Except in the case of nonassessable policies, the contingent liability of each member of a mutual insurer, other than a life insurer, shall be clearly stated in the mutual insurer's policies. The contingent liability may be limited, but such limitation shall not be less than one additional annual premium on each policy held by the member.
Va. Code Ann. § 38.2-308
Contingent liability provisions in policies issued by certain mutual insurers
Code 1950, § 38-508; 1952, c. 317, § 38.1-335.1; 1986, c. 562.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.