38.2-3001 - Distribution to insurers; records of loss experience as prerequisite to payment. - Virginia Statutes

§ 38.2-3001. Distribution to insurers; records of loss experience asprerequisite to payment.

The Commission shall distribute moneys annually from the Fund among theseveral insurers writing motor vehicle bodily injury and property damageliability insurance on motor vehicles registered in this Commonwealth. Moneysshall be distributed in the proportion that each insurer's reported writtencar years bear to the total number of written car years reported for thepreceding year by all insurers in this Commonwealth who have elected toparticipate in the distribution of the Fund. For purposes of this section,"written car years" means the number of motor vehicles insured by policiesproviding uninsured motorist coverage as required by subsection A of §38.2-2206 during a twelve-month period. Only insurers that maintain recordssatisfactory to the Commission shall receive any payment from the Fund.

(Code 1950, § 12-66; 1958, c. 455, § 38.1-379.2; 1962, c. 253; 1971, Ex.Sess., c. 44; 1986, c. 562; 2002, c. 145.)