Virginia Code 38.2-3809: How a company may become legal reserve life insurer.
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Any company filing with the Commission a resolution of its board of directors or similar body, or of its legislative body, making a request to become a legal reserve life insurer, upon submitting proof satisfactory to the Commission that the request is properly authorized and that the condition of its business qualifies it under the laws of this Commonwealth to be classed as a legal reserve life insurer, shall become a legal reserve life insurer under the name and the plan provided by proper amendment of its charter or certificate of incorporation.
Terms Used In Virginia Code 38.2-3809
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- company: means a cooperative nonprofit life benefit company as defined in subsection A of this section. See Virginia Code 38.2-3801
- Insurer: means an insurance company. See Virginia Code 38.2-100
Code 1950, § 38-477; 1952, c. 317, § 38.1-507; 1986, c. 562.