§ 38.2-2524. Proceeding when loss or damage exceeds cash on hand
If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer's cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.
(Code 1950, § 38-532; 1952, c. 317, § 38.1-681; 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 Next
Last modified: April 3, 2009