Terms Used In Virginia Code > Title 38.2 > Chapter 10 - Organization, Admission and Licensing of Insurers

• Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
• annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
• Assurance: means any form of expressed or implied opinion or conclusion about the conformity of a financial statement with any recognition, measurement, presentation, or disclosure principles for financial statements. See Virginia Code 54.1-4400
• Attest services: means audit, review, or other engagements performed in accordance with the standards that have been established by the Public Company Accounting Oversight Board, by the Auditing Standards Board or the Accounting and Review Services Committee of the American Institute of Certified Public Accountants, or by any successor standard-setting authorities. See Virginia Code 54.1-4400
• 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
• Bequest: Property gifted by will.
• Board: means the Virginia Board of Accountancy. See Virginia Code 54.1-4400
• 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
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commissioner of Insurance: means the administrative or executive officer of the Bureau. See Virginia Code 38.2-100
• 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
• Compilation services: means compiling financial statements in accordance with standards established by the American Institute of Certified Public Accountants or by any successor standard-setting authorities. See Virginia Code 54.1-4400
• Converted company: means a stock insurance company incorporated and organized under the laws of this Commonwealth that continues in existence after a reorganization under this article in connection with the formation of a mutual holding company. See Virginia Code 38.2-1005.1:1
• Converted mutual holding company: means the stock corporation into which a mutual holding company has been converted pursuant to § Virginia Code 38.2-1005.1:1
• Conviction: A judgement of guilt against a criminal defendant.
• CPA: means certified public accountant. See Virginia Code 54.1-4400
• CPA examination: means the national uniform CPA examination approved and administered by the board of accountancy of a state or by the board's designee. See Virginia Code 54.1-4400
• Devise: To gift property by will.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Eligible member: means a member as of the date the board of directors of a mutual company adopts a plan of MHC conversion under this article. See Virginia Code 38.2-1005.1:1
• Executive Director: means the Executive Director of the Board. See Virginia Code 54.1-4400
• Experience: means employment in academia, a firm, government, or an industry in any capacity involving the substantial use of accounting, financial, tax, or other skills that are relevant, as determined by the Board, to provide services to or on behalf of an employer or to the public. See Virginia Code 54.1-4400
• Financial statement: means a presentation of historical or prospective financial information about one or more persons or entities. See Virginia Code 54.1-4400
• Financial statement preparation services: means engaging a licensee in public practice for financial statement preparation services executed in accordance with the standards established by the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants or by any successor standard-setting authorities. See Virginia Code 54.1-4400
• Firm: means an entity formed by one or more licensees as a sole proprietorship, a partnership, a corporation, a limited liability company, or any other type of entity permitted by law with the purpose of providing professional services to the public. See Virginia Code 54.1-4400
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Health services plan: means any arrangement for offering or administering health services or similar or related services by a corporation licensed under Virginia Code 38.2-100
• Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
• insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Intermediate holding company: means a corporation authorized to issue one or more classes of capital stock, the corporate purposes of which include holding, directly or indirectly, the voting stock of a converted company. See Virginia Code 38.2-1005.1:1
• License of another state: means the license that is issued by the board of accountancy of a state other than Virginia that gives a person the privilege of using the CPA title in that state or that gives a firm the privilege of providing attest services, compilation services, and financial statement preparation services to persons and entities located in that state. See Virginia Code 54.1-4400
• Licensed: means holding a Virginia license or the license of another state. See Virginia Code 54.1-4400
• Licensee: means a person or firm holding a Virginia license or the license of another state. See Virginia Code 54.1-4400
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
• Member: means a person who, on the records of a mutual company and pursuant to the articles of incorporation or bylaws of a mutual company, is deemed to be the holder of a membership interest in a mutual company. See Virginia Code 38.2-1005.1:1
• MHC: means a corporation organized under the provisions of the Virginia Nonstock Corporation Act (§ Virginia Code 38.2-1005.1:1
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Mutual company: means a mutual insurance company incorporated and organized under the laws of this Commonwealth and licensed pursuant to Chapter 10 (§ Virginia Code 38.2-1005.1:1
• Oversight: Committee review of the activities of a Federal agency or program.
• Peer review: means a review of a firm's attest services, compilation services, and financial statements preparation services that is conducted in accordance with the applicable monitoring program of the American Institute of Certified Public Accountants or its successor, or with another monitoring program approved by the Board. See Virginia Code 54.1-4400
• 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
• plan: means a plan adopted pursuant to this article by the board of directors of a mutual company for the conversion of a mutual company into a direct or indirect stock subsidiary of a mutual holding company. See Virginia Code 38.2-1005.1:1
• Policy: includes any group or individual policy or contract issued by a mutual company, including an annuity contract, but does not include a certificate of insurance issued in connection with a group policy or contract. See Virginia Code 38.2-1005.1:1
• Policyholder: means the holder of a policy other than a reinsurance contract. See Virginia Code 38.2-1005.1:1
• Practice of public accounting: means the performance of professional services for a client by a licensee or licensee's firm. See Virginia Code 54.1-4400
• Professional services: means all services requiring substantial use of accountancy or related skills that are performed by a licensee for a client or for an employer. See Virginia Code 54.1-4400
• Providing services to or on behalf of an employer: means the performance of professional services while employed or engaged on a contractual basis by a licensee to or on behalf of an entity. See Virginia Code 54.1-4400
• Providing services to the public: means providing services that are subject to the guidance of the standard-setting authorities listed in the standards of conduct and practice in subdivisions 5 and 6 of § Virginia Code 54.1-4400
• Quorum: The number of legislators that must be present to do business.
• 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
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• Sponsoring organization: means a Board-approved professional society or other organization responsible for the facilitation and administration of peer reviews through use of its peer review program and applicable peer review standards. See Virginia Code 54.1-4400
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• State: means any state of the United States, the District of Columbia, or any territory of the United States that is a recognized jurisdiction by the National Association of State Boards of Accountancy or its successor. See Virginia Code 54.1-4400
• Summons: Another word for subpoena used by the criminal justice system.
• Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. 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 1, 1971, 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 1-254
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Virginia license: means a license that is issued by the Board giving a person or firm the privilege of using the CPA title in Virginia or a firm the privilege of providing attest services, compilation services, and financial statement preparation services to persons and entities located in Virginia. See Virginia Code 54.1-4400