Code of Virginia § 38.2-1604. Association created; members; divided into three accounts.
155 words·~1 min read·
/va/title-38-2/chapter-16/38-2-1604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The nonprofit unincorporated legal entity known as the Virginia Property and Casualty Insurance Guaranty Association, created by former § 38.1-761, shall continue in existence. All insurers defined as "member insurers" under § 38.2-1603 shall be and remain members of the Association as a condition of their license to transact the business of insurance in this Commonwealth. The Association shall perform its functions under a plan of operation established and approved under § 38.2-1607 and shall exercise its powers through a board of directors established under § 38.2-1605 . For purposes of administration and assessment, the Association shall have three separate accounts:
(i)the workers' compensation insurance account;
(ii)the automobile insurance account; and
(iii)the account for all other insurance to which this chapter applies. These accounts shall be in addition to and separate from the safety fund authorized by § 38.2-1619 .
1970, c. 766, § 38.1-761; 1986, c. 562; 1998, c. 230 .