CHAPTER 289

An Act to amend and reenact § 38.1-91 of the Code of Virginia, relating
to certain requirements for domestic mutual insurance companies to
transact business.
Be it enacted by the General Assembly of Virginia:

1. That § 88.1-91 of the Code of Virginia be amended and reenacted
as follows:

§ 38.1-91. No domestic mutual insurance company shall be licensed
to transact insurance in this State unless it has a surplus over and above
all liabilities of not less than three hundred thousand dollars, nor until it
has furnished the Commission a statement under the seal of the company,
verified by the president or treasurer or two of its directors, showing the
amount of surplus paid in, the amount of actual cash in its treasury, the
amount invested in securities with a list of such securities and their cash
value, and containing such other information as the Commission requires.
In its discretion the Commission may cause an examination of the com-
pany to be made to ascertain if it is entitled to such license.

The provisions of this section and § 38.1-98 requiring domestic
mutual companies to have and maintain a minimum surplus shall not
apply to * mutual assessment fire insurance companies.