38.2-2522 - Action to recover assessments; penalty. - Virginia Statutes

§ 38.2-2522. Action to recover assessments; penalty.

Within twelve months after an assessment becomes due, a mutual assessmentproperty and casualty insurer may institute suit against any member torecover any assessment that the member fails to pay. The insurer shall beentitled to recover (i) the amount shown to be due, (ii) lawful interest, and(iii) fifty percent of the principal amount as liquidated damages for neglector refusal to pay within the time required.

(Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.)