Virginia Statutes
§ 38.2-2522 — Action to recover assessments; penalty
Virginia § 38.2-2522
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 25MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS
Art. 4INSURANCE TRANSACTIONS
This text of Virginia § 38.2-2522 (Action to recover assessments; penalty) 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. § 38.2-2522 (2026).
Text
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 that the member fails to pay. The insurer shall be entitled to recover (i) the amount shown to be due, (ii) lawful interest, and (iii) fifty percent of the principal amount as liquidated damages for neglect or refusal to pay within the time required.
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Legislative History
Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-2522, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-2522.