                                 CODE OF VIRGINIA

ASSESSMENT CONTRACT (§ 38.2-2518)

Each person insured by a mutual assessment property and casualty insurer shall
be issued a contract prescribed by the insurer, that shall be uniform among
members of the respective classes of insurance written by the insurer. Each
member shall agree to pay his pro rata share of all losses or damages sustained,
expenses of operation of the insurer, and the maintenance of an adequate surplus
to policyholders as determined by the board of directors. Periodic assessments
may be collected as advance premiums or post assessments or by both methods. The
amount of assessments shall be established by the directors of the insurer.

HISTORY: Code 1950, § 38-530; 1952, c. 317, § 38.1-677; 1954, c. 161; 1986, c.
562.