                                 CODE OF VIRGINIA

EXPENSE OF ADMINISTRATION OF INSURANCE LAWS BORNE BY LICENSEES; MINIMUM
CONTRIBUTION (§ 38.2-400)

A. The expense of maintaining the Bureau of the Commission responsible for
administering the insurance laws of this Commonwealth, including a reasonable
margin in the nature of a reserve fund, shall be assessed annually by the
Commission against all companies and surplus lines brokers subject to this title
except premium finance companies and providers of continuing care registered
pursuant to Chapter 49 (&#xA7; 38.2-4900 et seq.) of this title. The assessment
shall be in proportion to the direct gross premium income on business done in
this Commonwealth. The assessment shall not exceed one-tenth of one percent of
the direct gross premium income and shall be levied pursuant to &#xA7; 38.2-403.
For any year a company is subject to an assessment, the assessment shall not be
less than $300.

B. All fees assessed under any provision of this title and paid into the state
treasury shall be deposited to a special fund designated &#8220;Bureau of
Insurance Special Fund &#8212; State Corporation Commission,&#8221; and out of
such special fund and the unexpended balance thereof shall be appropriated the
sums necessary for the regulation, supervision and examination of all entities
subject to regulation under this title. Any references in the Code of Virginia
to funds being paid directly into the state treasury and credited to the fund
for the maintenance of the Bureau of Insurance shall hereinafter mean the
&#8220;Bureau of Insurance Special Fund &#8212; State Corporation
Commission.&#8221;

HISTORY: Code 1950, § 38-17; 1952, c. 317, § 38.1-44; 1954, c. 231; 1960, c.
294; 1977, cc. 317, 613; 1978, c. 4; 1981, c. 605; 1986, c. 562; 1987, cc. 558,
565, 655; 1994, c. 316.