38.2-308 - Contingent liability provisions in policies issued by certain mutual insurers. - Virginia Statutes

§ 38.2-308. Contingent liability provisions in policies issued by certainmutual insurers.

Except in the case of nonassessable policies, the contingent liability ofeach member of a mutual insurer, other than a life insurer, shall be clearlystated in the mutual insurer's policies. The contingent liability may belimited, but such limitation shall not be less than one additional annualpremium on each policy held by the member.

(Code 1950, § 38-508; 1952, c. 317, § 38.1-335.1; 1986, c. 562.)