Source: https://law.lis.virginia.gov/vacode/65.2-802/
Timestamp: 2020-08-06 00:43:36
Document Index: 532274359

Matched Legal Cases: ['§ 65', '§ 65', '§ 65', '§ 38', '§ 38', '§ 65', '§ 49', '§ 65']

§ 65.2-802. Requirements for licensure as group self-insurance association; annual assessment
Table of Contents » Title 65.2. Workers' Compensation » Chapter 8. Insurance and Self-Insurance » § 65.2-802. Requirements for licensure as group self-insurance association; annual assessment
§ 65.2-802. Requirements for licensure as group self-insurance association; annual assessment.
E. The State Corporation Commission may establish reasonable requirements and standards for the approval of a group self-insurance association and the administration of such associations including, without limitation, the quality, amount and accounting of security deposits, bonds, excess insurance and reinsurance, the membership in any group self-insurance association, the amount of advance payments and reserves required of group self-insurance associations, the investment of such funds, the form and content of financial information to be submitted by a group self-insurance association and the frequency of such submissions, and the terms of agreements between members of a group self-insurance association. The State Corporation Commission may, after notice and hearing, embody such requirements and standards and such other requirements as may be reasonably necessary for the purposes of this section in regulations; however, any group self-insurance association entering into a reinsurance transaction pursuant to the provisions of this section shall be deemed an insurer for purposes of such transaction and shall be subject to Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of Title 38.2.
F. Notwithstanding any provision of this title to the contrary, each licensed group self-insurance association shall be assessed annually by the State Corporation Commission in like manner and amount to that provided by Chapter 4 (§ 38.2-400 et seq.) of Title 38.2 and shall pay such assessment in accordance with the aforesaid provisions of law; however, for the purposes of such assessment "direct gross premium income" of a licensed group self-insurance association shall be the aggregate of the amounts determined to be subject to the tax imposed by § 65.2-1006 on each employer member of such association.
G. Notwithstanding the provisions of § 49-25, neither the State Corporation Commission nor any other entity or person, as obligee under any surety bond required under this section or any regulation adopted hereunder, shall be required to institute suit against an association as a condition precedent to the surety's performance under the bond.
1979, c. 463, § 65.1-104.2; 1988, c. 365; 1990, c. 306; 1991, c. 355; 1994, cc. 333, 408.