{"law_id":"766859","section_number":"38.2-2524","catch_line":"Proceeding when loss or damage exceeds cash on hand","history":"Code 1950, \u00a7 38-532; 1952, c. 317, \u00a7 38.1-681; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-2524\/","refers_to":false,"url":"\/38.2-2524\/","token":"38.2\/25\/4\/38.2-2524","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":"766859","structure_id":"1696","full_text":"If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer’s cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.","text":{"0":{"id":"2471510","text":"If at any time any loss or damage to property insured by a mutual assessment property and casualty insurer exceeds the insurer’s cash available to pay the loss or damage, the insurer may borrow money in an amount sufficient to pay the loss or damage. This shall be approved by the board of directors or the executive committee. The board of directors or the executive committee may levy an assessment sufficient to repay the loan or to pay the loss or damage, or any portion that is in excess of the cash on hand.","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":"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"},"next_section":{"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"},"references":false,"formats":{"txt":"\/38.2-2524.txt","json":"\/38.2-2524.json","xml":"\/38.2-2524.xml"},"dublin_core":{"Title":"Proceeding when loss or damage exceeds cash on hand","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2524","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nPROCEEDING WHEN LOSS OR DAMAGE EXCEEDS CASH ON HAND (\u00a7 38.2-2524)\n\nIf at any time any loss or damage to property insured by a mutual assessment\nproperty and casualty insurer exceeds the insurer’s cash available to pay\nthe loss or damage, the insurer may borrow money in an amount sufficient to pay\nthe loss or damage. This shall be approved by the board of directors or the\nexecutive committee. The board of directors or the executive committee may levy\nan assessment sufficient to repay the loan or to pay the loss or damage, or any\nportion that is in excess of the cash on hand.\n\nHISTORY: Code 1950, \u00a7 38-532; 1952, c. 317, \u00a7 38.1-681; 1986, c. 562."}