Virginia Code 38.2-2707: When Commission may order implementation of §§ 38.2-2708 and 38.2-2709
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If the Commission finds, after a reasonable period of time, that the residual market facility established by § 38.2-2702 is not creating a market that meets the purposes of this chapter, the Commission may order the implementation of §§ 38.2-2708 and 38.2-2709.
Terms Used In Virginia Code 38.2-2707
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- 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
1968, c. 559, § 38.1-749; 1973, c. 451; 1986, c. 562.