CODE OF VIRGINIA

MAINTENANCE OF RESERVE FOR AN EMERGENCY FUND (§ 38.2-4011)

When the reserve for an emergency fund accumulated in accordance with the
provisions of § 38.2-4010 equals the maximum amount provided in subsection B of
that section, it shall be maintained at not less than that amount.  However, no
burial society shall be required, in any one year, to set aside more than five
percent of its net receipts from premiums, dues or assessments from certificates
of life insurance, other than certificates issued on a legal reserve basis.

HISTORY: Code 1950, § 38-462; 1952, c. 317, § 38.1-535; 1986, c. 562.