                                 CODE OF VIRGINIA

DAM SAFETY, FLOOD PREVENTION AND PROTECTION ASSISTANCE FUND ASSESSMENT (§
38.2-401.1)

The Commission shall annually assess against all licensed insurance companies
doing business in this Commonwealth by writing any type of flood insurance an
assessment in the amount of one percent of the total direct gross premium income
for such insurance. Such assessment shall be apportioned, assessed, and paid as
prescribed by § 38.2-403. In any year in which a company has no direct gross
premium income from flood insurance or in which its direct gross premium income
from flood insurance is insufficient to produce at the rate of assessment
prescribed by law an amount equal to or in excess of $100, there shall be so
apportioned and assessed against such company a contribution of $100. One
hundred percent of the total amount collected annually pursuant to this section
shall be paid into the Dam Safety, Flood Prevention and Protection Assistance
Fund established per § 10.1-603.17. The assessment established by this section
shall not apply to premium income for policies written pursuant to the National
Flood Insurance Act of 1968 or for policies providing comprehensive motor
vehicle insurance coverage.

HISTORY: 1990, c. 916; 2006, cc. 648, 765.