Virginia § 38.2-2520 Right to limit assessment liability

Virginia Statutes

§ 38.2-2520 — Right to limit assessment liability

Virginia § 38.2-2520

Title 38.2INSURANCE

Ch. 25MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS

Art. 4INSURANCE TRANSACTIONS

This text of Virginia § 38.2-2520 (Right to limit assessment liability) 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. § 38.2-2520 (2026).

Text

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 the insurer during the last 5-year period or a surplus to policyholders of at least $800,000 may limit the assessment liability of members. The liability of members for assessment may be limited during any one year to an amount not less than one additional current annual assessment.

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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 the insurer during the last 5-year period or a surplus to policyholders of at least $800,000 may limit the assessment liability of members. The liability of members for assessment may be limited during any one year to an amount not less than one additional current annual assessment.