CHAPTER 567

An Act to amend and reenact § 38.1-674 of the Code of Virginia, relating
to mutual assessment fire insurance companies, and limiting the
amount of a single risk by the insurance in force. rH 680]

Approved March 31, 1962

Be it enacted by the General Assembly of Virginia:
1. That § 38.1-674 of the Code of Virginia be amended and reenacted
as follows:

$ 38.1-674. No company having less than two million dollars insur-
ance in force shall insure any one risk for a greater sum than six thou-
sand dollars; no company having more than two million dollars but less
than five million dollars insurance in force shall insure any one risk for
re than eight thousand dollars; no company having more than five
lion dollars but less than ten million dollars insurance in force shall
ure any one risk for more than * fifteen thousand dollars; and no com-
iy having more than ten million dollars insurance in force shall insure
r one risk for a sum in excess of * fifteen cents for each one hundred
ars insurance it has in force, except that a company may insure any
risk in larger sums than prescribed herein if the excess over such pre-
ibed maximum is reinsured as authorized in this chapter, provided,
vever, that the maximum amount so ascertained may be increased by
extent of twenty-five per centum of the safety fund of the company
yf the time such insurance is written.

An emergency exists and this act is in force from its passage.