                                 CODE OF VIRGINIA

ACTION TO RECOVER ASSESSMENTS; PENALTY (§ 38.2-2522)

Within twelve months after an assessment becomes due, a mutual assessment
property and casualty insurer may institute suit against any member to recover
any assessment that the member fails to pay. The insurer shall be entitled to
recover (i) the amount shown to be due, (ii) lawful interest, and (iii) fifty
percent of the principal amount as liquidated damages for neglect or refusal to
pay within the time required.

HISTORY: Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.