38.2-1702 - Association; creation; memberships; accounts; supervision. - Virginia Statutes

§ 38.2-1702. Association; creation; memberships; accounts; supervision.

A. The Association is a nonprofit legal entity known as the Virginia Life,Accident and Sickness Insurance Guaranty Association, created by former §38.1-482.20. All member insurers shall be and remain members of theAssociation as a condition of their license to transact the business ofinsurance in this Commonwealth. The Association shall perform its functionsunder the plan of operation established and approved under § 38.2-1706 andshall exercise its powers through a board of directors established under §38.2-1703. For purposes of administration and assessment, the Associationshall maintain two accounts: (i) the accident and sickness insurance account;and (ii) the life insurance and annuity account, which includes the followingsubaccounts: (a) the life insurance account, (b) the annuity account, whichshall include unallocated annuity contracts covered under subdivision D 2 bof § 38.2-1700, but shall otherwise exclude unallocated annuities, and (c)the unallocated annuity account, which shall consist of contracts coveredunder subdivision D 2 d of § 38.2-1700, but shall otherwise excludeunallocated annuities.

B. The Association shall come under the immediate supervision of theCommission and shall be subject to the applicable provisions of the insurancelaws of the Commonwealth. Meetings or records of the Association may beopened to the public upon majority vote of the board of directors of theAssociation.

(1976, c. 330, § 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510.)