58.1-2505 - Amount of license tax for company commencing business. - Virginia Statutes

§ 58.1-2505. Amount of license tax for company commencing business.

The license tax on a company commencing business in the Commonwealth shall bemeasured by an estimate of direct gross premium income reasonably expected tobe derived from such business in the Commonwealth from the time of commencingbusiness to December 31 following. Every estimate made under this sectionshall be subject to review by the Commission after the close of the year forwhich the estimate is made and any variance between the estimate and theactual direct gross premium income shall be adjusted by the Commission byorder of refund or the assessment of additional license tax depending onwhether such estimate was in excess of or less than the actual direct grosspremium income of such company for such year.

(Code 1950, § 58-488; 1952, c. 190; 1968, c. 13; 1984, c. 675.)