Virginia § 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 assessment liability waived

Virginia § 38.2-3917

Title 38.2INSURANCE

Ch. 39MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURERS

Art. 4INSURANCE TRANSACTIONS

This text of Virginia § 38.2-3917 (Right to limit assessment liability; when contingent assessment liability waived) 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. § 38.2-3917 (2026).

Text

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

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