Code of Virginia - Title 38.2 Insurance - Chapter 17 Virginia Life, Accident And Sickness Insurance Guaranty Association

38.2-1700 Purpose and applicability of chapter
A. The purpose of this chapter is to protect, subject to certain limitations, policyowners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, accident ...

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 ...

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 ...

38.2-1703 Board of directors of Association
A. The board of directors of the Association shall consist of not less than five nor more than nine member insurers serving terms as established ...

38.2-1704 Powers and duties of Association
In addition to the powers and duties enumerated in other sections of this chapter: A. In the case of an impaired domestic insurer and subject ...

38.2-1705 Assessments
A. For the purpose of providing the funds necessary to carry out the powers and duties of the Association, the board of directors shall assess ...

38.2-1706 Plan of operation
A. 1. Neither the plan of operation nor any amendment to it shall become effective until submitted to and approved by the Commission. The Commission ...

38.2-1707 Duties and powers of the Commission
A. In addition to the duties and powers enumerated elsewhere in this chapter, the Commission shall: 1. Upon request of the board of directors, provide ...

38.2-1708 Detection and prevention of insolvencies
A. To aid in the detection and prevention of insurer insolvencies, the Commission shall have the duty to: 1. Notify the insurance departments of all ...

38.2-1709 Tax write-offs of certificates of contributions
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 ...

38.2-1710 Miscellaneous provisions
A. Nothing in this chapter shall be construed to reduce the liability for unpaid assessments of the insureds on an impaired or insolvent insurer operating ...

38.2-1711 Examination of the Association; annual report
The Association shall be subject to examination and regulation by the Commission. The board of directors shall submit to the Commission, not later than each ...

38.2-1712 Tax exemptions
The Association shall be exempt from the payment of all fees and all taxes levied by this Commonwealth or any of its subdivisions, except taxes ...

38.2-1713 Immunity
There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer or its ...

38.2-1714 Stay of proceedings; reopening default judgments
All proceedings in which the insolvent insurer is a party in any court in this Commonwealth shall be stayed sixty days from the date an ...

38.2-1715 Prohibition against advertising guaranty funds
No person, including an insurer, agent, or affiliate of an insurer shall make, publish, disseminate, circulate, or place before the public, or cause, directly or ...

38.2-1716 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 or any ...

38.2-1717 Safety fund
The Association shall maintain a separate asset account to be known as the safety fund for the purpose of meeting the Association's objectives as specified ...

38.2-1718 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 § ...

38.2-1719 Investment of safety fund
The assets of the safety fund may be invested in securities set forth in § 38.2-1415. (1986, c. 562.) ...

38.2-1720 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 subsection ...

38.2-1721 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.) ...