38.2-1604 - Association created; members; divided into three accounts. - Virginia Statutes

§ 38.2-1604. Association created; members; divided into three accounts.

The nonprofit unincorporated legal entity known as the Virginia Property andCasualty Insurance Guaranty Association, created by former § 38.1-761, shallcontinue in existence. All insurers defined as "member insurers" under §38.2-1603 shall be and remain members of the Association as a condition oftheir license to transact the business of insurance in this Commonwealth. TheAssociation shall perform its functions under a plan of operation establishedand approved under § 38.2-1607 and shall exercise its powers through a boardof directors established under § 38.2-1605. For purposes of administrationand assessment, the Association shall have three separate accounts: (i) theworkers' compensation insurance account; (ii) the automobile insuranceaccount; and (iii) the account for all other insurance to which this chapterapplies. These accounts shall be in addition to and separate from the safetyfund authorized by § 38.2-1619.

(1970, c. 766, § 38.1-761; 1986, c. 562; 1998, c. 230.)