Code of Virginia - Title 38.2 Insurance - Chapter 40 Burial Societies

38.2-4000 Societies to which chapter applies
The provisions of this chapter apply to every person designated as a "burial society." A "burial society" is any person engaged in the business of ...

38.2-4001 Society may be incorporated
Any existing burial society licensed and operating in this Commonwealth that is an unincorporated association may be incorporated under the provisions of Article 3 (§ ...

38.2-4002 Continuation of existing societies
Any burial society that was licensed and operating as a burial society on July 1, 1952, in this Commonwealth may continue to operate as a ...

38.2-4003 Licensing of additional societies prohibited
Any burial society that was not licensed and operating as a burial society in this Commonwealth on July 1, 1952, shall not be issued a ...

38.2-4004 What laws applicable
All burial societies shall comply with all of the provisions of this title relating to insurance companies generally. In the event of conflict between the ...

38.2-4005 License may be renewed annually
Each license to a burial society shall expire on the June 30 next occurring after its effective date and may be renewed by the Commission ...

38.2-4006 Annual meeting
Each burial society shall hold, within the city or county in which the principal office is located in this Commonwealth, a stated annual meeting of ...

38.2-4007 Adoption of bylaws
Each burial society now authorized to do business in this Commonwealth shall, before the adoption of any bylaw or amendment, mail the proposed bylaw or ...

38.2-4008 Fidelity bond required
As a condition of licensing, each burial society, on behalf of its officers who are charged with the duty of handling its funds, shall obtain, ...

38.2-4009 Inspection of books and papers
The books and papers of the burial society shall be open for examination by members or their representatives at all reasonable times. (Code 1950, §§ ...

38.2-4010 Accumulation of reserve for an emergency fund
A. In addition to provision for liability incurred on account of claims reported but not settled, claims incurred but not reported, and premiums, dues or ...

38.2-4011 Maintenance of reserve for an emergency fund
When the reserve for an emergency fund accumulated in accordance with the provisions of § 38.2-4010 equals the maximum amount provided in subsection B of ...

38.2-4012 Disposition of reserve for an emergency fund; discontinuance of business; receiver
The reserve for an emergency fund required by § 38.2-4010, together with the income earned on that fund, shall be a trust fund for the ...

38.2-4013 Certificates of membership
Each burial society shall issue certificates of membership to each member of the society. Each certificate shall state the amount of the benefit payable and ...

38.2-4014 Required grace period
Each certificate shall have a provision that the certificate holder is entitled to a grace period of thirty-one days within which the payment of any ...

38.2-4015 Certificate to specify amount of payment and when to be paid
Each certificate issued by any burial society shall specify the sum of money payable upon the occurrence of the risk insured against. The amount payable ...

38.2-4016 Payments become liens on society's property
Upon the occurrence of the risk insured against, the burial society shall be obligated to the beneficiary for payment of the claim unless the contract ...

38.2-4017 Notice of assessment
Each notice of assessment made by any burial society upon any of its members shall state the cause and purpose of the assessment. (Code 1950, ...

38.2-4018 Liability on officers and directors for failing to levy assessments
The officers or directors of any society who, after due proof of death has been filed, for sixty days refuse or neglect to levy an ...

38.2-4019 Beneficiaries
No person other than a wife, husband, relative by blood to the fourth degree, father-in-law, mother-in-law, son-in-law, daughter-in-law, stepfather, stepmother, stepchild, or child by legal ...

38.2-4020 When certificate invalid
A certificate of membership shall be invalid if: 1. The certificate holder was ill at the time the certificate was procured; 2. Any person concerned ...

38.2-4021 Interest in benefits; assignability; liability to attachment, etc
No beneficiary shall have or obtain any vested interest in a benefit until the benefit has become due and payable upon the death of the ...

38.2-4022 Certain contracts with undertakers, etc., forbidden
No burial society shall contract to pay or pay benefits provided under certificates of membership, to any official or designated undertaker or mortician or person ...