reglab/housing_qa huggingface dataset:
VA Code § 38.2-1519 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 15 - Rehabilitation and Liquidation of Insurers|§ 38.2-1519. Termination of rehabilitation; when liquidation may be entered

A. If either the Commission or the court determines that the purposes of the rehabilitation proceeding have been accomplished and that the insurer can safely and properly resume possession of its property and the conduct of its business, an order may be entered terminating the rehabilitation proceeding and permitting the insurer to resume possession of its property and the management and conduct of its affairs. The order shall not be entered until a full hearing is held, subject to proper notice given in the manner prescribed by the Commission or the court.B. If at any time it appears to either the Commission or the court that further efforts to rehabilitate the insurer would be useless, an order of liquidation may be entered.Code 1950, § 38-139; 1952, c. 317, § 38.1-143; 1986, c. 562.
VA Code § 38.2-1520 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 15 - Rehabilitation and Liquidation of Insurers|§ 38.2-1520. Liquidation of alien insurers

Proceedings in liquidation of the business of the United States branch of an alien insurer having trusteed assets in this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for domestic insurers. However, only the assets of the business of the United States branch shall be included in the proceedings.1952, c. 317, § 38.1-144; 1986, c. 562.
VA Code § 38.2-1521 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 15 - Rehabilitation and Liquidation of Insurers|§ 38.2-1521. Conservation of assets of foreign or alien insurer; when liquidation may be entered

A. Proceedings against a foreign or alien insurer for the conservation of the insurer's assets within this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for delinquency proceedings against a domestic insurer on any one or more of the applicable grounds specified in § 38.2-1503. The order of conservation shall direct the receiver to take possession of the assets of the insurer within this Commonwealth and conserve the assets for the benefit of its policyholders and for any other purpose as the nature of the cause and the interests of its policyholders, creditors, members, stockholders or the public require.B. If the laws of any other state or country provide for the conservation, liquidation and distribution of a foreign or alien insurer's assets to creditors, policyholders, and other entitled persons, then the receiver appointed in this Commonwealth to conserve the foreign or alien insurer's assets within this Commonwealth may proceed to liquidate the business of the insurer in this Commonwealth and distribute the assets to those entitled to them. In all other cases the rights, powers, and duties of the Commission or the receiver with respect to the assets of a foreign or alien insurer shall be ancillary to the rights, powers, and duties imposed upon any receiver or other person in charge of the property, business, and affairs of the insurer in its domiciliary state or country.1952, c. 317, § 38.1-145; 1986, c. 562.
VA Code § 38.2-1600 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1600. Purpose

The purpose of this chapter is to establish an association that shall provide prompt payment of covered claims to reduce financial loss to claimants or policyholders resulting from the insolvency of an insurer. This association shall assist in the detection and prevention of insurer insolvencies and shall apportion the cost of this protection among insurers.1970, c. 766, § 38.1-757; 1986, c. 562.
VA Code § 38.2-1601 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1601. Application

This chapter shall apply to all classes of direct insurance written by member insurers but shall not be applicable to the following:1. Life, annuity, health or disability insurance;2. Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;3. Fidelity or surety bonds, or any other bonding obligations;4. Credit insurance, credit property insurance, and credit involuntary unemployment insurance;5. Insurance of warranties or service contracts;6. Title insurance;7. Insurance of vessels or craft used primarily in a trade or business, their cargoes, and marine builders' risk and marine protection and indemnity;8. Any transaction or combination of transactions between a person, including affiliates of such person, and an insurer, including affiliates of such insurer, which involves the transfer of investment or credit risk unaccompanied by transfer of insurance risk; or9. Any class of insurance written by cooperative nonprofit life benefit companies, mutual assessment life, accident and sickness insurers, burial societies, fraternal benefit societies, captive insurers, risk retention groups, and home protection companies.1970, c. 766, § 38.1-758; 1986, c. 562; 1987, c. 529; 1993, cc. 77, 774; 1998, c. 230; 2000, c. 526.
VA Code § 38.2-1602 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1602. Liberal construction

This chapter shall be liberally construed to effect the purpose under § 38.2-1600, which shall constitute an aid and guide to interpretation.1970, c. 766, § 38.1-759; 1986, c. 562.
VA Code § 38.2-1604 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1604. Association created; members; divided into three accounts

The nonprofit unincorporated legal entity known as the Virginia Property and Casualty Insurance Guaranty Association, created by former § 38.1-761, shall continue in existence. All insurers defined as "member insurers" under § 38.2-1603 shall be and remain members of the Association as a condition of their license to transact the business of insurance in this Commonwealth. The Association shall perform its functions under a plan of operation established and approved under § 38.2-1607 and shall exercise its powers through a board of directors established under § 38.2-1605. For purposes of administration and assessment, the Association shall have three separate accounts: (i) the workers' compensation insurance account; (ii) the automobile insurance account; and (iii) the account for all other insurance to which this chapter applies. These accounts shall be in addition to and separate from the safety fund authorized by § 38.2-1619.1970, c. 766, § 38.1-761; 1986, c. 562; 1998, c. 230.
VA Code § 38.2-1605 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1605. Board of directors

A. The board of directors of the Association shall consist of at least five but no more than nine persons serving terms specified in the plan of operation. The members of the board shall be elected by member insurers, giving consideration among other things to whether all types of member insurers are fairly represented. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments.B. 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.1970, c. 766, § 38.1-762; 1986, c. 562.
VA Code § 38.2-1608 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1608. Duties and powers of Commission; judicial review

A. The Commission shall:1. Notify the Association of the existence of an insolvent insurer within three days after it receives notice of the determination of the insolvency. The Association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that such complaint is filed with a court of competent jurisdiction.2. Upon request of the board of directors, provide the Association with a statement of the net direct written premiums of each member insurer.B. The Commission may:1. Suspend or revoke, after notice and hearing, the license to transact the business of insurance in this Commonwealth of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commission may levy a fine on any member insurer that fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.2. Revoke the designation of any servicing facility if it finds that claims are being handled unsatisfactorily.1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.
VA Code § 38.2-1609 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1609. Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator

A. 1. Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Association to the extent of his recovery from the Association. Each insured or claimant seeking the protection of this chapter shall cooperate with the Association to the same extent as the person would have been required to cooperate with the insolvent insurer. The Association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except the causes of action the insolvent insurer would have had if those sums had been paid by the insolvent insurer and except as provided in subdivision 2 of this subsection. In the case of an insolvent insurer operating on an assessment plan, payments of claims by the Association shall not reduce the liability of insureds to the receiver, liquidator, or statutory successor for unpaid assessments previously made. However, the receiver, liquidator, or statutory successor shall under no circumstances levy an additional assessment against the insured, regardless of the terms of the policy.2. The Association shall have the right to recover from the following persons the amount of any "covered claim" paid on behalf of such persons pursuant to this chapter:a. Any insured whose net worth on December 31 of the year next preceding the date the insurer becomes an insolvent insurer exceeds fifty million dollars and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter; andb. Any person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter.B. The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the Association or a similar organization in another state. The court having jurisdiction shall grant those claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the Association or a similar organization incurred in handling claims shall be accorded the same priority as the liquidator's expenses.C. The Association shall preserve its rights to the insolvent insurer by periodically filing with the receiver or liquidator statements of the covered claims paid by the Association and estimates of anticipated claims on the Association.1970, c. 766, § 38.1-766; 1986, c. 562; 1987, c. 529.
VA Code § 38.2-1610 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1610. Exhaustion of remedies under policy; claims recoverable from more than one association

A. Any person having a claim against an insurer under any provision in an insurance policy, other than a policy of an insolvent insurer under which the claim is also covered, shall be required to first seek recovery under the policy covered by the insurer which is not insolvent. Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under the insurance policy.A1. Any person having a claim or legal right of recovery under any governmental insurance or guaranty program which is also a covered claim, shall be required to exhaust first his right under such program. Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under such program.B. Any person having a claim that may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the state where the insured resides. However, if it is a first party claim for damage to property with a permanent location, the insured shall seek recovery first from the association of the state where the property is located. For a workers' compensation claim recovery shall first be sought from the association of the state where the claimant resides. Any recovery under this chapter shall be reduced by the amount of the recovery from any other insurance guaranty association or its equivalent.1970, c. 766, § 38.1-767; 1986, c. 562; 1987, c. 529.
VA Code § 38.2-1611 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1611. Aids in detection and prevention of insurer insolvencies

To aid in the detection and prevention of insurer insolvencies:1. The Association's board of directors has the duty, upon a majority vote, (i) to make recommendations to the Commission for the detection and prevention of insurer insolvencies, and (ii) to respond to requests by the Commission to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to the policyholders or the public.2 through 5. [Repealed.]6. At the request of the Commission and at the conclusion of any insurer's insolvency in which the Association was obligated to pay covered claims, the board of directors may prepare a report on the history and causes of the insolvency based on the information available to the Association. The report shall be submitted to the Commission.1970, c. 766, § 38.1-768; 1986, c. 562; 1987, c. 529.
VA Code § 38.2-1612 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1612. Examination and regulation of Association by Commission; annual financial report

The Association shall be subject to examination and regulation by the Commission. The board of directors shall submit, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the Commission.1970, c. 766, § 38.1-769; 1986, c. 562; 1996, c. 245.
VA Code § 38.2-1613 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1613. Exemption from payment of fees and taxes

The Association shall be exempt from payment of all fees and all taxes levied by this Commonwealth or any of its subdivisions except taxes levied on real or personal property.1970, c. 766, § 38.1-770; 1986, c. 562.
VA Code § 38.2-1615 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1615. No liability for action taken in good faith

There shall be no liability on the part of and no cause of action shall arise against any member insurer, the Association or its agents or employees, the board of directors, or the Commission or its representatives for any action taken or statement made by them in good faith in the performance of their powers and duties under this chapter. The Association's board of directors shall not incur any civil liability for any statements made in good faith under this provision.1970, c. 766, § 38.1-772; 1986, c. 562.
VA Code § 38.2-1616 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1616. Stay of proceedings against insolvent insurer; setting aside judgment, etc.; access to records

A. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this Commonwealth shall be stayed for up to six months and such additional time thereafter as may be determined by the court from the date the insolvency is determined or an ancillary proceeding is instituted in the Commonwealth, whichever is later, to permit proper defense by the Association of all pending causes of action. For any covered claims arising from a judgment under any decision, verdict or finding based on the default of the insolvent insurer or its failure to defend an insured, the Association either on its own behalf or on behalf of the insured may apply to have the judgment, order, decision, verdict or finding set aside by the same court or administrator that made the judgment, order, decision, verdict or finding and shall be permitted to defend against the claim on the merits.B. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this chapter shall permit access by the board or its authorized representatives to such of the insolvent insurer's records which are necessary for the board in carrying out its functions under this chapter with regard to covered claims. In addition, the liquidator, receiver or statutory successor shall provide the board or its representative with copies of such records upon the request by the board and at the expense of the board.1970, c. 766, § 38.1-773; 1986, c. 562; 1987, c. 529.
VA Code § 38.2-1617 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1617. Termination of operation of Association; expiration of chapter

A. The Commission shall by order terminate the operation of the Association for any class of insurance covered by this chapter with respect to which it has found, after hearing, that there is in effect a statutory or voluntary plan which:1. Is a permanent plan that is adequately funded or for which adequate funding is provided; and2. Extends or will extend to the policyholders and residents of this Commonwealth protection and benefits with respect to insolvent insurers not substantially less favorable and effective to those policyholders and residents than the protection and benefits provided with respect to the classes of insurance under this chapter.B. The Commission shall, by the same order, authorize discontinuance of future payments by insurers to the Association regarding the same classes of insurance. However, the assessments and payments shall continue, as necessary, to pay (i) covered claims of insurers determined to be insolvent prior to the order and (ii) the related expenses not covered by any other plan.C. In the event the operation of the Association is terminated for all other classes of insurance within its scope, the Association shall, as soon as possible, distribute the balance of moneys and assets remaining. Distribution shall be made after the Association has settled all prior insurer insolvencies not covered by any other plan, including their related expenses. The distribution shall be made to the insurers that are then writing in this Commonwealth policies of the classes of insurance covered by this chapter and that had made payments to the Association. Distribution shall be made using a pro rata method based upon the aggregate of the payments made by the respective insurers during the five years immediately preceding the date of the order. Upon completion of the distribution for all of the classes of insurance covered by this chapter, this chapter shall be deemed to have expired.1970, c. 766, § 38.1-774; 1986, c. 562.
VA Code § 38.2-1618 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1618. 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, obtained through secured borrowings made pursuant to subdivision B 7 of § 38.2-1606, or obtained from sources of funds not specified in Article 1 (§ 38.2-1600 et seq.) of this chapter.1986, c. 562; 1998, c. 230.
VA Code § 38.2-1619 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1619. Safety fund

The Association shall maintain a separate asset account to be known as the safety fund. The safety fund shall be used to assist the Association in meeting the objectives specified in § 38.2-1600.1986, c. 562.
VA Code § 38.2-1620 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1620. 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. Such payments shall include funds borrowed under the provisions of subdivision B 7 of § 38.2-1606 in the event of a natural disaster in order to provide for the prompt payment of covered claims and expenses related thereto.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 insurers' net direct written premiums for classes of insurance covered by the accounts specified in § 38.2-1604.C. Except as provided in subsection D of this section, investment income earned on assets held in the safety fund shall be credited to the safety fund.D. In the event the safety fund balance exceeds three percent of the net written premium for all classes of insurance covered by the accounts specified in § 38.2-1604, 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 § 38.2-1622.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; 1998, c. 230.
VA Code § 38.2-1621 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association|§ 38.2-1621. Investment of safety fund

The assets held in the safety fund may be invested in securities set forth in § 38.2-1415.1986, c. 562; 1998, c. 230.