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 [Repealed.]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.
Structure Code of Virginia
Chapter 16 - Virginia Property and Casualty Insurance Guaranty Association
§ 38.2-1602. Liberal construction
§ 38.2-1604. Association created; members; divided into three accounts
§ 38.2-1605. Board of directors
§ 38.2-1606. Duties and powers of Association
§ 38.2-1607. Plan of operation
§ 38.2-1608. Duties and powers of Commission; judicial review
§ 38.2-1610. Exhaustion of remedies under policy; claims recoverable from more than one association
§ 38.2-1611. Aids in detection and prevention of insurer insolvencies
§ 38.2-1611.1. Tax write-offs of certificates of contribution
§ 38.2-1612. Examination and regulation of Association by Commission; annual financial report
§ 38.2-1613. Exemption from payment of fees and taxes
§ 38.2-1615. No liability for action taken in good faith
§ 38.2-1617. Termination of operation of Association; expiration of chapter
§ 38.2-1618. Purpose and applicability of article
§ 38.2-1620. Financing the safety fund, maximum amount, distribution of excess
§ 38.2-1621. Investment of safety fund