Chap. 21.—An ACT to amend section 4354 of the Code of Virginia. [H B 17]
Approved February 10, 1920.

1. Be it enacted by the general assembly of Virginia, That section
forty-three hundred and fifty-four of the Code of Virginia be amended
and re-enacted so as to read as follows:

Sec. 4354. Taxes; agents.—Every association or joint stock com-
pany embraced in section forty-three hundred and fifty-one shall pay
for the privilege of carrying on its business in this State, a license
tax of one per centum upon the gross amount of all premiums, assess-
ments, dues and fees collected, cr obligations taken therefor, derived
from its business in this State during each year ending the thirty-first
day of December, which license tax shall be paid in the same manner
and at the same time as is required by law of the regular life insurance
companies ; but, if such license tax or gross premiums shall not amount
in the aggregate to as much as two hundred dollars in any one year,
then such association or joint stock company shall pay a specific
license tax or two hundred dollars. The tax herein provided to be
paid by the companies or associations embraced in said section shall
be in lieu of all other taxes, license fees or levies whatsoever for
State, county, municipal or local purposes for the privilege of doing
business in this State; but nothing in this section shall be construed
to relieve any such company or association from taxation on its real
estate, or tangible personal property, as required by law to be paid
by the regular life insurance companies doing business in this State,
nor to relieve such companies or associations from the tax for the
maintenance of the bureau of insurance, as required by section forty-
one hundred and ninety-four, nor to relieve such companies or asso-
ciations from the tax required to be paid to the treasurer of Virginia
for keeping the bonds deposited by any such companies or associa-
tions. No industrial insurance company, however, doing business on
the legal reserve plan, shall be required to pay any licenses, fees, or
other taxes in excess of those required by this section on such part
of its business as may be sick benefit insurance, as defined in section
forty-three hundred and fifty-one; but all such sick benefit insurance
shall be subject to the restrictions of this chapter as far as applicable ;
but such last mentioned companies doing business on the legal reserve
plan shall pay on all sick benefit policies or contracts that provide
a greater death benefit than two hundred and fifty dollars, or a greater
weekly indemnity than ten dollars, and on all other life, limited pay-
ment and endowment insurance, the same license or other taxes as
are required of all other legal reserve companies.

Every agent, canvasser or solicitor representing any company quali-
fied to transact business under this chapter shall be subject to the laws
governing agents of insurance companies. |

2. An emergency existing, this act shall be in force from its
passage.