Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 40. Burial Societies

§ 38.2-4011. Maintenance of reserve for an emergency fund.

When the reserve for an emergency fund accumulated in accordance with the provisions of § 38.2-4010 equals the maximum amount provided in subsection B of that section, it shall be maintained at not less than that amount. However, no burial society shall be required, in any one year, to set aside more than five percent of its net receipts from premiums, dues or assessments from certificates of life insurance, other than certificates issued on a legal reserve basis.

Code 1950, § 38-462; 1952, c. 317, § 38.1-535; 1986, c. 562.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.