Virginia Code 38.2-1600: Purpose.
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The purpose of this chapter is to establish an association that shall provide prompt payment of covered claims to reduce financial loss to claimants or policyholders resulting from the insolvency of an insurer. This association shall assist in the detection and prevention of insurer insolvencies and shall apportion the cost of this protection among insurers.
Terms Used In Virginia Code 38.2-1600
- Association: means the Virginia Property and Casualty Insurance Guaranty Association created under § Virginia Code 38.2-1603
- Insurer: means an insurance company. See Virginia Code 38.2-100
1970, c. 766, § 38.1-757; 1986, c. 562.