A. Any company that (i) is organized without capital stock, (ii) has a representative form of government, (iii) conducts its business under the provisions of this chapter without profit and for the sole benefit of its members and their beneficiaries, (iv) issues benefit certificates or policies of life insurance, annuities, or accident and sickness insurance, or any combination of those classes of insurance, upon its members, and (v) maintains the reserves required in this chapter on all contracts issued by it to its members, shall be a cooperative nonprofit life benefit company.\nB. As used in this chapter, 'company' means a cooperative nonprofit life benefit company as defined in subsection A of this section.\nCode 1950, § 38-467; 1952, c. 317, § 38.1-497; 1986, c. 562.
Virginia Legal Code