38.2-3816 - Policies companies may issue; reserves required; provisions concerning increase of rates and extra assessments. - Virginia Statutes

§ 38.2-3816. Policies companies may issue; reserves required; provisionsconcerning increase of rates and extra assessments.

Any company may issue contracts of life, accident and sickness insurance orcombinations of them. The reserves for such policies or contracts shall bebased upon the American Experience Table of Mortality, with an interestassumption of no more than four percent, or some higher standard, or upon anyminimum standard allowed by law in this Commonwealth for legal reserve lifeinsurers. It may provide in its laws or bylaws and membership contracts thatthe rates shall not be increased or extra assessments made.

(Code 1950, § 38-488; 1952, c. 317, § 38.1-516; 1986, c. 562.)