Virginia Statutes
§ 38.2-1005.1:3 — Mutual holding company membership interest
Virginia § 38.2-1005.1:3
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 10ORGANIZATION, ADMISSION AND LICENSING OF INSURERS
Art. 1.1FORMATION OF MUTUAL INSURANCE HOLDING COMPANY; CONVERSION OF MUTUAL HOLDING COMPANY TO STOCK HOLDING COMPANY
This text of Virginia § 38.2-1005.1:3 (Mutual holding company membership interest) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-1005.1:3 (2026).
Text
A.A member of a mutual holding company shall not transfer membership in the company or any right arising from membership.
B.A member of a mutual holding company shall not, as a member, be personally liable for or subject to assessment on account of any act, debt, liability or obligation of the MHC or of any entity owned or controlled by the MHC.
C.A membership interest in a mutual holding company shall not constitute a security under the laws of the Commonwealth.
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Legislative History
2001, c. 726.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-1005.1:3, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1005.1%3A3.