Each company subject to assessment under this chapter shall, on or before March 1 of each year, report under oath to the Commission, upon forms to be furnished or approved by, and in such detail as may be prescribed by, the Commission, the direct gross premium income derived from its business in this Commonwealth during the preceding year ending December 31. Every company failing to file the assessment report on or before March 1 shall be subject to a penalty of $50 for each day after the report is due. If such failure is due to providential or other good cause shown to the satisfaction of the Commission, such report may be accepted exclusive of penalties.
Code 1950, § 38-21; 1952, c. 317, § 38.1-48; 1977, c. 317; 1978, c. 4; 1986, c. 562; 2003, c. 371; 2012, c. 584.
Structure Code of Virginia
§ 38.2-400. Expense of administration of insurance laws borne by licensees; minimum contribution
§ 38.2-401. Fire Programs Fund
§ 38.2-401.1. Dam Safety, Flood Prevention and Protection Assistance Fund assessment
§ 38.2-403. Assessment for expenses
§ 38.2-403.1. Omitted assessments
§ 38.2-404. Recovery of such assessments; revocation or suspension of license
§ 38.2-405. Application for correction of assessment
§ 38.2-406. Report of gross premium income
§ 38.2-412. Companies going out of business
§ 38.2-413. Double assessment respecting same direct gross premium income negated
§ 38.2-414. Assessments to fund program to reduce losses from motor vehicle thefts
§ 38.2-415. Assessment to fund program to reduce losses from insurance fraud