CHAPTER 617

An Act to amend and reenact § 51-111.67:1 of the Code of Virginia, relat-
tng to the purchase of group life insurance by the Board of Trustees
of the Virginia Supplemental Retirement System. rH 951]

Approved April 4, 1968

Be it enacted by the General Assembly of Virginia:

1. That § 51-111.67:1 of the Code of Virginia be amended and reenacted
as follows:

§ 51-111.67:1. Board authorized to purchase group life and acci-
dent insurance policies—The Board of Trustees of the Virginia Supple-
mental Retirement System, said Board of Trustees being hereinafter
referred to as the Board, acting for and on behalf of the Commonwealth
of Virginia, may and is hereby specifically authorized to purchase a con-
tract or contracts of insurance * with such reinsurance with a life insur-
ance company or companies incorporated or organized under the laws of
and authorized to do business in this Commonwealth as the Board may
require, insuring elected and appointed officers and employees, hereinafter
referred to as employees or individually as an employee, specified in § 51-
111.67 :2 who are eligible to participate in the group insurance authorized
by this article, or any group or groups or class or classes thereof, includ-
ing subsequently retired employees, under a policy or policies of group
insurance providing life and accidental death and dismemberment insur-
ance; and for such purposes the Board may agree to and pay from funds
provided for such purpose the premiums or charges for carrying such
contracts. Each policy so purchased shall contain a provision stipulating
the maximum expense and risk charges *, which charges * are determined
by the Board to be on a basis consistent with the general level of such
charges made by life insurance companies under policies of group life and
accidental death and dismemberment insurance issued to large employers.
Such insurance shail be purchased and carried with a life insurance com-
pany or companies authorized to do business in the Commonwealth which
shall have been determined by the Board to maintain in the Common-
wealth sufficient staff and facilities to efficiently administer and service
such insurance. No such insurance shall be purchased from a company
domiciled in a state wherein taxes, fees for licenses or certificates of
authority, or any other sums or deposits are assessed upon or exacted
from similar companies of this State for the privilege of doing business
in such state which exceed in the aggregate those imposed for like pur-
poses upon domiciliary companies of such state; provided, however, in the
event the Board at any time cannot on such a basis secure * the insurance
herein provided for, * the Board may secure such insurance from any
life insurance company or companies authorized to do business in the
Commonwealth.