Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 25. Mutual Assessment Property and Casualty Insurers
5/13/2021

§ 38.2-2521. Notice of assessment; how given. (2020 updated section)

After an assessment is made, the insurer shall give every member subject to the assessment written notice stating the amount of the member's assessment and the date when payment is due. Except where the provisions of the bylaws or the policy provide otherwise, the time of payment shall be at least thirty days and no more than sixty days from the service of the notice. That notice may be served personally, by mail, or by electronic delivery pursuant to § 38.2-325. If mailed, the notice shall be deposited with the United States Postal Service and addressed to the member at his residence or place of business as shown on the company records.

Code 1950, § 38-535; 1952, c. 317, § 38.1-684; 1986, c. 562; 2020, c. 216.