Virginia Code 58.1-2504: Companies commencing business.
A. The license tax on a company commencing business in the Commonwealth shall be paid to the Department before the license is issued. If a payment is made in an amount subsequently found to be in error, the Department shall, if an additional amount is due, notify the taxpayer of the additional amount due and the company shall pay such amount within 30 days of the date of the notice, and, if an overpayment is made, issue a refund as provided for in § 58.1-2505.
Terms Used In Virginia Code 58.1-2504
- Commission: means the State Corporation Commission. See Virginia Code 58.1-2500
- Company: means any association, aggregation of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or inter-insurance exchange, trustee or society. See Virginia Code 58.1-2500
- Department: means the Department of Taxation. See Virginia Code 58.1-2500
- Tax: means the amount derived by multiplying the direct gross premium income in the taxable year by the tax rate. See Virginia Code 58.1-2500
B. No license to transact the business of insurance shall be issued by the Commission for less than a year except to a company when it first commences business in the Commonwealth, in which case the initial license shall be issued for that part of the year from the date of the issuance of the license to June 30 following.
Code 1950, §§ 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.