Any company may issue contracts of life, accident and sickness insurance or combinations of them. The reserves for such policies or contracts shall be based upon the American Experience Table of Mortality, with an interest assumption of no more than four percent, or some higher standard, or upon any minimum standard allowed by law in this Commonwealth for legal reserve life insurers. It may provide in its laws or bylaws and membership contracts that the rates shall not be increased or extra assessments made.
Code 1950, § 38-488; 1952, c. 317, § 38.1-516; 1986, c. 562.
Structure Code of Virginia
Chapter 38 - Cooperative Nonprofit Life Benefit Companies
§ 38.2-3801. Cooperative nonprofit life benefit company defined
§ 38.2-3802. Continuation of existing companies
§ 38.2-3803. Licensing of additional companies prohibited
§ 38.2-3804. What laws applicable
§ 38.2-3805. General powers of company; limitation on increase in rates
§ 38.2-3806. Constitution and bylaws
§ 38.2-3807. Governing body; board of directors
§ 38.2-3808. Filing copies of constitution and bylaws
§ 38.2-3809. How a company may become legal reserve life insurer
§ 38.2-3810. Institutions maintainable; company a charitable institution
§ 38.2-3811. Benefits not subject to process
§ 38.2-3812. Tax on gross premium receipts
§ 38.2-3813. Suits against company
§ 38.2-3814. Contracts in writing; fees
§ 38.2-3815. What benefits policies may provide
§ 38.2-3817. Paid-up insurance or extended term insurance
§ 38.2-3818. Officers and members not individually liable for payment