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2011 SESSION

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SB 1482 Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds. 

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds.  Establishes a procedure for the Virginia Life, Accident and Sickness Insurance Guaranty Association to dispose of surplus funds on hand with respect to the insolvency of an insurer.  This measure requires the Association to use such surplus funds to reimburse member insurers for assessment costs not otherwise amortized and offset and then to pay the remaining surplus to the State Corporation Commission for deposit to the general fund.  A member insurer that contends that it is entitled to any portion of the surplus refunded to the Commonwealth may present evidence of such entitlement to the Commission. If the Commission determines that the member insurer is entitled to a portion of the surplus, the State Treasurer is directed to pay such amount to the member insurer.  These provisions replace existing requirements that the Association's board refund to member insurers the amount by which the assets of the account exceed the amount necessary to carry out the Association's obligations by an equitable method established in the plan of operation in proportion to the contribution of each insurer to that account.


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