38.2-3801 - Cooperative nonprofit life benefit company defined. - Virginia Statutes

§ 38.2-3801. Cooperative nonprofit life benefit company defined.

A. Any company that (i) is organized without capital stock, (ii) has arepresentative form of government, (iii) conducts its business under theprovisions of this chapter without profit and for the sole benefit of itsmembers and their beneficiaries, (iv) issues benefit certificates or policiesof life insurance, annuities, or accident and sickness insurance, or anycombination of those classes of insurance, upon its members, and (v)maintains the reserves required in this chapter on all contracts issued by itto its members, shall be a cooperative nonprofit life benefit company.

B. As used in this chapter, "company" means a cooperative nonprofit lifebenefit company as defined in subsection A of this section.

(Code 1950, § 38-467; 1952, c. 317, § 38.1-497; 1986, c. 562.)