Virginia Code 38.2-2912: Commissions for placing and servicing risk with Association
Current as of: 2024 | Check for updates
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For any policy issued by the Association, the commission payable to the person that places the risk with the Joint Underwriting Association or services the risk shall be limited to five percent of the annual premium for the policy or $1,000, whichever is less.
Terms Used In Virginia Code 38.2-2912
- Association: means the joint underwriting association established pursuant to the provisions of this chapter. See Virginia Code 38.2-2900
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
1988, cc. 769, 783.