§ 38.2-3917. Right to limit assessment liability; when contingent assessment liability waived
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.
(1985, c. 400, § 38.1-549.18; 1986, c. 562.)
Sections: Previous 38.2-3909 38.2-3910 38.2-3911 38.2-3912 38.2-3913 38.2-3914 38.2-3915 38.2-3916 38.2-3917 38.2-3918 38.2-3919 38.2-3920 38.2-3921 38.2-3922 38.2-3923 NextLast modified: April 16, 2009