2006 Code of Virginia § 38.2-1702 - Association; creation; memberships; accounts; supervision

38.2-1702. Association; creation; memberships; accounts; supervision.

A. The nonprofit legal entity to be known as the Virginia Life, Accident andSickness Insurance Guaranty Association, created by former 38.1-482.20,shall continue in existence. All member insurers shall continue to be membersof the Association as a condition of their license to transact the businessof insurance in this Commonwealth. The Association shall perform itsfunctions under the plan of operation established and approved under 38.2-1706 and shall exercise its powers through a board of directorsestablished under 38.2-1703. For purposes of administration and assessment,the Association shall maintain three accounts: (i) the accident and sicknessinsurance account; (ii) the life insurance account; and (iii) the annuityaccount.

B. The Association shall come under the immediate supervision of theCommission and shall be subject to the applicable provisions of the insurancelaws of this Commonwealth.

(1976, c. 330, 38.1-482.20; 1980, c. 186; 1986, c. 562.)