If a company goes out of business or ceases to be a company in this Commonwealth in any assessable or license year, the company shall remain liable for the payment of the assessment measured by direct gross premium income for the period in which it operated as a company and received or derived direct gross premium income from business in this Commonwealth.

Terms Used In Virginia Code 38.2-412

  • Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Direct gross premium income: means direct gross premium as defined in § 58. See Virginia Code 38.2-402
  • License year: means the 12-month period beginning on July 1 next succeeding the assessable year and ending on June 30 of the subsequent year. See Virginia Code 38.2-402

1977, c. 317, § 38.1-48.7; 1986, c. 562.

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