{"law_id":"777475","section_number":"38.2-2518","catch_line":"Assessment contract","history":"Code 1950, \u00a7 38-530; 1952, c. 317, \u00a7 38.1-677; 1954, c. 161; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-2518\/","refers_to":false,"url":"\/38.2-2518\/","token":"38.2\/25\/4\/38.2-2518","structure":{"1":{"id":"1696","name":"Insurance Transactions","identifier":"4","label":"article","url":"\/38.2\/25\/4\/"},"2":{"id":"637","name":"Mutual Assessment Property And Casualty Insurers","identifier":"25","label":"chapter","url":"\/38.2\/25\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"777475","structure_id":"1696","full_text":"Each person insured by a mutual assessment property and casualty insurer shall be issued a contract prescribed by the insurer, that shall be uniform among members of the respective classes of insurance written by the insurer. Each member shall agree to pay his pro rata share of all losses or damages sustained, expenses of operation of the insurer, and the maintenance of an adequate surplus to policyholders as determined by the board of directors. Periodic assessments may be collected as advance premiums or post assessments or by both methods. The amount of assessments shall be established by the directors of the insurer.","text":{"0":{"id":"2507084","text":"Each person insured by a mutual assessment property and casualty insurer shall be issued a contract prescribed by the insurer, that shall be uniform among members of the respective classes of insurance written by the insurer. Each member shall agree to pay his pro rata share of all losses or damages sustained, expenses of operation of the insurer, and the maintenance of an adequate surplus to policyholders as determined by the board of directors. Periodic assessments may be collected as advance premiums or post assessments or by both methods. The amount of assessments shall be established by the directors of the insurer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"1696","name":"Insurance Transactions","identifier":"4","label":"article","url":"\/38.2\/25\/4\/"},"2":{"id":"637","name":"Mutual Assessment Property And Casualty Insurers","identifier":"25","label":"chapter","url":"\/38.2\/25\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"784364","structure_id":"1696","section_number":"38.2-2516","catch_line":"Issuance of policies; bylaws as part of contract","url":"\/38.2-2516\/","token":"38.2\/25\/4\/38.2-2516"},"1":{"id":"777758","structure_id":"1696","section_number":"38.2-2517","catch_line":"Policy forms to be filed","url":"\/38.2-2517\/","token":"38.2\/25\/4\/38.2-2517"},"2":{"id":"777475","structure_id":"1696","section_number":"38.2-2518","catch_line":"Assessment contract","url":"\/38.2-2518\/","token":"38.2\/25\/4\/38.2-2518"},"3":{"id":"791799","structure_id":"1696","section_number":"38.2-2519","catch_line":"Classification of risks; rates","url":"\/38.2-2519\/","token":"38.2\/25\/4\/38.2-2519"},"4":{"id":"778090","structure_id":"1696","section_number":"38.2-2520","catch_line":"Right to limit assessment liability","url":"\/38.2-2520\/","token":"38.2\/25\/4\/38.2-2520"},"5":{"id":"780956","structure_id":"1696","section_number":"38.2-2521","catch_line":"Notice of assessment; how given","url":"\/38.2-2521\/","token":"38.2\/25\/4\/38.2-2521"},"6":{"id":"775380","structure_id":"1696","section_number":"38.2-2522","catch_line":"Action to recover assessments; penalty","url":"\/38.2-2522\/","token":"38.2\/25\/4\/38.2-2522"},"7":{"id":"776047","structure_id":"1696","section_number":"38.2-2523","catch_line":"Notice of loss and adjustment","url":"\/38.2-2523\/","token":"38.2\/25\/4\/38.2-2523"},"8":{"id":"766859","structure_id":"1696","section_number":"38.2-2524","catch_line":"Proceeding when loss or damage exceeds cash on hand","url":"\/38.2-2524\/","token":"38.2\/25\/4\/38.2-2524"},"9":{"id":"786686","structure_id":"1696","section_number":"38.2-2525","catch_line":"Agents licenses required","url":"\/38.2-2525\/","token":"38.2\/25\/4\/38.2-2525"}},"previous_section":{"id":"777758","structure_id":"1696","section_number":"38.2-2517","catch_line":"Policy forms to be filed","url":"\/38.2-2517\/","token":"38.2\/25\/4\/38.2-2517"},"next_section":{"id":"791799","structure_id":"1696","section_number":"38.2-2519","catch_line":"Classification of risks; rates","url":"\/38.2-2519\/","token":"38.2\/25\/4\/38.2-2519"},"references":false,"formats":{"txt":"\/38.2-2518.txt","json":"\/38.2-2518.json","xml":"\/38.2-2518.xml"},"dublin_core":{"Title":"Assessment contract","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2518","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nASSESSMENT CONTRACT (\u00a7 38.2-2518)\n\nEach person insured by a mutual assessment property and casualty insurer shall\nbe issued a contract prescribed by the insurer, that shall be uniform among\nmembers of the respective classes of insurance written by the insurer. Each\nmember shall agree to pay his pro rata share of all losses or damages sustained,\nexpenses of operation of the insurer, and the maintenance of an adequate surplus\nto policyholders as determined by the board of directors. Periodic assessments\nmay be collected as advance premiums or post assessments or by both methods. The\namount of assessments shall be established by the directors of the insurer.\n\nHISTORY: Code 1950, \u00a7 38-530; 1952, c. 317, \u00a7 38.1-677; 1954, c. 161; 1986, c.\n562."}