Virginia § 38.2-1611 Aids in detection and prevention of insurer insolvencies

Virginia Statutes

§ 38.2-1611 — Aids in detection and prevention of insurer insolvencies

Virginia § 38.2-1611

Title 38.2INSURANCE

Ch. 16VIRGINIA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION

Art. 1ESTABLISHMENT AND OPERATION OF THE ASSOCIATION

This text of Virginia § 38.2-1611 (Aids in detection and prevention of insurer insolvencies) 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. § 38.2-1611 (2026).

Text

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 make recommendations to the Commission for the detection and prevention of insurer insolvencies, and (ii) to respond to requests by the Commission to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to the policyholders or the public. 2 through 5. [Repealed.]

6.At the request of the Commission and at the conclusion of any insurer's insolvency in which the Association was obligated to pay covered claims, the board of directors may prepare a report on the history and causes of the insolvency based on the information available to the Association. The report shall be submitted

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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 make recommendations to the Commission for the detection and prevention of insurer insolvencies, and (ii) to respond to requests by the Commission to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to the policyholders or the public.

2 through 5. [Repealed.]

6. At the request of the Commission and at the conclusion of any insurer's insolvency in which the Association was obligated to pay covered claims, the board of directors may prepare a report on the history and causes of the insolvency based on the information available to the Association. The report shall be submitted to the Commission.