                                 CODE OF VIRGINIA

AIDS IN DETECTION AND PREVENTION OF INSURER INSOLVENCIES (§ 38.2-1611)

To aid in the detection and prevention of insurer insolvencies:

1. The Association&#8217;s board of directors has the duty, upon a majority
vote, (i) to make recommendations to the Commission for the detection and
prevention of insurer insolvencies, and (ii) to respond to requests by the
Commission to discuss and make recommendations regarding the status of any
member insurer whose financial condition may be hazardous to the policyholders
or the public.
			2 through 5. [Repealed.]

6. At the request of the Commission and at the conclusion of any insurer&#8217;s
insolvency in which the Association was obligated to pay covered claims, the
board of directors may prepare a report on the history and causes of the
insolvency based on the information available to the Association. The report
shall be submitted to the Commission.

HISTORY: 1970, c. 766, § 38.1-768; 1986, c. 562; 1987, c. 529.