reglab/housing_qa huggingface dataset:
VA Code § 38.2-1622 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1622. Use of safety fund, repayment, etc.

A. The purpose of the safety fund is to provide for the payment of covered claims in the event the assessment limit specified in subdivision A 3 of § 38.2-1606 is reached.B. In the event the assets in the safety fund are needed to pay covered claims, these assets shall be loaned to the respective account specified in § 38.2-1604. This loan shall be the general obligation of the Association.C. Assets in the safety fund derived from borrowed moneys obtained under the provisions of subdivision B 7 of § 38.2-1606 shall be lent to an account at the rate of interest the Association is paying the lender providing such moneys. Interest on any other loan shall be compounded quarterly and be based upon the average ninety-day treasury bill rate for the most recently completed calendar quarter as published in the Federal Reserve Bulletin. This rate will be updated quarterly in order to conform with the market rates of interest.D. Loans shall be repaid by levying assessments pursuant to subdivision A 3 of § 38.2-1606 against the members for the account on whose behalf the loan was negotiated. Unless otherwise approved by the Commission, the loan shall be repaid within six months of its issuance. This assessment in conjunction with any other assessments levied, shall not exceed the limit specified in subdivision A 3 of § 38.2-1606.E. Subject to the approval of the Commission, assets in the safety fund may be loaned to any account specified in § 38.2-1604 even though the maximum assessment in subdivision A 3 of § 38.2-1606 has not been levied if the directors of the Association determine that this action will minimize the cost to the Association in paying covered claims.F. Excess assets in the safety fund set forth in subsection D of § 38.2-1620 may be used to pay the Association's covered claims without the members incurring a liability to repay the safety fund.1986, c. 562; 1998, c. 230.
VA Code § 38.2-1623 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1623. Association as a fiduciary

In handling the assets of the safety fund, the Association shall be deemed a fiduciary for the Commonwealth.1986, c. 562.
VA Code § 38.2-1702 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1702. Association; creation; memberships; accounts; supervision

A. The Association is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20. All member insurers shall be and remain members of the Association as a condition of their license to transact the business of insurance or the business of a health maintenance organization in the Commonwealth. The Association shall perform its functions under the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703. For purposes of administration and assessment, the Association shall maintain two accounts: (i) the accident and sickness insurance account; and (ii) the life insurance and annuity account, which includes the following subaccounts: (a) the life insurance account, (b) the annuity account, which shall include unallocated annuity contracts covered under subdivision D 2 b of § 38.2-1700, but shall otherwise exclude unallocated annuities, and (c) the unallocated annuity account, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700, but shall otherwise exclude unallocated annuities.B. The Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of the Commonwealth. Meetings or records of the Association may be opened to the public upon majority vote of the board of directors of the Association.1976, c. 330, § 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510; 2018, c. 706.
VA Code § 38.2-1703 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1703. Board of directors of Association

A. The board of directors of the Association shall consist of not less than nine nor more than 13 member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining board members, subject to the approval of the Commission.B. In approving selections the Commission shall consider, among other things, whether all member insurers are fairly represented.C. Members of the board may be reimbursed from the assets of the Association for expenses incurred by them as members of the board of directors but members of the board shall not be otherwise compensated by the Association for their services.1976, c. 330, § 38.1-482.21; 1986, c. 562; 2010, c. 510; 2018, cc. 258, 306, 706.
VA Code § 38.2-1707 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1707. Duties and powers of the Commission

A. In addition to the duties and powers enumerated elsewhere in this chapter, the Commission shall:1. Upon request of the board of directors, provide the Association with a statement of the premiums in the appropriate states for each member insurer;2. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with this demand shall not excuse the Association from the performance of its powers and duties under this chapter; and3. Be appointed as the liquidator or rehabilitator in any liquidation or rehabilitation proceeding involving a domestic member insurer. If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commission shall be appointed conservator.B. The Commission may suspend or revoke, after notice and hearing, the license to transact business in the Commonwealth of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the Commission may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month.C. Any action of the board of directors or the Association may be appealed to the Commission by any member insurer if the appeal is taken within 30 days of the action being appealed. Any final action or order of the Commission shall be subject to judicial review in accordance with the provisions of §§ 12.1-39 through 12.1-41.D. The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.1976, c. 330, § 38.1-482.25; 1986, c. 562; 2010, c. 510; 2018, c. 706.
VA Code § 38.2-1708 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1708. Detection and prevention of insolvencies

A. To aid in the detection and prevention of member insurer insolvencies, the Commission shall have the duty to:1. Notify the insurance departments of all of the other states within 30 days following the action taken or the date the action occurs, when the Commission takes any of the following actions against a member insurer:a. Revocation of license;b. Suspension of license; orc. Enters a formal order that the member insurer restrict its premium writing, obtain additional contributions to surplus, withdraw from the Commonwealth, reinsure all or any part of its business, or increase capital, surplus, or any other account for the security of policy owners, contract owners, certificate holders, or creditors;2. Report to the board of directors when the Commission has taken any of the actions set forth in subdivision 1 or has received a report from any other insurance department indicating that any such action has been taken in another state. The report to the board of directors shall contain all significant details of the action taken or the report received from another insurance department;3. Report to the board of directors when the Commission has reasonable cause to believe from an examination, whether completed or in process, of any member insurer that the member insurer may be an impaired or insolvent insurer; and4. Furnish to the board of directors the National Association of Insurance Commissioners (NAIC) Insurance Regulatory Information System (IRIS) ratios and listings of companies not included in the ratios developed by the NAIC, and the board may use the information contained therein in carrying out its duties and responsibilities under this section. The report and the information contained therein shall be kept confidential by the board of directors until such time as made public by the Commission or other lawful authority.B. The Commission may seek the advice and recommendations of the board of directors concerning any matter affecting its duties and responsibilities regarding the financial condition of member insurers and insurers or health maintenance organizations seeking admission to transact business in the Commonwealth.C. The board of directors may, upon majority vote, make reports and recommendations to the Commission upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer or germane to the solvency of any insurer or health maintenance organization seeking to transact business in the Commonwealth. These reports and recommendations shall not be considered public documents.D. The board of directors, upon majority vote, may notify the Commission of any information indicating a member insurer may be an impaired or insolvent insurer.E. The board of directors, upon majority vote, may make recommendations to the Commission for the detection and prevention of member insurer insolvencies.1976, c. 330, § 38.1-482.26; 1986, c. 562; 2010, c. 510; 2018, c. 706.
VA Code § 38.2-1709 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1709. Tax write-offs of certificates of contributions

A. A member insurer shall have at its option the right to show a certificate of contribution as an asset in the form approved by the Commission pursuant to subsection H of § 38.2-1705 at the original face amount for the calendar year of issuance. Such amount shall be amortized over the 10 calendar years following the year the contribution was paid in amounts each equal to 10 percent of the amount of the contribution.B. The member insurer may offset the amount of the certificate amortized in a calendar year as provided in subsection A. This amount shall be deducted from the premium tax liability incurred on business transacted in the Commonwealth for that year. However, the Association shall diligently pursue all rights available to it to recover its expenditures made in the fulfillment of its responsibilities under this chapter. If the Commission determines after a hearing that the Association is not diligently pursuing available measures of recovery, the Commission shall notify the Department and contributing member insurers will not be able to offset amounts amortized during the period that the Commission determines that the Association has not been diligently pursuing available measures of recovery.C. Any sums for which a certificate of contribution has been issued that have been (i) amortized by contributing insurers and offset against premium taxes as provided in subsection B and (ii) subsequently refunded pursuant to subsection F of § 38.2-1705 shall be paid to the Department of Taxation and deposited with the State Treasurer for credit to the general fund of the Commonwealth.D. The amount of any credit against premium taxes provided for in this section for a member insurer shall be reduced by the amount of reduction in federal income taxes for any deduction claimed by the member insurer for an assessment paid pursuant to this chapter.E. A member insurer that is exempt from taxes referenced in subsection A may recoup its assessments by a surcharge on its premiums in a sum reasonably calculated to recoup the assessments over a reasonable period of time, as approved by the Commission. Amounts recouped shall not be considered premiums for any other purpose, including the computation of gross premium tax, the loss ratio, or agent commission. If a member insurer collects excess surcharges, the member insurer shall remit the excess amount to the Association, and the excess amount shall be applied to reduce future assessments in the appropriate account.1976, c. 330, § 38.1-482.27; 1986, c. 562; 1987, cc. 565, 655; 1991, c. 371; 1997, c. 160; 2010, c. 510; 2011, c. 850; 2018, c. 706.
VA Code § 38.2-1711 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1711. Examination of the Association; annual report

The Association shall be subject to examination and regulation by the Commission. The board of directors shall submit to the Commission, not later than each May 1, a financial report for the preceding calendar year in a form approved by the Commission and a report of its activities during the preceding calendar year. Upon the request of a member insurer, the Association shall provide the member insurer with a copy of the report.1976, c. 330, § 38.1-482.29; 1986, c. 562; 2010, c. 510.
VA Code § 38.2-1712 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1712. Tax exemptions

The Association shall be exempt from the payment of all fees and all taxes levied by the Commonwealth or any of its subdivisions, except taxes levied on real and personal property.1976, c. 330, § 38.1-482.30; 1986, c. 562; 2010, c. 510.
VA Code § 38.2-1713 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1713. Immunity

There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer or its agents or employees, the Association or its agents or employees, members of the board of directors, or the Commission or its representatives, for any action taken by them in the performance of their powers and duties under this chapter. This immunity shall extend to the participation in any organization of one or more other state associations of similar purposes and to any such organization and its agents or employees.1976, c. 330, § 38.1-482.31; 1986, c. 562; 2010, c. 510.
VA Code § 38.2-1714 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1714. Stay of proceedings; reopening default judgments

All proceedings in which the insolvent member insurer is a party in any court in this Commonwealth shall be stayed 180 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the Association on all matters germane to its powers and duties. The Association may apply to have the judgment under any decision, order, verdict, or finding based on default set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.1976, c. 330, § 38.1-482.32; 1986, c. 562; 2010, c. 510; 2018, c. 706.
VA Code § 38.2-1716 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1716. Purpose and applicability of article

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.
VA Code § 38.2-1717 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1717. Safety fund

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.
VA Code § 38.2-1718 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1718. Financing the safety fund, maximum amount, distribution of excess

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 not exceed two percent of the total of all member insurer's premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702.C. Investment income earned on assets held in the safety fund shall be credited to the safety fund provided the balance of the safety fund does not exceed three percent of the total of all member insurer's premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702 unless otherwise determined by the Commission.D. In the event the safety fund balance exceeds the amount specified in subsection C of this section, at the discretion of the Commission the difference shall be paid to the state treasury to the credit of the Literary Fund or shall be subject to subsection F of § 38.2-1720.E. In the event the fund is dissolved, remaining assets in the safety fund will be distributed to the state treasury to the credit of the Literary Fund.1986, c. 562.
VA Code § 38.2-1719 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1719. Investment of safety fund

The assets of the safety fund may be invested in securities set forth in § 38.2-1415.1986, c. 562.
VA Code § 38.2-1720 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1720. Use of safety fund, repayment, etc.

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 account listed in subsection A of § 38.2-1702. This loan shall be the general obligation of the Association members and shall be evidenced by an agreement approved by the Commission.C. Interest on this loan shall be compounded quarterly and be based upon the average ninety-day treasury bill rate for the most recently completed calendar quarter as published in the Federal Reserve Bulletin. This rate will be updated quarterly in order to conform with market rates of interest.D. This loan shall be repaid by levying assessments against the members for the account on whose behalf the loan was negotiated. Unless otherwise approved by the Commission, the loan shall be repaid within six months of its issuance. This assessment in conjunction with any other assessments levied, shall not exceed the limit specified in subsection E of § 38.2-1705.E. Subject to the approval of the Commission assets of the safety fund may be loaned to any account in subsection A of § 38.2-1702 even though the maximum assessment in subsection E of § 38.2-1705 has not been levied if the directors of the Association determine that this action will minimize the cost to the Association in paying covered claims.F. Excess safety fund assets set forth in subsection D of § 38.2-1718 may be used to pay the Association's covered claims without the members incurring a liability to repay the safety fund.1986, c. 562.
VA Code § 38.2-1721 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association|§ 38.2-1721. Association as a fiduciary

In handling the assets of the safety fund, the Association shall be deemed a fiduciary for the Commonwealth.1986, c. 562.
VA Code § 38.2-1800.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 18 - Insurance Agents|§ 38.2-1800.1. Proof of residency

A. For purposes of this chapter, an individual shall be deemed to be a resident of this Commonwealth provided such individual (i) maintains his principal place of residence within this Commonwealth, or satisfies the requirements set forth in subsection B of § 38.2-1836; (ii) declares himself to be a Virginia resident on his federal tax return; and (iii) declares himself to be a Virginia resident for purposes of paying Virginia income tax and personal property taxes; and provided that such individual is able to document the above to the satisfaction of the Commission. The Commission may also consider other documentation furnished by the individual, including, but not limited to, a valid current Virginia driver's license or voter registration card, as additional proof of residency. An individual applying for or holding a license issued pursuant to this chapter who is unable to document his residency as set forth above shall be deemed not to be a resident of Virginia for purposes of this chapter, except that an individual residing outside of Virginia whose principal place of business is in Virginia, who is able to demonstrate to the satisfaction of the Commission that the laws of his home state prevent him from obtaining a resident agent license in that state, and who affirmatively chooses to qualify as and be treated as a resident of Virginia for purposes of licensing and continuing education, both in Virginia and in the state in which the individual resides, if applicable, may be considered a resident for purposes of issuance of a license pursuant to this chapter.B. For purposes of this chapter, a business entity shall be deemed to be a resident of this Commonwealth provided such business entity:1. If a domestic corporation, has filed its articles of incorporation with the clerk of the Commission, and has been issued a charter by the Commission;2. If a domestic limited liability company, has filed its articles of organization with the clerk of the Commission, and has been issued a certificate of organization by the Commission;3. If a domestic limited partnership, has applied for and received a certificate of limited partnership from the clerk of the Commission;4. If a domestic partnership, has filed its partnership agreement with the clerk of the appropriate court; or5. If a foreign business entity that is not licensed as a resident agent in any other jurisdiction, demonstrates to the satisfaction of the Commission that its principal place of business is within the Commonwealth of Virginia.1997, c. 583; 2001, c. 706.