§ 38.2-3801. Cooperative nonprofit life benefit company defined
A. Any company that (i) is organized without capital stock, (ii) has a representative form of government, (iii) conducts its business under the provisions of this chapter without profit and for the sole benefit of its members and their beneficiaries, (iv) issues benefit certificates or policies of life insurance, annuities, or accident and sickness insurance, or any combination of those classes of insurance, upon its members, and (v) maintains the reserves required in this chapter on all contracts issued by it to its members, shall be a cooperative nonprofit life benefit company.
B. As used in this chapter, "company" means a cooperative nonprofit life benefit company as defined in subsection A of this section.
(Code 1950, § 38-467; 1952, c. 317, § 38.1-497; 1986, c. 562.)
Sections: Previous 38.2-3800 38.2-3801 38.2-3802 38.2-3803 38.2-3804 38.2-3805 38.2-3806 38.2-3807 38.2-3808 38.2-3809 38.2-3810 38.2-3811 38.2-3812 38.2-3813 38.2-3814 NextLast modified: April 3, 2009