Contingent liability provisions in policies issued by certain mutual insurers

Va. Code Ann. § 38.2-308
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
Except in the case of nonassessable policies, the contingent liability of each member of a mutual insurer, other than a life insurer, shall be clearly stated in the mutual insurer's policies. The contingent liability may be limited, but such limitation shall not be less than one additional annual premium on each policy held by the member. Code 1950, § 38-508; 1952, c. 317, § 38.1-335.1; 1986, c. 562.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/38.2-308/Fetched: 10/16/2026

Starting a business in Virginia? Virginia LLC guide: costs and requirements