2006 Code of Virginia § 58.1-2508 - Taxes applicable to insurance companies

58.1-2508. Taxes applicable to insurance companies.

A. The real estate and tangible personal property, situated or located in theCommonwealth, of every such company and every fraternal benefit societytransacting insurance in the Commonwealth shall be listed and assessed on theland and property books of the commissioner of the revenue in the same manneras other real estate and tangible personal property are assessed, and shallbe taxed at the same rates as other like property is taxed.

B. The license tax provided in this chapter, the tax on real estate andtangible personal property provided for in subsection A, the fee assessed bythe Commission for the administration of the insurance laws pursuant toChapter 4 ( 38.2-400 et seq.) of Title 38.2, the fee assessed by theCommission for the Fire Programs Fund pursuant to 38.2-401, the feeassessed by the Commission for the Dam Safety, Flood Prevention andProtection Assistance Fund pursuant to 38.2-401.1, the fee assessed by theCommission to fund the program to reduce losses from motor vehicle theftspursuant to 38.2-414, the fee assessed by the Commission to fund theprogram to reduce losses from insurance fraud pursuant to 38.2-415, and theretaliatory amounts assessed by the Commission pursuant to 38.2-1026 shallbe in lieu of all fees, licenses, taxes and levies whatsoever, state, county,city or town; however, nothing in this section shall be construed to exemptinsurance companies from the tax levied in Chapter 6 ( 58.1-600 et seq.) ofthis title. No additional fee or license tax shall be applicable to an agentof an insurance company other than the annual license fee on agents requiredpursuant to Article 3 ( 38.2-1819 et seq.) of Chapter 18 of Title 38.2.

(Code 1950, 58-499, 58-500; 1952, c. 190; 1984, c. 675; 1985, c. 545;1992, c. 678; 1996, c. 22; 1998, c. 590; 2001, c. 706; 2006, cc. 648, 765.)