A. The residual market facility may employ other organizations to perform inspection services to determine whether property is within the definition of qualified property.

Terms Used In Virginia Code 38.2-2705

  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • Inspection service: means any organization designated or approved by the Commission to determine the insurability and conditions of the properties for which basic property insurance is sought. See Virginia Code 38.2-2701
  • Qualified property: means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:

    1. See Virginia Code 38.2-2701

  • Residual market facility: means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component. See Virginia Code 38.2-2701

B. The plan of operation regarding the inspection service, the experience and qualifications of the organization proposed to conduct the inspection service, the manner and scope of the inspection, and the form of the inspection report shall be set forth by the residual market facility in a written report made to the Commission and shall be subject to approval by the Commission.

1968, c. 559, § 38.1-748; 1980, c. 156; 1982, c. 664; 1986, c. 562.

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