Terms Used In Virginia Code > Title 58.1 > Subtitle I > Chapter 12 - Bank Franchise Tax

• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Arrest: Taking physical custody of a person by lawful authority.
• Assessment: as used in this subtitle , shall include an assessment made pursuant to notice by the Department of Taxation and self-assessments made by a taxpayer upon the filing of a return or otherwise not pursuant to notice. See Virginia Code 58.1-1820
• Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
• Bank: means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws of the Commonwealth and any bank or banking association organized by or under the authority of the laws of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (§ Virginia Code 58.1-1201
• Bank holding company: means any corporation that is organized under the laws of Virginia, is doing business in the Commonwealth, and is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956. See Virginia Code 58.1-1201
• Bureau of Insurance: means the division of the Commission established to administer the insurance laws of the Commonwealth. See Virginia Code 38.2-100
• business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
• Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
• Claimant: means any person who files a claim pursuant to § Virginia Code 38.2-5001
• Commission: means the Virginia Workers' Compensation Commission. See Virginia Code 38.2-5001
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commissioner: means the commissioner, director, or superintendent of insurance in a state other than the Commonwealth of Virginia. See Virginia Code 38.2-5101
• Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by (i) any person who performs that work or (ii) any person who hires an independent contractor to perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See Virginia Code 38.2-5101
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Department: means the Department of Taxation. See Virginia Code 58.1-1
• feasibility study: means an analysis which presents the expected activities and results of a risk retention group including, at a minimum:

  1. See Virginia Code 38.2-5101

• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
• Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able (i) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims or (ii) to pay other obligations in the normal course of business. See Virginia Code 38.2-5101
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this Commonwealth. See Virginia Code 38.2-5101
• Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of (i) any business, whether profit or nonprofit, trade, product, services, including professional services, premises, or operations or (ii) any activity of any state or local government, or any agency or political subdivision thereof. See Virginia Code 38.2-5101
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating hospital: means a general hospital licensed in Virginia which at the time of the injury (i) had in force an agreement with the Commissioner of Health or his designee, in a form prescribed by the Commissioner, whereby the hospital agreed to participate in the development of a program to provide obstetrical care to patients eligible for Medical Assistance Services and to patients who are indigent, and upon approval of such program by the Commissioner of Health, to participate in its implementation, (ii) had in force an agreement with the State Department of Health whereby the hospital agreed to submit to review of its obstetrical service, as required by subsection C of § Virginia Code 38.2-5001
• participating physician: includes a partnership, corporation, professional corporation, professional limited liability company or other entity through which the participating physician practices. See Virginia Code 38.2-5001
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities. See Virginia Code 38.2-5101
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See Virginia Code 38.2-5101
• Program: means the Virginia Birth-Related Neurological Injury Compensation Program established by this chapter. See Virginia Code 38.2-5001
• Purchasing group: means any group which:

  1. See Virginia Code 38.2-5101

• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Risk retention group: means any corporation or other limited liability association:

  1. See Virginia Code 38.2-5101

• State: means any state of the United States or the District of Columbia. See Virginia Code 38.2-5101
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102