Code of Virginia - Title 38.2 Insurance - Chapter 16 Virginia Property And Casualty Insurance Guaranty Association

38.2-1600 Purpose
The purpose of this chapter is to establish an association that shall provide prompt payment of covered claims to reduce financial loss to claimants or ...

38.2-1601 Application
This chapter shall apply to all classes of direct insurance written by member insurers but shall not be applicable to the following: 1. Life, annuity, ...

38.2-1602 Liberal construction
This chapter shall be liberally construed to effect the purpose under § 38.2-1600, which shall constitute an aid and guide to interpretation. (1970, c. 766, ...

38.2-1603 Definitions
As used in this chapter: "Account" means any one of the three accounts created by § 38.2-1604. "Affiliate" means a person who directly, or indirectly, ...

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 ...

38.2-1605 Board of directors
A. The board of directors of the Association shall consist of at least five but no more than nine persons serving terms specified in the ...

38.2-1606 Duties and powers of Association
A. The Association shall: 1. Be obligated to pay covered claims that existed prior to the determination of insolvency and which arose before the earliest ...

38.2-1607 Plan of operation
A. 1. The plan of operation and any amendments to it shall be submitted to the Commission by the Association and shall not become effective ...

38.2-1608 Duties and powers of Commission; judicial review
A. The Commission shall: 1. Notify the Association of the existence of an insolvent insurer within three days after it receives notice of the determination ...

38.2-1609 Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims...
A. 1. Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Association to the extent ...

38.2-1610 Exhaustion of remedies under policy; claims recoverable from more than one association
A. Any person having a claim against an insurer under any provision in an insurance policy, other than a policy of an insolvent insurer under ...

38.2-1611 Aids in detection and prevention of insurer insolvencies
To aid in the detection and prevention of insurer insolvencies: 1. The Association's board of directors has the duty, upon a majority vote, (i) to ...

38.2-1611.1 Tax write-offs of certificates of contribution
A. A member insurer shall have at its option the right to show a certificate of contribution as an asset in the form approved by ...

38.2-1612 Examination and regulation of Association by Commission; annual financial report
The Association shall be subject to examination and regulation by the Commission. The board of directors shall submit, not later than May 1 of each ...

38.2-1613 Exemption from payment of fees and taxes
The Association shall be exempt from payment of all fees and all taxes levied by this Commonwealth or any of its subdivisions except taxes levied ...

38.2-1614 Description unavailable
Repealed by Acts 1993, c. 679. ...

38.2-1615 No liability for action taken in good faith
There shall be no liability on the part of and no cause of action shall arise against any member insurer, the Association or its agents ...

38.2-1616 Stay of proceedings against insolvent insurer; setting aside judgment, etc.; access to record...
A. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this Commonwealth shall ...

38.2-1617 Termination of operation of Association; expiration of chapter
A. The Commission shall by order terminate the operation of the Association for any class of insurance covered by this chapter with respect to which ...

38.2-1618 Purpose and applicability of article
The purpose of this article is to provide directions and guidelines for the control and use of funds provided pursuant to § 38.2-225, obtained through ...

38.2-1619 Safety fund
The Association shall maintain a separate asset account to be known as the safety fund. The safety fund shall be used to assist the Association ...

38.2-1620 Financing the safety fund, maximum amount, distribution of excess
A. The safety fund, at the discretion of the Commission, shall receive penalty payments levied against member insurers made pursuant to subsection B of § ...

38.2-1621 Investment of safety fund
The assets held in the safety fund may be invested in securities set forth in § 38.2-1415. (1986, c. 562; 1998, c. 230.) ...

38.2-1622 Use of safety fund, repayment, etc
A. The purpose of the safety fund is to provide for the payment of covered claims in the event the assessment limit specified in subdivision ...

38.2-1623 Association as a fiduciary
In handling the assets of the safety fund, the Association shall be deemed a fiduciary for the Commonwealth. (1986, c. 562.) ...