{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1702.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1702.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1702.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1702.html"}],"law_id":62816,"edition_id":1,"section_id":62816,"structure_id":14902,"section_number":"38.2-1702","catch_line":"Association; creation; memberships; accounts; supervision","history":"1976, c. 330, \u00a7 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510; 2018, c. 706.","full_text":"A\n\nThe Association is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20. All member insurers shall be and remain members of the Association as a condition of their license to transact the business of insurance or the business of a health maintenance organization in the Commonwealth. The Association shall perform its functions under the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703. For purposes of administration and assessment, the Association shall maintain two accounts: (i) the accident and sickness insurance account; and (ii) the life insurance and annuity account, which includes the following subaccounts: (a) the life insurance account, (b) the annuity account, which shall include unallocated annuity contracts covered under subdivision D 2 b of § 38.2-1700, but shall otherwise exclude unallocated annuities, and (c) the unallocated annuity account, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700, but shall otherwise exclude unallocated annuities.B\n\nThe Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of the Commonwealth. Meetings or records of the Association may be opened to the public upon majority vote of the board of directors of the Association.","order_by":null,"text":{"0":{"id":228976,"text":"The Association is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20. All member insurers shall be and remain members of the Association as a condition of their license to transact the business of insurance or the business of a health maintenance organization in the Commonwealth. The Association shall perform its functions under the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703. For purposes of administration and assessment, the Association shall maintain two accounts: (i) the accident and sickness insurance account; and (ii) the life insurance and annuity account, which includes the following subaccounts: (a) the life insurance account, (b) the annuity account, which shall include unallocated annuity contracts covered under subdivision D 2 b of § 38.2-1700, but shall otherwise exclude unallocated annuities, and (c) the unallocated annuity account, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700, but shall otherwise exclude unallocated annuities.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":228977,"text":"The Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of the Commonwealth. Meetings or records of the Association may be opened to the public upon majority vote of the board of directors of the Association.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14902,"edition_id":1,"name":"Establishment and Operation of the Association","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":14649,"metadata":{},"date_created":"2026-06-26 03:50:41","date_modified":"2026-06-26 03:50:41","permalink":{"id":212319,"object_type":"structure","relational_id":14902,"identifier":"1","token":"38.2\/17\/1","url":"\/38.2\/17\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14649,"edition_id":1,"name":"Virginia Life, Accident and Sickness Insurance Guaranty Association","identifier":"17","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:49:08","date_modified":"2026-06-26 03:49:08","permalink":{"id":212317,"object_type":"structure","relational_id":14649,"identifier":"17","token":"38.2\/17","url":"\/38.2\/17\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85176,"structure_id":14902,"section_number":"38.2-1700","catch_line":"Purpose and applicability of chapter","url":"\/38.2-1700\/","token":"38.2\/17\/1\/38.2-1700","metadata":false},{"id":79730,"structure_id":14902,"section_number":"38.2-1701","catch_line":"Definitions","url":"\/38.2-1701\/","token":"38.2\/17\/1\/38.2-1701","metadata":false},{"id":62816,"structure_id":14902,"section_number":"38.2-1702","catch_line":"Association; creation; memberships; accounts; supervision","url":"\/38.2-1702\/","token":"38.2\/17\/1\/38.2-1702","metadata":false},{"id":72232,"structure_id":14902,"section_number":"38.2-1703","catch_line":"Board of directors of Association","url":"\/38.2-1703\/","token":"38.2\/17\/1\/38.2-1703","metadata":false},{"id":65404,"structure_id":14902,"section_number":"38.2-1704","catch_line":"Powers and duties of Association","url":"\/38.2-1704\/","token":"38.2\/17\/1\/38.2-1704","metadata":false},{"id":59600,"structure_id":14902,"section_number":"38.2-1705","catch_line":"Assessments","url":"\/38.2-1705\/","token":"38.2\/17\/1\/38.2-1705","metadata":false},{"id":74544,"structure_id":14902,"section_number":"38.2-1706","catch_line":"Plan of operation","url":"\/38.2-1706\/","token":"38.2\/17\/1\/38.2-1706","metadata":false},{"id":64107,"structure_id":14902,"section_number":"38.2-1707","catch_line":"Duties and powers of the Commission","url":"\/38.2-1707\/","token":"38.2\/17\/1\/38.2-1707","metadata":false},{"id":65805,"structure_id":14902,"section_number":"38.2-1708","catch_line":"Detection and prevention of insolvencies","url":"\/38.2-1708\/","token":"38.2\/17\/1\/38.2-1708","metadata":false},{"id":69918,"structure_id":14902,"section_number":"38.2-1709","catch_line":"Tax write-offs of certificates of contributions","url":"\/38.2-1709\/","token":"38.2\/17\/1\/38.2-1709","metadata":false},{"id":56896,"structure_id":14902,"section_number":"38.2-1710","catch_line":"Miscellaneous provisions","url":"\/38.2-1710\/","token":"38.2\/17\/1\/38.2-1710","metadata":false},{"id":61703,"structure_id":14902,"section_number":"38.2-1711","catch_line":"Examination of the Association; annual report","url":"\/38.2-1711\/","token":"38.2\/17\/1\/38.2-1711","metadata":false},{"id":57475,"structure_id":14902,"section_number":"38.2-1712","catch_line":"Tax exemptions","url":"\/38.2-1712\/","token":"38.2\/17\/1\/38.2-1712","metadata":false},{"id":77644,"structure_id":14902,"section_number":"38.2-1713","catch_line":"Immunity","url":"\/38.2-1713\/","token":"38.2\/17\/1\/38.2-1713","metadata":false},{"id":59069,"structure_id":14902,"section_number":"38.2-1714","catch_line":"Stay of proceedings; reopening default judgments","url":"\/38.2-1714\/","token":"38.2\/17\/1\/38.2-1714","metadata":false},{"id":59869,"structure_id":14902,"section_number":"38.2-1715","catch_line":"Prohibited advertisement of Association coverage in insurance sales; notice to policy owners","url":"\/38.2-1715\/","token":"38.2\/17\/1\/38.2-1715","metadata":false}],"previous_section":{"id":79730,"structure_id":14902,"section_number":"38.2-1701","catch_line":"Definitions","url":"\/38.2-1701\/","token":"38.2\/17\/1\/38.2-1701","metadata":false},"next_section":{"id":72232,"structure_id":14902,"section_number":"38.2-1703","catch_line":"Board of directors of Association","url":"\/38.2-1703\/","token":"38.2\/17\/1\/38.2-1703","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1702\/","history_text":"

This law was first created in 1976. The record of its establishment is cataloged in chapter 330 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1976 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 186; in 1986, chapter 562; in 2010, chapter 510<\/a>; in 2018, chapter 706<\/a>.<\/p>","references":[{"id":79730,"section_number":"38.2-1701","catch_line":"Definitions","order_by":null,"url":"\/38.2-1701\/"},{"id":73632,"section_number":"38.2-1718","catch_line":"Financing the safety fund, maximum amount, distribution of excess","order_by":null,"url":"\/38.2-1718\/"},{"id":56225,"section_number":"38.2-1720","catch_line":"Use of safety fund, repayment, etc","order_by":null,"url":"\/38.2-1720\/"}],"refers_to":[{"id":85176,"section_number":"38.2-1700","catch_line":"Purpose and applicability of chapter","order_by":null,"url":"\/38.2-1700\/"},{"id":72232,"section_number":"38.2-1703","catch_line":"Board of directors of Association","order_by":null,"url":"\/38.2-1703\/"},{"id":74544,"section_number":"38.2-1706","catch_line":"Plan of operation","order_by":null,"url":"\/38.2-1706\/"}],"permalink":{"id":212329,"object_type":"law","relational_id":62816,"identifier":"38.2-1702","token":"38.2\/17\/1\/38.2-1702","url":"\/38.2-1702\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1702\/","token":"38.2\/17\/1\/38.2-1702","dublin_core":{"Title":"Association; creation; memberships; accounts; supervision","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1702","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Association<\/span> is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance<\/span> Guaranty Association<\/span>, created by former § 38.1-482.20. All member insurers<\/span> shall be and remain members of the Association<\/span> as a condition of their license to transact the business of insurance<\/span> or the business of a health maintenance organization in the Commonwealth. The Association<\/span> shall perform its functions under the plan of operation established and approved under § 38.2-1706<\/a> and shall exercise its powers through a board of directors established under § 38.2-1703<\/a>. For purposes of administration and assessment, the Association<\/span> shall maintain two accounts<\/span>: (i) the accident and sickness insurance<\/span> account<\/span>; and (ii) the life insurance<\/span> and annuity account<\/span>, which includes the following subaccounts: (a) the life insurance<\/span> account<\/span>, (b) the annuity account<\/span>, which shall include unallocated annuity contracts<\/span> covered under subdivision D 2 b of § 38.2-1700<\/a>, but shall otherwise exclude unallocated annuities, and (c) the unallocated annuity account<\/span>, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700<\/a>, but shall otherwise exclude unallocated annuities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Association<\/span> shall come under the immediate supervision of the Commission<\/span> and shall be subject to the applicable provisions of the insurance<\/span> laws<\/span> of the Commonwealth. Meetings or records of the Association<\/span> may be opened to the public upon majority vote of the board of directors of the Association<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSOCIATION; CREATION; MEMBERSHIPS; ACCOUNTS; SUPERVISION (\u00a7 38.2-1702)\n\nA. The Association is a nonprofit legal entity known as the Virginia Life,\nAccident and Sickness Insurance Guaranty Association, created by former §\n38.1-482.20. All member insurers shall be and remain members of the Association\nas a condition of their license to transact the business of insurance or the\nbusiness of a health maintenance organization in the Commonwealth. The\nAssociation shall perform its functions under the plan of operation established\nand approved under § 38.2-1706 and shall exercise its powers through a\nboard of directors established under § 38.2-1703. For purposes of\nadministration and assessment, the Association shall maintain two accounts: (i)\nthe accident and sickness insurance account; and (ii) the life insurance and\nannuity account, which includes the following subaccounts: (a) the life\ninsurance account, (b) the annuity account, which shall include unallocated\nannuity contracts covered under subdivision D 2 b of § 38.2-1700, but shall\notherwise exclude unallocated annuities, and (c) the unallocated annuity\naccount, which shall consist of contracts covered under subdivisions D 2 d, e,\nand f of § 38.2-1700, but shall otherwise exclude unallocated annuities.\n\nB. The Association shall come under the immediate supervision of the Commission\nand shall be subject to the applicable provisions of the insurance laws of the\nCommonwealth. Meetings or records of the Association may be opened to the public\nupon majority vote of the board of directors of the Association.\n\nHISTORY: 1976, c. 330, \u00a7 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510;\n2018, c. 706.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}