§ 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.
(1970, c. 766, § 38.1-761; 1986, c. 562; 1998, c. 230.)
Sections: Previous 38.2-1600 38.2-1601 38.2-1602 38.2-1603 38.2-1604 38.2-1605 38.2-1606 38.2-1607 38.2-1608 38.2-1609 38.2-1610 38.2-1611 38.2-1611.1 38.2-1612 38.2-1613 NextLast modified: April 16, 2009