Virginia Law

Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 27. Basic Property Insurance Residual Market Facility and Joint Underwriting Association
9/15/2024

§ 38.2-2700. Purposes of chapter.

The purposes of this chapter are:

1. To assure stability in the property insurance market of this Commonwealth;

2. To assure the availability of basic property insurance for qualified property;

3. To encourage maximum use of the voluntary insurance market provided by licensed insurers in obtaining basic property insurance; and

4. To provide for the equitable distribution among licensed insurers of the responsibility for insuring qualified property for which basic property insurance cannot be obtained through the voluntary insurance market.

1968, c. 559, § 38.1-746; 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.