{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1718.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1718.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1718.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1718.html"}],"law_id":73632,"edition_id":1,"section_id":73632,"structure_id":14650,"section_number":"38.2-1718","catch_line":"Financing the safety fund, maximum amount, distribution of excess","history":"1986, c. 562.","full_text":"A\n\nThe safety fund, at the discretion of the Commission, shall receive penalty payments levied against member insurers made pursuant to subsection B of § 38.2-225 or any other payments approved by the Commission.B\n\nThe Commission may approve the payment of funds to the Association provided the balance in the safety fund account does not exceed two percent of the total of all member insurer’s premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702.C\n\nInvestment income earned on assets held in the safety fund shall be credited to the safety fund provided the balance of the safety fund does not exceed three percent of the total of all member insurer’s premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702 unless otherwise determined by the Commission.D\n\nIn the event the safety fund balance exceeds the amount specified in subsection C of this section, at the discretion of the Commission the difference shall be paid to the state treasury to the credit of the Literary Fund or shall be subject to subsection F of § 38.2-1720.E\n\nIn the event the fund is dissolved, remaining assets in the safety fund will be distributed to the state treasury to the credit of the Literary Fund.","order_by":null,"text":{"0":{"id":264832,"text":"The safety fund, at the discretion of the Commission, shall receive penalty payments levied against member insurers made pursuant to subsection B of § 38.2-225 or any other payments approved by the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":264833,"text":"The Commission may approve the payment of funds to the Association provided the balance in the safety fund account does not exceed two percent of the total of all member insurer’s premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":264834,"text":"Investment income earned on assets held in the safety fund shall be credited to the safety fund provided the balance of the safety fund does not exceed three percent of the total of all member insurer’s premium received in this Commonwealth for classes of insurance covered by the accounts specified in subsection A of § 38.2-1702 unless otherwise determined by the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":264835,"text":"In the event the safety fund balance exceeds the amount specified in subsection C of this section, at the discretion of the Commission the difference shall be paid to the state treasury to the credit of the Literary Fund or shall be subject to subsection F of § 38.2-1720.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":264836,"text":"In the event the fund is dissolved, remaining assets in the safety fund will be distributed to the state treasury to the credit of the Literary Fund.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14650,"edition_id":1,"name":"Additional Funds Paid to the Association","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":14649,"metadata":{},"date_created":"2026-06-26 03:49:08","date_modified":"2026-06-26 03:49:08","permalink":{"id":212385,"object_type":"structure","relational_id":14650,"identifier":"2","token":"38.2\/17\/2","url":"\/38.2\/17\/2\/","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":84573,"structure_id":14650,"section_number":"38.2-1716","catch_line":"Purpose and applicability of article","url":"\/38.2-1716\/","token":"38.2\/17\/2\/38.2-1716","metadata":false},{"id":58196,"structure_id":14650,"section_number":"38.2-1717","catch_line":"Safety fund","url":"\/38.2-1717\/","token":"38.2\/17\/2\/38.2-1717","metadata":false},{"id":73632,"structure_id":14650,"section_number":"38.2-1718","catch_line":"Financing the safety fund, maximum amount, distribution of excess","url":"\/38.2-1718\/","token":"38.2\/17\/2\/38.2-1718","metadata":false},{"id":84019,"structure_id":14650,"section_number":"38.2-1719","catch_line":"Investment of safety fund","url":"\/38.2-1719\/","token":"38.2\/17\/2\/38.2-1719","metadata":false},{"id":56225,"structure_id":14650,"section_number":"38.2-1720","catch_line":"Use of safety fund, repayment, etc","url":"\/38.2-1720\/","token":"38.2\/17\/2\/38.2-1720","metadata":false},{"id":72689,"structure_id":14650,"section_number":"38.2-1721","catch_line":"Association as a fiduciary","url":"\/38.2-1721\/","token":"38.2\/17\/2\/38.2-1721","metadata":false}],"previous_section":{"id":58196,"structure_id":14650,"section_number":"38.2-1717","catch_line":"Safety fund","url":"\/38.2-1717\/","token":"38.2\/17\/2\/38.2-1717","metadata":false},"next_section":{"id":84019,"structure_id":14650,"section_number":"38.2-1719","catch_line":"Investment of safety fund","url":"\/38.2-1719\/","token":"38.2\/17\/2\/38.2-1719","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1718\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 562 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 1986 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":56225,"section_number":"38.2-1720","catch_line":"Use of safety fund, repayment, etc","order_by":null,"url":"\/38.2-1720\/"},{"id":59699,"section_number":"38.2-225","catch_line":"Disposition of fines and penalties","order_by":null,"url":"\/38.2-225\/"}],"refers_to":[{"id":62816,"section_number":"38.2-1702","catch_line":"Association; creation; memberships; accounts; supervision","order_by":null,"url":"\/38.2-1702\/"},{"id":59699,"section_number":"38.2-225","catch_line":"Disposition of fines and penalties","order_by":null,"url":"\/38.2-225\/"}],"permalink":{"id":212395,"object_type":"law","relational_id":73632,"identifier":"38.2-1718","token":"38.2\/17\/2\/38.2-1718","url":"\/38.2-1718\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1718\/","token":"38.2\/17\/2\/38.2-1718","dublin_core":{"Title":"Financing the safety fund, maximum amount, distribution of excess","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1718","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The safety fund, at the discretion of the Commission<\/span>, shall receive penalty<\/span> payments levied against member insurers<\/span> made pursuant to subsection B of § 38.2-225<\/a> or any other payments approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may approve the payment of funds to the Association<\/span> provided the balance in the safety fund account<\/span> does not exceed two percent of the total of all member insurer<\/span>’s premium received in this Commonwealth for classes of insurance<\/span> covered by the accounts<\/span> specified in subsection A of § 38.2-1702<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Investment income earned on assets<\/span> held in the safety fund shall be credited to the safety fund provided the balance of the safety fund does not exceed three percent of the total of all member insurer<\/span>’s premium received in this Commonwealth for classes of insurance<\/span> covered by the accounts<\/span> specified in subsection A of § 38.2-1702<\/a> unless otherwise determined by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> In the event the safety fund balance exceeds the amount specified in subsection C of this section, at the discretion of the Commission<\/span> the difference shall be paid to the state<\/span> treasury to the credit of the Literary Fund or shall be subject to subsection F of § 38.2-1720<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In the event the fund is dissolved, remaining assets<\/span> in the safety fund will be distributed to the state<\/span> treasury to the credit of the Literary Fund. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCING THE SAFETY FUND, MAXIMUM AMOUNT, DISTRIBUTION OF EXCESS (\u00a7 38.2-1718)\n\nA. The safety fund, at the discretion of the Commission, shall receive penalty\npayments levied against member insurers made pursuant to subsection B of §\n38.2-225 or any other payments approved by the Commission.\n\nB. The Commission may approve the payment of funds to the Association provided\nthe balance in the safety fund account does not exceed two percent of the total\nof all member insurer’s premium received in this Commonwealth for classes\nof insurance covered by the accounts specified in subsection A of §\n38.2-1702.\n\nC. Investment income earned on assets held in the safety fund shall be credited\nto the safety fund provided the balance of the safety fund does not exceed three\npercent of the total of all member insurer’s premium received in this\nCommonwealth for classes of insurance covered by the accounts specified in\nsubsection A of § 38.2-1702 unless otherwise determined by the Commission.\n\nD. In the event the safety fund balance exceeds the amount specified in\nsubsection C of this section, at the discretion of the Commission the difference\nshall be paid to the state treasury to the credit of the Literary Fund or shall\nbe subject to subsection F of § 38.2-1720.\n\nE. In the event the fund is dissolved, remaining assets in the safety fund will\nbe distributed to the state treasury to the credit of the Literary Fund.\n\nHISTORY: 1986, c. 562.","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}}