§ 38.2-1611 Aids in detection and prevention of insurer insolvencies
To aid in the detection and prevention of insurer insolvencies:
1. The Association’s board of directors has the duty, upon a majority vote, (i) to make recommendations to the Commission for the detection and prevention of insurer insolvencies, and (ii) to respond to requests by the Commission to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to the policyholders or the public. 2 through 5. [Repealed.]
6. At the request of the Commission and at the conclusion of any insurer’s insolvency in which the Association was obligated to pay covered claims, the board of directors may prepare a report on the history and causes of the insolvency based on the information available to the Association. The report shall be submitted to the Commission.
History
This law was first created in 1970. The record of its establishment is cataloged in chapter 766 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1970 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1987, chapter 529.
1970, c. 766, § 38.1-768; 1986, c. 562; 1987, c. 529.