38.2-3901 - Definitions. - Virginia Statutes

§ 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 whichhas a right to assess its members for contributions and which is licensedunder this chapter.

"Mutual assessment life, accident and sickness insurer" means a nonstockcorporation that provides life, accident or sickness insurance or annuitycontracts 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) advancepremiums paid at fixed dates, with the right reserved by the insurer to makeadditional assessments; or

2. If definite periodic premiums are used without the right to makeadditional assessments, premiums must be sufficient to pay average claims inaccordance with standards applicable to insurers licensed pursuant to Chapter10 (§ 38.2-1000 et seq.) of this title.

(1985, c. 400, § 38.1-549.2; 1986, c. 562.)