Any mutual assessment property and casualty insurer having a surplus to policyholders equal to at least 3 times the average annual losses and expenses of the insurer during the last 5-year period or a surplus to policyholders of at least $800,000 may limit the assessment liability of members. The liability of members for assessment may be limited during any one year to an amount not less than one additional current annual assessment.
1952, c. 317, § 38.1-683.1; 1986, c. 562.
Structure Code of Virginia
Chapter 25 - Mutual Assessment Property and Casualty Insurers
§ 38.2-2502. Mutual assessment insurance authorized
§ 38.2-2504. Property beyond authorized territory
§ 38.2-2505. Risks limited to those specified in this chapter; personal liability for loss
§ 38.2-2506. What laws applicable
§ 38.2-2507. Conversion of mutual assessment property and casualty insurers
§ 38.2-2508. Incorporation of insurers
§ 38.2-2509. Directors; terms; annual meetings; voting; executive committee
§ 38.2-2511. How license obtained
§ 38.2-2512. Who may become members
§ 38.2-2513. Withdrawal and exclusion of members
§ 38.2-2514. Procedure upon exclusion of member
§ 38.2-2516. Issuance of policies; bylaws as part of contract
§ 38.2-2517. Policy forms to be filed
§ 38.2-2518. Assessment contract
§ 38.2-2519. Classification of risks; rates
§ 38.2-2520. Right to limit assessment liability
§ 38.2-2521. Notice of assessment; how given
§ 38.2-2522. Action to recover assessments; penalty
§ 38.2-2523. Notice of loss and adjustment
§ 38.2-2524. Proceeding when loss or damage exceeds cash on hand
§ 38.2-2525. Agents licenses required
§ 38.2-2526. Surplus to policyholders