{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2524.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2524.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2524.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2524.html"}],"law_id":62608,"edition_id":1,"section_id":62608,"structure_id":14941,"section_number":"38.2-2524","catch_line":"Proceeding when loss or damage exceeds cash on hand","history":"Code 1950, \u00a7 38-532; 1952, c. 317, \u00a7 38.1-681; 1986, c. 562.","full_text":"If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer&#8217;s cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.","order_by":null,"text":{"0":{"id":228281,"text":"If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer&#8217;s cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14941,"edition_id":1,"name":"Insurance Transactions","identifier":"4","label":"article","depth":3,"order_by":1,"parent_id":13766,"metadata":{},"date_created":"2026-06-26 03:50:55","date_modified":"2026-06-26 03:50:55","permalink":{"id":213883,"object_type":"structure","relational_id":14941,"identifier":"4","token":"38.2\/25\/4","url":"\/38.2\/25\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13766,"edition_id":1,"name":"Mutual Assessment Property and Casualty Insurers","identifier":"25","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:49","date_modified":"2026-06-26 03:45:49","permalink":{"id":213811,"object_type":"structure","relational_id":13766,"identifier":"25","token":"38.2\/25","url":"\/38.2\/25\/","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":69506,"structure_id":14941,"section_number":"38.2-2516","catch_line":"Issuance of policies; bylaws as part of contract","url":"\/38.2-2516\/","token":"38.2\/25\/4\/38.2-2516","metadata":false},{"id":69640,"structure_id":14941,"section_number":"38.2-2517","catch_line":"Policy forms to be filed","url":"\/38.2-2517\/","token":"38.2\/25\/4\/38.2-2517","metadata":false},{"id":69465,"structure_id":14941,"section_number":"38.2-2518","catch_line":"Assessment contract","url":"\/38.2-2518\/","token":"38.2\/25\/4\/38.2-2518","metadata":false},{"id":86250,"structure_id":14941,"section_number":"38.2-2519","catch_line":"Classification of risks; rates","url":"\/38.2-2519\/","token":"38.2\/25\/4\/38.2-2519","metadata":false},{"id":79668,"structure_id":14941,"section_number":"38.2-2520","catch_line":"Right to limit assessment liability","url":"\/38.2-2520\/","token":"38.2\/25\/4\/38.2-2520","metadata":false},{"id":57007,"structure_id":14941,"section_number":"38.2-2521","catch_line":"Notice of assessment; how given","url":"\/38.2-2521\/","token":"38.2\/25\/4\/38.2-2521","metadata":false},{"id":66285,"structure_id":14941,"section_number":"38.2-2522","catch_line":"Action to recover assessments; penalty","url":"\/38.2-2522\/","token":"38.2\/25\/4\/38.2-2522","metadata":false},{"id":76397,"structure_id":14941,"section_number":"38.2-2523","catch_line":"Notice of loss and adjustment","url":"\/38.2-2523\/","token":"38.2\/25\/4\/38.2-2523","metadata":false},{"id":62608,"structure_id":14941,"section_number":"38.2-2524","catch_line":"Proceeding when loss or damage exceeds cash on hand","url":"\/38.2-2524\/","token":"38.2\/25\/4\/38.2-2524","metadata":false},{"id":71959,"structure_id":14941,"section_number":"38.2-2525","catch_line":"Agents licenses required","url":"\/38.2-2525\/","token":"38.2\/25\/4\/38.2-2525","metadata":false}],"previous_section":{"id":76397,"structure_id":14941,"section_number":"38.2-2523","catch_line":"Notice of loss and adjustment","url":"\/38.2-2523\/","token":"38.2\/25\/4\/38.2-2523","metadata":false},"next_section":{"id":71959,"structure_id":14941,"section_number":"38.2-2525","catch_line":"Agents licenses required","url":"\/38.2-2525\/","token":"38.2\/25\/4\/38.2-2525","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2524\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":213917,"object_type":"law","relational_id":62608,"identifier":"38.2-2524","token":"38.2\/25\/4\/38.2-2524","url":"\/38.2-2524\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2524\/","token":"38.2\/25\/4\/38.2-2524","dublin_core":{"Title":"Proceeding when loss or damage exceeds cash on hand","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2524","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>If at any time any loss or damage to property insured by a <span class=\"dictionary\">mutual assessment property and casualty insurer<\/span> exceeds the insurer&#8217;s cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may <span class=\"dictionary\">levy<\/span> an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPROCEEDING WHEN LOSS OR DAMAGE EXCEEDS CASH ON HAND (\u00a7 38.2-2524)\n\nIf at any time any loss or damage to property insured by a mutual assessment\nproperty and casualty insurer exceeds the insurer&#8217;s cash available to pay\nthe loss or damage, the insurer may borrow money in an amount sufficient to pay\nthe loss or damage. This shall be approved by the board of directors or the\nexecutive committee. The board of directors or the executive committee may levy\nan assessment sufficient to repay the loan or to pay the loss or damage, or any\nportion that is in excess of the cash on hand.\n\nHISTORY: Code 1950, \u00a7 38-532; 1952, c. 317, \u00a7 38.1-681; 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}}