Virginia Statutes
§ 38.2-2524 — Proceeding when loss or damage exceeds cash on hand
Virginia § 38.2-2524
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 25MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS
Art. 4INSURANCE TRANSACTIONS
This text of Virginia § 38.2-2524 (Proceeding when loss or damage exceeds cash on hand) 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. § 38.2-2524 (2026).
Text
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 pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
Code 1950, § 38-532; 1952, c. 317, § 38.1-681; 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 § 38.2-2524, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-2524.