Virginia Code 38.2-2522: Action to recover assessments; penalty.
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Within twelve months after an assessment becomes due, a mutual assessment property and casualty insurer may institute suit against any member to recover any assessment that the member fails to pay. The insurer shall be entitled to recover (i) the amount shown to be due, (ii) lawful interest, and (iii) fifty percent of the principal amount as liquidated damages for neglect or refusal to pay within the time required.
Terms Used In Virginia Code 38.2-2522
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Insurer: means an insurance company. See Virginia Code 38.2-100
Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.