38.2-3917 - Right to limit assessment liability; when contingent assessment liability waived. - Virginia Statutes

§ 38.2-3917. Right to limit assessment liability; when contingent assessmentliability waived.

Any mutual assessment life, accident and sickness insurer having a surplus topolicyowners of at least $100,000 may limit the contingent assessmentliability of members, or classes of members, to an amount not more than 1additional current annual assessment. Any insurer having surplus topolicyowners of at least $300,000 may issue contracts omitting the right tomake contingent assessment against members if reserves for these contractsare established and maintained in the same manner as would be required by aninsurer licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.Contracts so issued shall be treated in all respects as nonassessmentcontracts.

(1985, c. 400, § 38.1-549.18; 1986, c. 562.)