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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>86827</law_id><section_number>38.2-2000.1</section_number><catch_line>Definitions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="20">Regulation of Rates for Certain Types of Insurance</unit><unit label="article" level="3" order_by="1" identifier="1">General Provisions</unit></structure><text>
						<section><p>As used in this chapter:
		&#x201C;<span class="dictionary">Pool</span>&#x201D; means an arrangement, either voluntary or mandated by <span class="dictionary">law</span>, established on an on-going basis, pursuant to which two or more <span class="dictionary">insurers</span> participate in the sharing of risks on a predetermined basis, which arrangement may operate through an association, syndicate, or other <span class="dictionary">pool</span> arrangement.
		&#x201C;<span class="dictionary">Residual market mechanism</span>&#x201D; means an arrangement, either voluntary or mandated by <span class="dictionary">law</span>, involving participation by <span class="dictionary">insurers</span> in <span class="dictionary">equitable</span> apportionment among themselves of insurance which may be afforded applicants who are unable to obtain insurance through ordinary methods including any filed and approved plans.
		&#x201C;<span class="dictionary">Virginia Auto Insurance Plan</span>&#x201D; means that organization established for assigned risks pursuant to the provisions of &#xA7;&#xA0;<a class="law" title="Application for assignment of risk to insurance carrier" href="/46.2-464/">46.2-464</a>.
		&#x201C;<span class="dictionary">Virginia Property Insurance Association</span>&#x201D; means that organization established pursuant to Chapter 27 (&#xA7;&#xA0;<a class="law" title="Purposes of chapter" href="/38.2-2700/">38.2-2700</a> et seq.) of this title.
		&#x201C;Virginia Workers&#x2019; Compensation Insurance Plan&#x201D; means that organization established for assigned risks pursuant to the provisions of &#xA7;&#xA0;<a class="law" title="Application to State Corporation Commission for assignment of risk; insurer assigned risk to issue policy" href="/65.2-820/">65.2-820</a>.</p></section></text><history>1993, c. 985.</history><metadata></metadata></law>
