CHAPTER 469

An Act to amend and reenact § 88.1-286, as amended, of the Code of Vir-
ginia, relating to when premium to be collected on certain contracts
of insurance.

(H 579]
Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:
1. That § 88.1-286, as amended, of the Code of Virginia, is further
amended and reenacted as follows:

§ 88.1-286. On every contract of insurance of the kind classified and
defined in §§ 38.1-6, 38.1-7 and 88.1-8, written, countersigned or delivered
by a resident agent or company representative of any company and cover-
ing a subject of insurance resident, located, or to be performed in this
State, the full premium on the contract shall be collected when such con-
tract is written, issued or delivered, or within a reasonable time thereafter ;
provided, however, * the Commission may approve a uniform installment
premium payment plan under which that portion of the premium appli-
cable to the second year and subsequent years of a term policy may be
carried by the insurer issuing the policy on a deferred payment basis and
such deferred payment shall include a charge representing a reasonable
and adequate annual rate of interest and other costs.