38.2-3101 - Legal reserve insurers. - Virginia Statutes

§ 38.2-3101. Legal reserve insurers.

Any life insurer, association or society whose policies or certificates arerequired to contain any provision that a person insured shall, upon surrenderof the policy during his lifetime, receive a surrender value, either in cash,paid-up insurance, or extended insurance, shall be regarded as a "legalreserve insurer," and shall maintain a reserve calculated in accordance withthe provisions of Article 3 (§ 38.2-3126 et seq.) of this chapter. Nothing inthis section shall be construed to apply to any insurer in the transaction ofindustrial sick benefit insurance as defined in § 38.2-3544, nor to fraternalbenefit societies.

(Code 1950, § 38-389; 1952, c. 317, § 38.1-432; 1986, c. 562.)