§ 38.2-1702. Association; creation; memberships; accounts; supervision
A. The nonprofit legal entity to be known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20, shall continue in existence. All member insurers shall continue to be 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 the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703. For purposes of administration and assessment, the Association shall maintain three accounts: (i) the accident and sickness insurance account; (ii) the life insurance account; and (iii) the annuity account.
B. The Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of this Commonwealth.
(1976, c. 330, § 38.1-482.20; 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