15.2-2700 - Declaration of policy, findings and purpose. - Virginia Statutes

§ 15.2-2700. Declaration of policy, findings and purpose.

The General Assembly hereby finds and determines that insurance protection isessential to the proper functioning of political subdivisions; that theresources of political subdivisions are burdened by the high cost of andfrequent inability to secure such protection through standard carriers; thatproper risk management requires the spreading of risk so as to minimizefluctuation in insurance needs; and that, therefore, all contributions offinancial and administrative resources made by a political subdivisionpursuant to an intergovernmental contract as authorized by this chapter aremade for a public and governmental purpose, and that such contributionsbenefit each contributing political subdivision.

(1986, cc. 520, 556, § 15.1-503.4:1; 1997, c. 587.)