§ 38.2-3101. Legal reserve insurers
Any life insurer, association or society whose policies or certificates are required to contain any provision that a person insured shall, upon surrender of the policy during his lifetime, receive a surrender value, either in cash, paid-up insurance, or extended insurance, shall be regarded as a "legal reserve insurer," and shall maintain a reserve calculated in accordance with the provisions of Article 3 (§ 38.2-3126 et seq.) of this chapter. Nothing in this section shall be construed to apply to any insurer in the transaction of industrial sick benefit insurance as defined in § 38.2-3544, nor to fraternal benefit societies.
(Code 1950, § 38-389; 1952, c. 317, § 38.1-432; 1986, c. 562.)
Sections: Previous 38.2-3100 38.2-3100.1 38.2-3100.2 38.2-3101 38.2-3102 38.2-3103 38.2-3104 38.2-3105 38.2-3106 38.2-3107 38.2-3108 38.2-3109 38.2-3110 38.2-3111 38.2-3112 NextLast modified: April 16, 2009