§ 38.2-2522. Action to recover assessments; penalty
Within twelve months after an assessment becomes due, a mutual assessment property and casualty insurer may institute suit against any member to recover any assessment that the member fails to pay. The insurer shall be entitled to recover (i) the amount shown to be due, (ii) lawful interest, and (iii) fifty percent of the principal amount as liquidated damages for neglect or refusal to pay within the time required.
(Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.)
Sections: Previous 38.2-2515 38.2-2516 38.2-2517 38.2-2518 38.2-2519 38.2-2520 38.2-2521 38.2-2522 38.2-2523 38.2-2524 38.2-2525 38.2-2526 38.2-2527 38.2-2528 38.2-2529 NextLast modified: April 3, 2009