38.2-401.1 - Dam Safety, Flood Prevention and Protection Assistance Fund assessment. - Virginia Statutes

§ 38.2-401.1. Dam Safety, Flood Prevention and Protection Assistance Fundassessment.

The Commission shall annually assess against all licensed insurance companiesdoing business in this Commonwealth by writing any type of flood insurance anassessment in the amount of one percent of the total direct gross premiumincome for such insurance. Such assessment shall be apportioned, assessed,and paid as prescribed by § 38.2-403. In any year in which a company has nodirect gross premium income from flood insurance or in which its direct grosspremium income from flood insurance is insufficient to produce at the rate ofassessment prescribed by law an amount equal to or in excess of $100, thereshall be so apportioned and assessed against such company a contribution of$100. One hundred percent of the total amount collected annually pursuant tothis section shall be paid into the Dam Safety, Flood Prevention andProtection Assistance Fund established per § 10.1-603.17. The assessmentestablished by this section shall not apply to premium income for policieswritten pursuant to the National Flood Insurance Act of 1968 or for policiesproviding comprehensive motor vehicle insurance coverage.

(1990, c. 916; 2006, cc. 648, 765.)