surplus to policyowners. Any risk or portion of any risk that has been reinsured in accordance with § 38.2-3922 shall be deducted in determining the limitation of risk prescribed by this section. For the purposes of this section the amount of surplus to policyowners shall be determined on the basis of the last sworn statement of the insurer, or the last report of examination filed with the Commission, whichever is more recent at the time the risk is assumed. Mutual assessment life, accident and sickness insurers licensed on July 1, 1985, shall conform to this limitation by July 1, 1990. Until July 1, 1986, the single risk limit, after deducting for reinsurance, shall be twenty-five percent of surplus to policyowners. Between July 1, 1986, and July 1, 1988, single risk limits, after deducting for reinsurance, shall be twenty percent of surplus to policyowners. This section shall not apply to insurance coverages defined in §§ 38.2-108 and 38.2-109 and Medicare supplement insurance defined in § 38.2-3600.1985, c. 400, § 38.1-549.22; 1986, c. 562.
VA Code § 38.2-3922 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3922. Reinsurance

Any mutual assessment life, accident and sickness insurer may reinsure the whole or any part of its risks with any solvent insurer licensed in this Commonwealth or licensed in any other state having standards of solvency, at least equal to those required in this Commonwealth. However, the reinsurance shall be ceded without contingent liability on the part of the reinsured insurer. Any mutual assessment life, accident and sickness insurer having a surplus in excess of $800,000 may accept or assume reinsurance from any licensed insurer.1985, c. 400, § 38.1-549.23; 1986, c. 562.
VA Code § 38.2-3923 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 39 - Mutual Assessment Life, Accident and Sickness Insurers|§ 38.2-3923. Reserves required

In addition to providing for claims incurred but not settled, mutual assessment life, accident and sickness insurers shall maintain the following reserve liabilities:1. Life policies written with the right to make additional assessments shall have reserves established as a single group in the same manner as group annual renewable term insurance is reserved for insurers licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.2. Life or annuity policies written without the right to make additional assessments shall have reserves established using the standard valuation provisions required of insurers licensed under Chapter 10 of this title issuing similar types of policies.3. Accident and sickness policies shall have reserves established in accordance with regulations promulgated by the Commission for insurers licensed pursuant to Chapter 10 of this title.4. The foregoing reserve computations for statutory accounting purposes shall be applicable to all policies hereafter in existence and shall supersede any separate reserve requirement or separate mortuary funds that have been previously used, pursuant to statute, custom or policy provision.1985, c. 400, § 38.1-549.24; 1986, c. 562.
VA Code § 38.2-4000 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 40 - Burial Societies|§ 38.2-4000. Societies to which chapter applies

The provisions of this chapter apply to every person designated as a "burial society." A "burial society" is any person engaged in the business of providing benefits for any payment of funeral, burial or other expenses of deceased members, by levying assessments or dues that are collected or are to be collected from the members of the society, or from the members of a class of the society.Code 1950, § 38-143; 1952, c. 317, § 38.1-550; 1986, c. 562.
VA Code § 38.2-4001 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 40 - Burial Societies|§ 38.2-4001. Society may be incorporated

Any existing burial society licensed and operating in this Commonwealth that is an unincorporated association may be incorporated under the provisions of Article 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1 and, except as otherwise provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law. All burial societies shall be under the supervision and control of the Commission.Code 1950, §§ 38-145, 38-146; 1952, c. 317, § 38.1-551; 1956, c. 431; 1986, c. 562.