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2001 SESSION
015294756Be it enacted by the General Assembly of Virginia:
1. That §§ 15.2-2701 and 15.2-2703 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-2701. Definition.
For the purposes of this chapter, "political subdivision" means (i) any county, city, or town, school board, Transportation District Commission, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a locality or local government authority, with power to enter into contractual undertakings, or (ii) any organization exempt from paying federal income taxes under § 501 of the Internal Revenue Code (26 U.S.C. § 501) that provides transportation services pursuant to, and is funded in whole or in part by, 49 U.S.C. § 5311.
§ 15.2-2703. Group self-insurance pools authorized.
A. Any political subdivision of this Commonwealth may, by contract with one or more political subdivisions of this Commonwealth or of another state, form a group self-insurance pool to provide for joint or cooperative action relative to their financial and administrative resources for the purpose of providing to the participating political subdivisions risk management and liability insurance coverage for pool members and employees of pool members, for acts or omissions arising out of the scope of their employment, including any or all of the following:
1. Casualty insurance, including general and professional and public officials liability coverage;
2. Property insurance, including marine insurance and inland marine and transportation insurance coverage;
3. Group life, accident and health coverages including hospital, medical, surgical and dental benefits to the employees of member political subdivisions and their dependents;
4. Automobile insurance, including motor vehicle liability insurance coverage and collision and security for motor vehicles owned or operated, as required by Title 46.2, and protection against other liability and loss associated with the ownership and use of motor vehicles;
5. Surety and fidelity insurance coverage; and
6. Umbrella and excess insurance coverages.
B. Notwithstanding the provisions of subsection A, a group self-insurance pool may not provide the risk management and liability insurance coverage designated in subdivisions A. 3. and A. 5. for any pool member that is a member by virtue of provision (ii) of § 15.2-2701.
C. A group self-insurance pool may obtain excess insurance or reinsurance of risks, and may cede and sell the risks for coverages set forth in this section.