Code of Virginia § 38.2-1702. Association; creation; memberships; accounts; supervision.

253 words·~1 min read·/va/title-38-2/chapter-17/38-2-1702

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A. The Association is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20 . All member insurers shall be and remain members of the Association as a condition of their license to transact the business of insurance or the business of a health maintenance organization in the Commonwealth. The Association shall perform its functions under the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703 . For purposes of administration and assessment, the Association shall maintain two accounts:

(i)the accident and sickness insurance account; and

(ii)the life insurance and annuity account, which includes the following subaccounts:

(a)the life insurance account,

(b)the annuity account, which shall include unallocated annuity contracts covered under subdivision D 2 b of § 38.2-1700 , but shall otherwise exclude unallocated annuities, and

(c)the unallocated annuity account, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700 , but shall otherwise exclude unallocated annuities.

B. The Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of the Commonwealth. Meetings or records of the Association may be opened to the public upon majority vote of the board of directors of the Association.

1976, c. 330, § 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510 ; 2018, c. 706 .