§ 38.2-1701. Definitions
As used in this chapter:
"Account" means any one of the three accounts created under § 38.2-1702.
"Association" means the Virginia Life, Accident and Sickness Insurance Guaranty Association created under § 38.2-1702.
"Contractual obligation" means any obligation under covered policies.
"Covered policy" means any policy or contract within the scope of this chapter under § 38.2-1700.
"Impaired insurer" means a solvent member insurer considered by the Commission to be potentially unable to fulfill its contractual obligations.
"Insolvent insurer" means a member insurer that becomes insolvent and is placed under a final order of liquidation, rehabilitation, or conservation by a court of competent jurisdiction.
"Member insurer" means any person licensed to write in this Commonwealth any class of insurance to which this chapter applies under § 38.2-1700.
"Premiums" means direct gross insurance premiums and annuity considerations received on covered policies, less any return of premiums, and considerations on covered policies, and dividends paid or credited to policyholders on this business. "Premiums" do not include premiums and considerations on contracts between insurers and reinsurers.
"Resident" means any person who resides in this Commonwealth at the time a member with contractual obligations is determined to be impaired or insolvent.
(1976, c. 330, § 38.1-482.19; 1980, c. 186; 1986, c. 562.)
Sections: Previous 38.2-1700 38.2-1701 38.2-1702 38.2-1703 38.2-1704 38.2-1705 38.2-1706 38.2-1707 38.2-1708 38.2-1709 38.2-1710 38.2-1711 38.2-1712 38.2-1713 38.2-1714 NextLast modified: April 16, 2009