38.2-2000.1 - Definitions. - Virginia Statutes

§ 38.2-2000.1. Definitions.

As used in this chapter:

"Pool" means an arrangement, either voluntary or mandated by law,established on an on-going basis, pursuant to which two or more insurersparticipate in the sharing of risks on a predetermined basis, whicharrangement may operate through an association, syndicate, or other poolarrangement.

"Residual market mechanism" means an arrangement, either voluntary ormandated by law, involving participation by insurers in equitableapportionment among themselves of insurance which may be afforded applicantswho are unable to obtain insurance through ordinary methods including anyfiled and approved plans.

"Virginia Auto Insurance Plan" means that organization established forassigned risks pursuant to the provisions of § 46.2-464.

"Virginia Property Insurance Association" means that organizationestablished pursuant to Chapter 27 (§ 38.2-2700 et seq.) of this title.

"Virginia Workers' Compensation Insurance Plan" means that organizationestablished for assigned risks pursuant to the provisions of § 65.2-820.

(1993, c. 985.)