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64 chapters · 1,789 sections in this title.
Va. Code Ann. § 38.2-3920 Surplus to policyowners
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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 of insurance referred to in Category C of § 38.2-3902, minimum surplus to policyowners shall be $800,000.
Va. Code Ann. § 38.2-3921 Limitation on single risk to be assumed
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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 surplus to policyowners. Any risk or portion of any risk that has been reinsured in accordance with § 38.2-3922 shall be deducted …
Va. Code Ann. § 38.2-3922 Reinsurance
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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 Commonwealth or licensed in any other state having standards of solvency, at least equal to those required in this Commonwealth. How…
Va. Code Ann. § 38.2-3923 Reserves required
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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 policies written with the right to make additional assessments shall have reserves established as a singl…