Virginia Code 58.1-2529: Other provisions of this chapter not affected by this article; insurance companies going out of business.
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Nothing in this article shall be construed as affecting other provisions of this chapter except to the extent required to give this article full effect. If an insurance company goes out of business or ceases to be an insurance company in this Commonwealth in any taxable or license year, such an event shall not relieve the company of the payment of the tax measured by direct gross premium income for the period in which the company operated as an insurance company and received or derived direct gross premium income from business in this Commonwealth.
Terms Used In Virginia Code 58.1-2529
- Company: means any association, aggregation of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or inter-insurance exchange, trustee or society. See Virginia Code 58.1-2500
- Direct gross premium income: means the gross amount of all premiums, assessments, dues and fees collected, received or derived, or obligations taken therefor, from business in this Commonwealth during each year ending December 31, excluding premiums received for reinsurance assumed from licensed insurance companies, without any deduction for dividends paid or deduction on any other account except for premiums returned on cancelled policies, or on account of reduction in rates or reduction in the amount insured, and excluding premiums received or derived to provide insurance of the kinds classified in §§ Virginia Code 58.1-2500
- Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 58.1-2500
- License year: means the 12-month period beginning on July 1 next succeeding the taxable year and ending on June 30 of the subsequent year. See Virginia Code 58.1-2500
- Tax: means the amount derived by multiplying the direct gross premium income in the taxable year by the tax rate. See Virginia Code 58.1-2500
Code 1950, § 58-502.7; 1968, c. 13; 1984, c. 675.