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.
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.
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 […]
The assets of the safety fund may be invested in securities set forth in § 38.2-1415. 1986, c. 562.
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 […]
In handling the assets of the safety fund, the Association shall be deemed a fiduciary for the Commonwealth. 1986, c. 562.