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§ 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.

§ 38.2-1717. 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 […]

§ 38.2-1720. 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 […]