Va. Code § 38.2-1604

Current with changes from the 2024 Special Session I, ch. 2

Section 38.2-1604 - Association created; members; divided into three accounts

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.

Va. Code § 38.2-1604

1970, c. 766, § 38.1-761; 1986, c. 562; 1998, c. 230.

Amended by Acts 1998, § c. 230.

Amended by Acts 1986, § c. 562.

Amended by Acts 1970, § c. 766, § 38.1-761.