38.2-1600 - Purpose. - Virginia Statutes

§ 38.2-1600. Purpose.

The purpose of this chapter is to establish an association that shall provideprompt payment of covered claims to reduce financial loss to claimants orpolicyholders resulting from the insolvency of an insurer. This associationshall assist in the detection and prevention of insurer insolvencies andshall apportion the cost of this protection among insurers.

(1970, c. 766, § 38.1-757; 1986, c. 562.)