Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The following
				words and terms when used in this chapter shall have the following meanings
				unless the context clearly indicates otherwise:
"Aboveground storage tank" or "AST" means any one or
				  combination of tanks, including pipes, used to contain an accumulation of oil
				  at atmospheric pressure, and the volume of which, including the volume of the
				  pipes, is more than 90% above the surface of the ground. This term does not
				  include line pipe and breakout tanks of an interstate pipeline regulated under
				  the federal Accountable Pipeline Safety and Partnership Act of 1996 ( 49 USC
				  § 60101 et seq.).
"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 pool plan.
"Facility" means any development or installation within the
				  Commonwealth that deals in, stores or handles oil, and includes an aboveground
				  storage tank or pipeline.
"Group self-insurance pool" or "pool" means a pool organized
				  by two or more operators of facilities for the purpose of forming a group
				  self-insurance pool in order to demonstrate financial responsibility as
				  required by § 62.1-44.34:16 of the Code of Virginia.
"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 an operator of a facility that has entered
				  into a member agreement and thereby becomes a member of 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 pool plan.
"Members' supervisory board" or "board" means the governing
				  authority of the pool selected by the members to be responsible for determining
				  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.
"Pool plan" means the plan of self-insurance offered by the
				  pool to its members as specifically designated in the member agreement.
"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, claim 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. A service agent may invest contributions for the benefit of
				  members as directed by the board.
"Service agreement" means the written agreement executed
				  between the pool and a service agent, which sets forth the terms of the
				  insurance services to be provided by a service agent to the pool.