The General Assembly hereby finds and determines that insurance protection is essential to the proper functioning of political subdivisions; that the resources of political subdivisions are burdened by the high cost of and frequent inability to secure such protection through standard carriers; that proper risk management requires the spreading of risk so as to minimize fluctuation in insurance needs; and that, therefore, all contributions of financial and administrative resources made by a political subdivision pursuant to an intergovernmental contract as authorized by this chapter are made for a public and governmental purpose, and that such contributions benefit each contributing political subdivision.
1986, cc. 520, 556, § 15.1-503.4:1; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 27 - Local Government Group Self-Insurance Pools
§ 15.2-2700. Declaration of policy, findings and purpose
§ 15.2-2702. Commonwealth and agencies thereof authorized to exercise powers under this chapter
§ 15.2-2703. Group self-insurance pools authorized
§ 15.2-2704. Powers of group self-insurance pool; self-insurer for motor vehicle security; surety
§ 15.2-2706. State Corporation Commission approval required