Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 360 - RULES GOVERNING LOCAL GOVERNMENT GROUP SELF-INSURANCE POOLS › Section 14VAC5-360-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
"Act" means Chapter 27 (§ 15.2-2700 et seq.) of Title
				  15.2 of the Code of Virginia.
"Actuary," for coverages other than group life, accident and
				  health, means a person who is a member of the American Academy of Actuaries
				  qualified in loss reserves and rate making according to professional guides,
				  recommendations, interpretations, and opinions of the Academy, or a member of
				  the Casualty Actuarial Society. For group life, accident and health coverages,
				  "actuary," means a person who is a member of the American Academy of Actuaries
				  qualified in group life, accident and health reserves or a fellow of the
				  Society of Actuaries.
"Administrator" means the individual, partnership,
				  corporation or other entity authorized to serve as a representative of a pool
				  and its members in carrying out the policies of the board and managing the
				  pool's activities.
"Commission" means the State Corporation Commission.
"Contribution" means the amount of payments required of each
				  member in order to fund the pool's obligations under the plan.
"Group self-insurance pool" or "pool" means a pool organized
				  by two or more political subdivisions for the purpose of forming a group
				  self-insurance pool to provide for joint or cooperative action relative to
				  their financial and administrative resources for the purpose of providing to
				  the participating political subdivisions risk management and liability
				  insurance coverage for pool members and employees of pool members for acts or
				  omissions arising out of the scope of their employment, including any or all of
				  the following:
1. Casualty insurance,
				including workers' compensation under the Virginia Workers' Compensation Act
				(§ 65.2-100 et seq. of the Code of Virginia), employers' liability,
				general, professional and public officials liability coverage;
2. Property insurance, including marine
				insurance and inland marine and transportation insurance coverage;
3. Group life, accident and health coverages
				including hospital, medical, surgical and dental benefits to the employees of
				member political subdivisions and their dependents;
4. Automobile insurance, including motor
				vehicle liability insurance coverage and collision and security for motor
				vehicles owned or operated, as required by Title 46.2 of the Code of Virginia,
				and protection against other liability and loss associated with the ownership
				and use of motor vehicles;
5.
				Surety and fidelity insurance coverage; and
6. Umbrella and excess insurance coverages.
"Insolvent" means
(i) the condition of a pool that has
				liabilities in excess of assets or
(ii) the inability of a pool to pay its
				obligations as they become due in the usual course of business.
"Member" means a political subdivision which has entered into
				  a member agreement and thereby becomes a member in a group self-insurance
				  pool.
"Member agreement" means the written agreement executed
				  between each member and the pool which sets forth the conditions of membership
				  in the pool, the obligations, if any, of each member to the other members and
				  the terms, coverages, limits, and deductibles of the plan.
"Members' supervisory board" or "board" means the governing
				  authority of the pool selected by the members to be responsible for fixing
				  contributions to the pool, maintaining reserves, levying and collecting
				  assessments for deficiencies, disposing of surpluses, and administration of the
				  pool in the event of termination or insolvency.
"Plan" means the plan of self-insurance offered by the pool
				  to its members as specifically designated in the member agreement.
"Political subdivision" means any county, city, or town,
				  school board, transportation district commission, or any other local
				  governmental authority or local agency or public service corporation owned,
				  operated or controlled by a locality or local government authority, with power
				  to enter into contractual undertakings.
"Service agent" means any individual, partnership,
				  corporation or other entity that may provide any or all of the insurance
				  services including, but not limited to, claims adjustment, safety engineering,
				  compilation of statistics, the preparation of contribution payments, loss
				  reports, and other required self-insurance reports, and the administration of a
				  claims fund.