Code of Virginia - Title 38.2 Insurance - Chapter 25 Mutual Assessment Property And Casualty Insurers

38.2-2500 Scope of chapter
This chapter applies to mutual assessment property and casualty insurers as defined in this chapter, and to insurance written by those insurers. (1952, c. 317, ...

38.2-2501 Definitions
As used in this chapter: "Mutual assessment insurance" means property and casualty insurance written by an insurer which has a right to assess its members ...

38.2-2502 Mutual assessment insurance authorized
Mutual assessment property and casualty insurers licensed pursuant to this chapter may write mutual assessment insurance. (1952, c. 317, § 38.1-660; 1986, c. 562.) ...

38.2-2503 Classes of insurance that may be written by mutual assessment property and casualty insurers; minim...
A. Any mutual assessment property and casualty insurer with surplus to policyholders of at least $25,000 may write the following classes: 1. Fire insurance as ...

38.2-2504 Property beyond authorized territory
A mutual assessment property and casualty insurer shall not insure real property outside the limits of the territory for which it is authorized to write ...

38.2-2505 Risks limited to those specified in this chapter; personal liability for loss
No mutual assessment property and casualty insurer shall insure against any losses except as specified in this chapter. Any officer or agent who knowingly or ...

38.2-2506 What laws applicable
Except as otherwise provided in this chapter, and except when the context otherwise requires, all the provisions of this title relating to insurers generally, and ...

38.2-2507 Conversion of mutual assessment property and casualty insurers
A. Any mutual assessment property and casualty insurer desiring to remove itself from the provisions of this chapter and desiring to become an insurer under ...

38.2-2508 Incorporation of insurers
Mutual assessment property and casualty insurers formed after July 1, 1986, shall be incorporated under the provisions of Article 3 (§ 13.1-818 et seq.) of ...

38.2-2509 Directors; terms; annual meetings; voting; executive committee
As provided in the certificate or articles of incorporation and the bylaws, the management of any mutual assessment property and casualty insurer shall be vested ...

38.2-2510 Officers
Unless the certificate or articles of incorporation provides otherwise, the directors shall elect from their number a president. The directors shall also elect a secretary, ...

38.2-2511 How license obtained
The applicant insurer shall file with and have approved by the Commission its application for the license required by § 38.2-1024 prior to transacting the ...

38.2-2512 Who may become members
Any person having a risk insurable under this chapter who resides in the territory in which the insurer operates or who owns property located in ...

38.2-2513 Withdrawal and exclusion of members
A. Any member of a mutual assessment property and casualty insurer may withdraw as a member at any time by giving at least thirty days' ...

38.2-2514 Procedure upon exclusion of member
If any member is excluded from the insurer as provided in this article, the insurer shall note upon its records the exclusion of the member, ...

38.2-2515 Insurers to maintain membership of 100 or more; license suspended or revoked if membership not main...
Every mutual assessment property and casualty insurer shall maintain a membership of at least 100 persons at all times. Whenever the number of members falls ...

38.2-2516 Issuance of policies; bylaws as part of contract
The directors of every mutual assessment property and casualty insurer shall issue insurance policies requiring the insurer to pay all losses or damages caused by ...

38.2-2517 Policy forms to be filed
Every mutual assessment property and casualty insurer shall file with the Commission a copy of all policy forms and standard endorsements which the insurer intends ...

38.2-2518 Assessment contract
Each person insured by a mutual assessment property and casualty insurer shall be issued a contract prescribed by the insurer, that shall be uniform among ...

38.2-2519 Classification of risks; rates
Any insurer writing mutual assessment property and casualty insurance may classify the property or risk insured in accordance with the risk or hazard to which ...

38.2-2520 Right to limit assessment liability
Any mutual assessment property and casualty insurer having a surplus to policyholders equal to at least 3 times the average annual losses and expenses of ...

38.2-2521 Notice of assessment; how given
After an assessment is made, the insurer shall give every member subject to the assessment written notice stating the amount of the member's assessment and ...

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 ...

38.2-2523 Notice of loss and adjustment
Each policyholder after sustaining loss or damage from any cause specified in the policy shall notify the mutual assessment property and casualty insurer within the ...

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 ...

38.2-2525 Agents licenses required
Agents representing a mutual assessment property and casualty insurer shall be licensed by the Commission and appointed by the insurer in accordance with Chapter 18 ...

38.2-2526 Surplus to policyholders
A. Surplus to policyholders in addition to the required surplus specified in subsections A and B of § 38.2-2503 may be accumulated in amounts as ...

38.2-2527 Limitation on single risk to be assumed
A. No single risk shall be assumed by a mutual assessment property and casualty insurer in an amount exceeding ten percent of its surplus to ...

38.2-2528 Reinsurance
Any mutual assessment property and casualty insurer may reinsure the whole or any part of its risks with any solvent insurer licensed in this Commonwealth ...

38.2-2529 Unearned premium reserves required
A. Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, ...