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Virginia Law

Code of Virginia

Table of Contents » Title 38.2. Insurance » Chapter 25. Mutual Assessment Property and Casualty Insurers » Article 4. Insurance Transactions » § 38.2-2520. Right to limit assessment liability

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Code of Virginia
Title 38.2. Insurance
Chapter 25. Mutual Assessment Property and Casualty Insurers

11/4/2024

§ 38.2-2520. Right to limit assessment liability.

Any mutual assessment property and casualty insurer having a surplus to policyholders equal to at least 3 times the average annual losses and expenses of the insurer during the last 5-year period or a surplus to policyholders of at least $800,000 may limit the assessment liability of members. The liability of members for assessment may be limited during any one year to an amount not less than one additional current annual assessment.

1952, c. 317, § 38.1-683.1; 1986, c. 562.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.