14 Va. Admin. Code § 5-360-150

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-360-150 - Terms of license; voluntary dissolution of pool; mergers

A. A pool's license shall remain in effect until terminated at the request of the board or revoked by the commission pursuant to 14VAC5-360-160.

B. Before a pool can voluntarily dissolve, it must present a plan of dissolution to the commission for approval. Such a plan shall provide for the payment of all incurred losses and expenses of the fund and its members, including all incurred but not reported losses, as certified by an actuary, to the extent of the pool's assets. No assets of the pool may be used for any other purpose until payment of all such losses and expenses is provided for.

C. Subject to the approval of the commission, a pool may merge with another local government group self-insurance pool if the resulting pool assumes in full all obligations of the merging pools. The commission may hold a hearing on the merger and shall do so if any party, including a member of either pool, so requests.

D. Subject to the approval of the commission, a group self-insurance association consisting solely of political subdivisions licensed pursuant to § 65.2-802 of the Code of Virginia may merge with a pool pursuant to § 15.2-2703 of the Code of Virginia if the resulting pool assumes in full all obligations of the group self-insurance association. The commission may hold a hearing on the merger and shall do so if any party, including a member of the group self-insurance association or pool, so requests.

14 Va. Admin. Code § 5-360-150

Derived from Regulation 30, Case No. INS870057, § 6, eff. September 1, 1987; amended, Virginia Register Volume 26, Issue 14, eff. March 1, 2010.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.