Virginia § 38.2-1604 Association created; members; divided into three accounts

Virginia Statutes

§ 38.2-1604 — Association created; members; divided into three accounts

Virginia § 38.2-1604

Title 38.2INSURANCE

Ch. 16VIRGINIA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION

Art. 1ESTABLISHMENT AND OPERATION OF THE ASSOCIATION

This text of Virginia § 38.2-1604 (Association created; members; divided into three accounts) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 38.2-1604 (2026).

Text

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 insurers defined as "member insurers" under § 38.2-1603 shall be and remain members of the Association as a condition of their license to transact the business of insurance in this Commonwealth. The Association shall perform its functions under a plan of operation established and approved under § 38.2-1607 and shall exercise its powers through a board of directors established under § 38.2-1605. For purposes of administration and assessment, the Association shall have three separate accounts:

(i)the workers' compensation insurance account;

(ii)the automobile insurance account; and (iii) the account for all othe

Free access — add to your briefcase to read the full text and ask questions with AI

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 insurers defined as "member insurers" under § 38.2-1603 shall be and remain members of the Association as a condition of their license to transact the business of insurance in this Commonwealth. The Association shall perform its functions under a plan of operation established and approved under § 38.2-1607 and shall exercise its powers through a board of directors established under § 38.2-1605. For purposes of administration and assessment, the Association shall have three separate accounts: (i) the workers' compensation insurance account; (ii) the automobile insurance account; and (iii) the account for all other insurance to which this chapter applies. These accounts shall be in addition to and separate from the safety fund authorized by § 38.2-1619.