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Va. Code Ann. § 38.2-3800 Scope of chapter
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This chapter applies to cooperative nonprofit life benefit companies as defined in § 38.2-3801 and to the classes of insurance and insurance benefits those companies are authorized to provide.
Va. Code Ann. § 38.2-3801 Cooperative nonprofit life benefit company defined
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A. Any company that (i) is organized without capital stock, (ii) has a representative form of government, (iii) conducts its business under the provisions of this chapter without profit and for the sole benefit of its members and their beneficiaries, (iv) issues benefit certifica…
Va. Code Ann. § 38.2-3802 Continuation of existing companies
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Any company licensed and doing business in this Commonwealth on July 1, 1952, may continue to do business in accordance with the powers contained in its certificate of incorporation, subject to the provisions of this chapter, but no such company shall be permitted to extend its p…
Va. Code Ann. § 38.2-3803 Licensing of additional companies prohibited
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Any company that was not licensed and doing business in this Commonwealth on July 1, 1952, shall not be issued a license to do the business of insurance in this Commonwealth. On or after July 1, 1952, only a renewal of a license held by the company for the preceding year will be …