                                 CODE OF VIRGINIA

ASSOCIATION; CREATION; MEMBERSHIPS; ACCOUNTS; SUPERVISION (§ 38.2-1702)

A. The Association is a nonprofit legal entity known as the Virginia Life,
Accident and Sickness Insurance Guaranty Association, created by former &#xA7;
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 &#xA7; 38.2-1706 and shall exercise its powers through a
board of directors established under &#xA7; 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 &#xA7; 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 &#xA7; 38.2-1700, but shall otherwise exclude unallocated annuities.

B. 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.

HISTORY: 1976, c. 330, § 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510;
2018, c. 706.