78099538.2-1620Virginia Decodedhttps://vacode.org2016InsuranceVirginia Property And Casualty Insurance Guaranty AssociationAdditional Funds Paid To AssociationFinancing the safety fund, maximum amount, distribution of excess1986, c. 562; 1998, c. 230.http://law.lis.virginia.gov/vacode/38.2-1620/38.2-1604Association created; members; divided into three accounts/38.2-1604/38.2-1606Duties and powers of Association/38.2-1606/38.2-1622Use of safety fund, repayment, etc/38.2-1622/38.2-225Disposition of fines and penalties/38.2-225//38.2-1620/38.2/16/2/38.2-162038.2-162238.2-225The safety fund, at the discretion of the Commission, shall receive penalty payments levied against member insurers made pursuant to subsection B of § 38.2-225 or any other payments approved by the Commission. Such payments shall include funds borrowed under the provisions of subdivision B 7 of § 38.2-1606 in the event of a natural disaster in order to provide for the prompt payment of covered claims and expenses related thereto.sectionAA1Except as provided in subsection D of this section, investment income earned on assets held in the safety fund shall be credited to the safety fund.sectionCC1In the event the safety fund balance exceeds three percent of the net written premium for all classes of insurance covered by the accounts specified in § 38.2-1604, at the discretion of the Commission the difference shall be paid to the state treasury to the credit of the Literary Fund or shall be subject to subsection F of § 38.2-1622.sectionDD1In the event the fund is dissolved, remaining assets in the safety fund will be distributed to the state treasury to the credit of the Literary Fund.sectionEE1