Code · Virginia · Title 38.2 · Chapter 27

Code of Virginia § 38.2-2700. Purposes of chapter.

88 words·~1 min read·/va/title-38-2/chapter-27/38-2-2700

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The purposes of this chapter are:

1. To assure stability in the property insurance market of this Commonwealth;

2. To assure the availability of basic property insurance for qualified property;

3. To encourage maximum use of the voluntary insurance market provided by licensed insurers in obtaining basic property insurance; and

4. To provide for the equitable distribution among licensed insurers of the responsibility for insuring qualified property for which basic property insurance cannot be obtained through the voluntary insurance market.

1968, c. 559, § 38.1-746; 1986, c. 562.