Code of Virginia - Title 38.2 Insurance - Chapter 39 Mutual Assessment Life, Accident And Sickness Insurers

38.2-3900 Scope of chapter
This chapter applies to mutual assessment life, accident and sickness insurers and to the classes of insurance written by these insurers. (1985, c. 400, § ...

38.2-3901 Definitions
As used in this chapter: "Mutual assessment life, accident and sickness insurance" means life, accident and sickness insurance and annuities provided by an insurer which ...

38.2-3902 Classes of insurance that may be written by mutual assessment life, accident and sickness insurer...
The following classes of insurance can be written by mutual assessment life, accident and sickness insurers: Category A 1. Life insurance as defined in § ...

38.2-3903 What laws applicable
Except as provided in this section, all mutual assessment life, accident and sickness insurers shall comply with all provisions of this title relating to insurers ...

38.2-3904 Conversion of mutual assessment life, accident and sickness insurers
A. Any mutual assessment life, accident and sickness insurer which chooses to remove itself from the provisions of this chapter by becoming an insurer licensed ...

38.2-3905 Incorporation of companies
Any insurer that was licensed and transacting in this Commonwealth the business of mutual assessment life, accident and sickness insurance on July 1, 1985, may ...

38.2-3906 Licensing of additional companies prohibited
Any insurer that was not licensed and engaged in the business of mutual assessment life, accident and sickness insurance in this Commonwealth under the provisions ...

38.2-3907 Directors; terms; annual meetings; voting; executive committee
A. As provided in its certificate of incorporation and as provided in its bylaws, the management of any mutual assessment life, accident and sickness insurer ...

38.2-3908 Officers
Unless the certificate of incorporation provides otherwise, the directors shall elect from their number a president and may elect a chairman, and shall also elect ...

38.2-3909 Inspection of books and papers
The books and papers of the insurer shall be open for examination by members or their representatives at all reasonable times. (1985, c. 400, § ...

38.2-3910 Policy forms to be filed
Every mutual assessment life, accident and sickness insurer shall file with the Commission a copy of all policy forms and standard endorsements which the insurer ...

38.2-3911 Time limit on certain defenses
Every insurance policy or contract shall contain a provision that after two years from the effective date of the policy or contract, only fraudulent misstatements ...

38.2-3912 Incontestability of policies
Every insurance policy or contract shall contain a provision that it shall be incontestable after it has been in force during the lifetime of the ...

38.2-3913 Required grace periods
Each insurance policy shall have a provision that the insured is entitled to a thirty-one-day period within which the payment of any premium or assessment ...

38.2-3914 Policy to specify amount of payment and when to be paid
Each policy shall specify the sum of money payable upon the occurrence of the insured risk. Each policy shall also state that payment shall be ...

38.2-3915 Assessment contract
Contracts issued by a mutual assessment life, accident and sickness insurer shall be on forms prescribed by the insurer and shall be substantially uniform among ...

38.2-3916 Classification of risks; rates
Any insurer writing mutual assessment life, accident and sickness insurance may classify the risks insured against, and fix the rate of assessment of premium for ...

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, ...

38.2-3918 Notice of assessment; how given
After an assessment is made, the insurer shall give each member subject to the assessment written notice stating the amount of the assessment and the ...

38.2-3919 Agents' licenses required
A. Except as provided in subsection B, each individual who is a resident of this Commonwealth who desires to obtain a license to sell, solicit, ...

38.2-3920 Surplus to policyowners
A. A mutual assessment life, accident and sickness insurer shall have a minimum surplus to policyowners of $100,000. B. In order to write the classes ...

38.2-3921 Limitation on single risk to be assumed
No single risk shall be assumed by a mutual assessment life, accident and sickness insurer if the risk exceeds fifteen percent of the company's total ...

38.2-3922 Reinsurance
Any mutual assessment life, accident and sickness insurer may reinsure the whole or any part of its risks with any solvent insurer licensed in this ...

38.2-3923 Reserves required
In addition to providing for claims incurred but not settled, mutual assessment life, accident and sickness insurers shall maintain the following reserve liabilities: 1. Life ...