§ 38.2-1721. Association as a fiduciary
In handling the assets of the safety fund, the Association shall be deemed a fiduciary for the Commonwealth. 1986, c. 562.
§ 38.2-1719. Investment of safety fund
The assets of the safety fund may be invested in securities set forth in § 38.2-1415. 1986, c. 562.
§ 38.2-1720. Use of safety fund, repayment, etc.
A. The purpose of the safety fund is to provide for the payment of covered claims in the event the assessment limit specified in subsection E of § 38.2-1705 is reached. B. In the event the assets of the safety fund are needed to pay covered claims, these assets shall be loaned to the respective […]
§ 38.2-1717. Safety fund
The Association shall maintain a separate asset account to be known as the safety fund for the purpose of meeting the Association’s objectives as specified in § 38.2-1700. 1986, c. 562.
§ 38.2-1718. Financing the safety fund, maximum amount, distribution of excess
A. The safety fund, at the discretion of the Commission, shall receive penalty payments levied against member insurers made pursuant to subsection B of § 38.2-225 or any other payments approved by the Commission. B. The Commission may approve the payment of funds to the Association provided the balance in the safety fund account does […]
§ 38.2-1715. Prohibited advertisement of Association coverage in insurance sales; notice to policy owners
A. No person, including a member insurer, agent, or affiliate of a member insurer, shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper, magazine, or other publication, or in the form of a notice, circular, […]
§ 38.2-1716. Purpose and applicability of article
The purpose of this article is to provide directions and guidelines for the control and use of funds provided pursuant to § 38.2-225 or any other sources of funds not specified in Article 1 (§ 38.2-1700 et seq.) of this chapter. 1986, c. 562.
§ 38.2-1711. Examination of the Association; annual report
The Association shall be subject to examination and regulation by the Commission. The board of directors shall submit to the Commission, not later than each May 1, a financial report for the preceding calendar year in a form approved by the Commission and a report of its activities during the preceding calendar year. Upon the […]
§ 38.2-1712. Tax exemptions
The Association shall be exempt from the payment of all fees and all taxes levied by the Commonwealth or any of its subdivisions, except taxes levied on real and personal property. 1976, c. 330, § 38.1-482.30; 1986, c. 562; 2010, c. 510.
§ 38.2-1713. Immunity
There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer or its agents or employees, the Association or its agents or employees, members of the board of directors, or the Commission or its representatives, for any action taken by them in the […]