"Commission" means the State Corporation Commission, which is responsiblefor the administration of this chapter.
"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.
"Direct gross premium income" means the gross amount of all premiums,assessments, dues and fees collected, received or derived, or obligationstaken therefor, from business in this Commonwealth during each year endingDecember 31, excluding premiums received for reinsurance assumed fromlicensed insurance companies, without any deduction for dividends paid ordeduction on any other account except for premiums returned on cancelledpolicies, or on account of reduction in rates or reduction in the amountinsured, and excluding premiums received or derived to provide insurance ofthe kinds classified in §§ 38.2-102 and 38.2-109 issued on a group basis byan insurance company insuring its employees, agents and representatives. Incomputing direct gross premium income on insurance issued by mutual insurancecompanies other than life insurance companies, refunds or returns made topolicyholders otherwise than for losses may be deducted.
"Estimated tax" means the amount which the insurance company estimates asthe amount of the tax imposed by this chapter for the license year, measuredby direct gross premium income received or derived in the taxable year.
"Insurance company" means any company engaged in the business of makingcontracts of insurance.
"License year" means the 12-month period beginning on July 1 nextsucceeding the taxable year and ending on June 30 of the subsequent year.
"Preceding year's tax" means the tax as ascertained on the preceding year'stax report.
"Subscriber fee income" means the gross premium or deposit incomecollected, received or derived from and credited to the accounts ofsubscribers from business in the Commonwealth during the preceding yearending December 31, decreased by all returns for cancellation and all amountsreturned to subscribers or credited to their accounts as savings.
"Tax" means the amount derived by multiplying the direct gross premiumincome in the taxable year by the tax rate.
"Taxable year" means the calendar year preceding the license year upon thebasis of which direct gross premium income is computed. The term includes, inthe case of direct gross premium income for a fractional part of a calendaryear, the period in which such direct gross premium income is received orderived from business in this Commonwealth.
(Code 1950, §§ 58-486, 58-502, 58-502.1, 58-502.2; 1952, c. 190; 1954, c.207; 1966, c. 264; 1968, c. 13; 1978, c. 4; 1984, c. 675; 1998, c. 365; 2003,c. 372.)
"Commission" means the State Corporation Commission, which is responsiblefor the administration of this chapter.
"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.
"Direct gross premium income" means the gross amount of all premiums,assessments, dues and fees collected, received or derived, or obligationstaken therefor, from business in this Commonwealth during each year endingDecember 31, excluding premiums received for reinsurance assumed fromlicensed insurance companies, without any deduction for dividends paid ordeduction on any other account except for premiums returned on cancelledpolicies, or on account of reduction in rates or reduction in the amountinsured, and excluding premiums received or derived to provide insurance ofthe kinds classified in §§ 38.2-102 and 38.2-109 issued on a group basis byan insurance company insuring its employees, agents and representatives. Incomputing direct gross premium income on insurance issued by mutual insurancecompanies other than life insurance companies, refunds or returns made topolicyholders otherwise than for losses may be deducted.
"Estimated tax" means the amount which the insurance company estimates asthe amount of the tax imposed by this chapter for the license year, measuredby direct gross premium income received or derived in the taxable year.
"Insurance company" means any company engaged in the business of makingcontracts of insurance.
"License year" means the 12-month period beginning on July 1 nextsucceeding the taxable year and ending on June 30 of the subsequent year.
"Preceding year's tax" means the tax as ascertained on the preceding year'stax report.
"Subscriber fee income" means the gross premium or deposit incomecollected, received or derived from and credited to the accounts ofsubscribers from business in the Commonwealth during the preceding yearending December 31, decreased by all returns for cancellation and all amountsreturned to subscribers or credited to their accounts as savings.
"Tax" means the amount derived by multiplying the direct gross premiumincome in the taxable year by the tax rate.
"Taxable year" means the calendar year preceding the license year upon thebasis of which direct gross premium income is computed. The term includes, inthe case of direct gross premium income for a fractional part of a calendaryear, the period in which such direct gross premium income is received orderived from business in this Commonwealth.
(Code 1950, §§ 58-486, 58-502, 58-502.1, 58-502.2; 1952, c. 190; 1954, c.207; 1966, c. 264; 1968, c. 13; 1978, c. 4; 1984, c. 675; 1998, c. 365; 2003,c. 372.)
"Commission" means the State Corporation Commission, which is responsiblefor the administration of this chapter.
"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.
"Direct gross premium income" means the gross amount of all premiums,assessments, dues and fees collected, received or derived, or obligationstaken therefor, from business in this Commonwealth during each year endingDecember 31, excluding premiums received for reinsurance assumed fromlicensed insurance companies, without any deduction for dividends paid ordeduction on any other account except for premiums returned on cancelledpolicies, or on account of reduction in rates or reduction in the amountinsured, and excluding premiums received or derived to provide insurance ofthe kinds classified in §§ 38.2-102 and 38.2-109 issued on a group basis byan insurance company insuring its employees, agents and representatives. Incomputing direct gross premium income on insurance issued by mutual insurancecompanies other than life insurance companies, refunds or returns made topolicyholders otherwise than for losses may be deducted.
"Estimated tax" means the amount which the insurance company estimates asthe amount of the tax imposed by this chapter for the license year, measuredby direct gross premium income received or derived in the taxable year.
"Insurance company" means any company engaged in the business of makingcontracts of insurance.
"License year" means the 12-month period beginning on July 1 nextsucceeding the taxable year and ending on June 30 of the subsequent year.
"Preceding year's tax" means the tax as ascertained on the preceding year'stax report.
"Subscriber fee income" means the gross premium or deposit incomecollected, received or derived from and credited to the accounts ofsubscribers from business in the Commonwealth during the preceding yearending December 31, decreased by all returns for cancellation and all amountsreturned to subscribers or credited to their accounts as savings.
"Tax" means the amount derived by multiplying the direct gross premiumincome in the taxable year by the tax rate.
"Taxable year" means the calendar year preceding the license year upon thebasis of which direct gross premium income is computed. The term includes, inthe case of direct gross premium income for a fractional part of a calendaryear, the period in which such direct gross premium income is received orderived from business in this Commonwealth.
(Code 1950, §§ 58-486, 58-502, 58-502.1, 58-502.2; 1952, c. 190; 1954, c.207; 1966, c. 264; 1968, c. 13; 1978, c. 4; 1984, c. 675; 1998, c. 365; 2003,c. 372.)
