§ 38.2-402. Definitions
As used in this chapter:
"Assessable year" means the calendar year upon which the direct gross premium income is computed under this chapter. In the case of direct gross premium income for a fraction of a calendar year, the term includes the period in which that direct gross premium income is received or derived from business in this Commonwealth.
"Direct gross premium income" means direct gross premium as defined in § 58.1-2500.
"Estimated assessment" means the company's estimate of the amount imposed by this chapter for the license year.
"License year" means the twelve-month period beginning on July 1 next succeeding the assessable year and ending on June 30 of the subsequent year. This shall also be the year in which annual reports of direct gross premium income are required to be filed under § 38.2-406 and the annual assessment paid under the provisions of this chapter.
(1977, c. 317, §§ 38.1-48.1, 38.1-48.2; 1978, c. 4; 1986, c. 562; 1996, c. 22.)
Sections: Previous 38.2-400 38.2-401 38.2-401.1 38.2-402 38.2-403 38.2-404 38.2-405 38.2-406 38.2-407 38.2-408 38.2-409 38.2-410 38.2-411 38.2-412 38.2-413 NextLast modified: April 16, 2009