Virginia Code 38.2-2808: Participation in association by insurers
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Each insurer that is a member of the association shall participate in the temporary contributions to finance the operation of the association in the proportion that the net direct premiums written by each member during the preceding calendar year bears to the aggregate net direct premiums written in this Commonwealth by all members of the association. However, the net direct premiums written by each member shall exclude that portion of premiums attributable to the operation of the association. Each insurer’s participation in the association shall be determined annually on the basis of such premiums written during the preceding calendar year in the manner set forth in the plan of operation.
Terms Used In Virginia Code 38.2-2808
- Association: means the joint underwriting association established pursuant to the provisions of this chapter. See Virginia Code 38.2-2800
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Net direct premiums written: means gross direct premiums written in this Commonwealth on all policies of liability insurance less, (i) all return premiums on the policy, (ii) dividends paid or credited to policyholders, and (iii) the unused or unabsorbed portions of premium deposits on liability insurance. See Virginia Code 38.2-2800
1976, c. 85, § 38.1-782; 1986, c. 562.