§ 38.2-2700 Purposes of chapter
The purposes of this chapter are:
1. To assure stability in the property insurance market of this Commonwealth;
2. To assure the availability of basic property insurance for qualified property;
3. To encourage maximum use of the voluntary insurance market provided by licensed insurers in obtaining basic property insurance; and
4. To provide for the equitable distribution among licensed insurers of the responsibility for insuring qualified property for which basic property insurance cannot be obtained through the voluntary insurance market.
History
This law was first created in 1968. The record of its establishment is cataloged in chapter 559 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 1968 “Acts” aren’t available online. It has been modified 1 time. 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. That modification is as follows: in 1986, chapter 562.
1968, c. 559, § 38.1-746; 1986, c. 562.