38.2-402 - Definitions. - Virginia Statutes

§ 38.2-402. Definitions.

As used in this chapter:

"Assessable year" means the calendar year upon which the direct grosspremium income is computed under this chapter. In the case of direct grosspremium income for a fraction of a calendar year, the term includes theperiod in which that direct gross premium income is received or derived frombusiness in this Commonwealth.

"Direct gross premium income" means direct gross premium as defined in §58.1-2500.

"Estimated assessment" means the company's estimate of the amount imposedby this chapter for the license year.

"License year" means the twelve-month period beginning on July 1 nextsucceeding the assessable year and ending on June 30 of the subsequent year.This shall also be the year in which annual reports of direct gross premiumincome are required to be filed under § 38.2-406 and the annual assessmentpaid under the provisions of this chapter.

(1977, c. 317, §§ 38.1-48.1, 38.1-48.2; 1978, c. 4; 1986, c. 562; 1996, c.22.)