"Account" means any one of the three accounts created by § 38.2-1604.
"Affiliate" means a person who directly, or indirectly, through one or moreintermediaries, controls, is controlled by, or is under common control withan insolvent insurer on December 31 of the year next preceding the date theinsurer becomes an insolvent insurer.
"Association" means the Virginia Property and Casualty Insurance GuarantyAssociation created under § 38.2-1604.
"Claimant" means any insured making a first party claim or any personinstituting a liability claim; provided that no person who is an affiliate ofthe insolvent insurer may be a claimant.
"Control" means the possession, direct or indirect, of the power to director cause the direction of the management and policies of a person, whetherthrough the ownership of voting securities, by contract other than acommercial contract for goods or nonmanagement services, or otherwise, unlessthe power is the result of an official position with or corporate office heldby the person. Control shall be presumed to exist if any person, directly orindirectly, owns, controls, holds with the power to vote, or holds proxiesrepresenting, ten percent or more of the voting securities of any otherperson. This presumption may be rebutted by a showing that control does notexist in fact.
"Covered claim" means an unpaid claim, including one for unearned premiums,submitted by a claimant, that (i) arises out of and is within the coverageand is subject to the applicable limits of a policy covered by this chapterand issued by an insurer who has been declared to be an insolvent insurer or(ii) arises out of and is within the coverage and is subject to theapplicable limits of a policy that would not be excluded from the coverage ofthis chapter under the provisions of § 38.2-1601 if it were a policy ofdirect insurance and that has been assumed as a direct obligation by aninsurer who has been declared to be an insolvent insurer, where suchobligation is assumed through a merger or acquisition, or pursuant to anacquisition of assets and assumption of liabilities, an assumption under theprovisions of subsection B or C of § 38.2-136 or a substantially similar lawof another jurisdiction, or any other novation agreement. The claimant orinsured shall be a resident of the Commonwealth at the time of the insuredloss, provided that for entities other than an individual, the residence of aclaimant or insured is the state in which its principal place of business islocated at the time of the insured loss or the property from which the claimarises shall be permanently located in the Commonwealth. "Covered claim"shall not include any amount awarded as punitive or exemplary damages orsought as a return of premium under any retrospective rating plan; any amountdue any reinsurer, insurer, insurance pool, or underwriting association assubrogation recoveries, reinsurance recoveries, contribution,indemnification, or otherwise; any amount due under any policy originallyissued by a surplus lines carrier or risk retention group; any obligationassumed by an insolvent insurer after the commencement of any delinquencyproceeding, as defined in Chapter 15 (§ 38.2-1500 et seq.) of this title,involving the insolvent insurer or the original insurer, unless it would havebeen a "covered claim" absent such assumption; or any obligation assumed byan insolvent insurer in a transaction in which the original insurer remainsseparately liable. An obligation owing under a contract of reinsurance shallnot be deemed a direct obligation for the purposes of this definition unlessit shall have been assumed pursuant to the provisions of subsection B or C of§ 38.2-136 or a substantially similar law of another jurisdiction. No claimfor any amount due any reinsurer, insurer, insurance pool, or underwritingassociation may be asserted against a person insured under a policy issued byan insolvent insurer other than to the extent the claim exceeds theassociation obligation limitations set forth in § 38.2-1606.
"Insolvent insurer" means an insurer that is (i) licensed to transact thebusiness of insurance in the Commonwealth either at the time the policy wasissued, when the obligation with respect to the covered claim was assumed, orwhen the insured loss occurred and (ii) against whom an order of liquidationwith a finding of insolvency has been entered after July 1, 1987, by a courtof competent jurisdiction in the insurer's state of domicile or of theCommonwealth under the provisions of Chapter 15 (§ 38.2-1500 et seq.) of thistitle, and which order of liquidation has not been stayed or been the subjectof a writ of supersedeas or other comparable order.
"Member insurer" means any person who (i) writes any class of insurance towhich this chapter applies under § 38.2-1601, including reciprocal insurancecontracts, and (ii) is licensed to transact the business of insurance in theCommonwealth but shall not include persons listed in subdivision 9 of §38.2-1601.
"Net direct written premiums" means direct gross premiums written in theCommonwealth on insurance policies applicable to this chapter, less returnpremiums and dividends paid or credited to policyholders on direct business."Net direct written premiums" does not include premiums on contractsbetween insurers or reinsurers.
(1970, c. 766, § 38.1-760; 1986, c. 562; 1987, c. 529; 1998, c. 230; 2004, c.285.)
"Account" means any one of the three accounts created by § 38.2-1604.
"Affiliate" means a person who directly, or indirectly, through one or moreintermediaries, controls, is controlled by, or is under common control withan insolvent insurer on December 31 of the year next preceding the date theinsurer becomes an insolvent insurer.
"Association" means the Virginia Property and Casualty Insurance GuarantyAssociation created under § 38.2-1604.
"Claimant" means any insured making a first party claim or any personinstituting a liability claim; provided that no person who is an affiliate ofthe insolvent insurer may be a claimant.
"Control" means the possession, direct or indirect, of the power to director cause the direction of the management and policies of a person, whetherthrough the ownership of voting securities, by contract other than acommercial contract for goods or nonmanagement services, or otherwise, unlessthe power is the result of an official position with or corporate office heldby the person. Control shall be presumed to exist if any person, directly orindirectly, owns, controls, holds with the power to vote, or holds proxiesrepresenting, ten percent or more of the voting securities of any otherperson. This presumption may be rebutted by a showing that control does notexist in fact.
"Covered claim" means an unpaid claim, including one for unearned premiums,submitted by a claimant, that (i) arises out of and is within the coverageand is subject to the applicable limits of a policy covered by this chapterand issued by an insurer who has been declared to be an insolvent insurer or(ii) arises out of and is within the coverage and is subject to theapplicable limits of a policy that would not be excluded from the coverage ofthis chapter under the provisions of § 38.2-1601 if it were a policy ofdirect insurance and that has been assumed as a direct obligation by aninsurer who has been declared to be an insolvent insurer, where suchobligation is assumed through a merger or acquisition, or pursuant to anacquisition of assets and assumption of liabilities, an assumption under theprovisions of subsection B or C of § 38.2-136 or a substantially similar lawof another jurisdiction, or any other novation agreement. The claimant orinsured shall be a resident of the Commonwealth at the time of the insuredloss, provided that for entities other than an individual, the residence of aclaimant or insured is the state in which its principal place of business islocated at the time of the insured loss or the property from which the claimarises shall be permanently located in the Commonwealth. "Covered claim"shall not include any amount awarded as punitive or exemplary damages orsought as a return of premium under any retrospective rating plan; any amountdue any reinsurer, insurer, insurance pool, or underwriting association assubrogation recoveries, reinsurance recoveries, contribution,indemnification, or otherwise; any amount due under any policy originallyissued by a surplus lines carrier or risk retention group; any obligationassumed by an insolvent insurer after the commencement of any delinquencyproceeding, as defined in Chapter 15 (§ 38.2-1500 et seq.) of this title,involving the insolvent insurer or the original insurer, unless it would havebeen a "covered claim" absent such assumption; or any obligation assumed byan insolvent insurer in a transaction in which the original insurer remainsseparately liable. An obligation owing under a contract of reinsurance shallnot be deemed a direct obligation for the purposes of this definition unlessit shall have been assumed pursuant to the provisions of subsection B or C of§ 38.2-136 or a substantially similar law of another jurisdiction. No claimfor any amount due any reinsurer, insurer, insurance pool, or underwritingassociation may be asserted against a person insured under a policy issued byan insolvent insurer other than to the extent the claim exceeds theassociation obligation limitations set forth in § 38.2-1606.
"Insolvent insurer" means an insurer that is (i) licensed to transact thebusiness of insurance in the Commonwealth either at the time the policy wasissued, when the obligation with respect to the covered claim was assumed, orwhen the insured loss occurred and (ii) against whom an order of liquidationwith a finding of insolvency has been entered after July 1, 1987, by a courtof competent jurisdiction in the insurer's state of domicile or of theCommonwealth under the provisions of Chapter 15 (§ 38.2-1500 et seq.) of thistitle, and which order of liquidation has not been stayed or been the subjectof a writ of supersedeas or other comparable order.
"Member insurer" means any person who (i) writes any class of insurance towhich this chapter applies under § 38.2-1601, including reciprocal insurancecontracts, and (ii) is licensed to transact the business of insurance in theCommonwealth but shall not include persons listed in subdivision 9 of §38.2-1601.
"Net direct written premiums" means direct gross premiums written in theCommonwealth on insurance policies applicable to this chapter, less returnpremiums and dividends paid or credited to policyholders on direct business."Net direct written premiums" does not include premiums on contractsbetween insurers or reinsurers.
(1970, c. 766, § 38.1-760; 1986, c. 562; 1987, c. 529; 1998, c. 230; 2004, c.285.)
"Account" means any one of the three accounts created by § 38.2-1604.
"Affiliate" means a person who directly, or indirectly, through one or moreintermediaries, controls, is controlled by, or is under common control withan insolvent insurer on December 31 of the year next preceding the date theinsurer becomes an insolvent insurer.
"Association" means the Virginia Property and Casualty Insurance GuarantyAssociation created under § 38.2-1604.
"Claimant" means any insured making a first party claim or any personinstituting a liability claim; provided that no person who is an affiliate ofthe insolvent insurer may be a claimant.
"Control" means the possession, direct or indirect, of the power to director cause the direction of the management and policies of a person, whetherthrough the ownership of voting securities, by contract other than acommercial contract for goods or nonmanagement services, or otherwise, unlessthe power is the result of an official position with or corporate office heldby the person. Control shall be presumed to exist if any person, directly orindirectly, owns, controls, holds with the power to vote, or holds proxiesrepresenting, ten percent or more of the voting securities of any otherperson. This presumption may be rebutted by a showing that control does notexist in fact.
"Covered claim" means an unpaid claim, including one for unearned premiums,submitted by a claimant, that (i) arises out of and is within the coverageand is subject to the applicable limits of a policy covered by this chapterand issued by an insurer who has been declared to be an insolvent insurer or(ii) arises out of and is within the coverage and is subject to theapplicable limits of a policy that would not be excluded from the coverage ofthis chapter under the provisions of § 38.2-1601 if it were a policy ofdirect insurance and that has been assumed as a direct obligation by aninsurer who has been declared to be an insolvent insurer, where suchobligation is assumed through a merger or acquisition, or pursuant to anacquisition of assets and assumption of liabilities, an assumption under theprovisions of subsection B or C of § 38.2-136 or a substantially similar lawof another jurisdiction, or any other novation agreement. The claimant orinsured shall be a resident of the Commonwealth at the time of the insuredloss, provided that for entities other than an individual, the residence of aclaimant or insured is the state in which its principal place of business islocated at the time of the insured loss or the property from which the claimarises shall be permanently located in the Commonwealth. "Covered claim"shall not include any amount awarded as punitive or exemplary damages orsought as a return of premium under any retrospective rating plan; any amountdue any reinsurer, insurer, insurance pool, or underwriting association assubrogation recoveries, reinsurance recoveries, contribution,indemnification, or otherwise; any amount due under any policy originallyissued by a surplus lines carrier or risk retention group; any obligationassumed by an insolvent insurer after the commencement of any delinquencyproceeding, as defined in Chapter 15 (§ 38.2-1500 et seq.) of this title,involving the insolvent insurer or the original insurer, unless it would havebeen a "covered claim" absent such assumption; or any obligation assumed byan insolvent insurer in a transaction in which the original insurer remainsseparately liable. An obligation owing under a contract of reinsurance shallnot be deemed a direct obligation for the purposes of this definition unlessit shall have been assumed pursuant to the provisions of subsection B or C of§ 38.2-136 or a substantially similar law of another jurisdiction. No claimfor any amount due any reinsurer, insurer, insurance pool, or underwritingassociation may be asserted against a person insured under a policy issued byan insolvent insurer other than to the extent the claim exceeds theassociation obligation limitations set forth in § 38.2-1606.
"Insolvent insurer" means an insurer that is (i) licensed to transact thebusiness of insurance in the Commonwealth either at the time the policy wasissued, when the obligation with respect to the covered claim was assumed, orwhen the insured loss occurred and (ii) against whom an order of liquidationwith a finding of insolvency has been entered after July 1, 1987, by a courtof competent jurisdiction in the insurer's state of domicile or of theCommonwealth under the provisions of Chapter 15 (§ 38.2-1500 et seq.) of thistitle, and which order of liquidation has not been stayed or been the subjectof a writ of supersedeas or other comparable order.
"Member insurer" means any person who (i) writes any class of insurance towhich this chapter applies under § 38.2-1601, including reciprocal insurancecontracts, and (ii) is licensed to transact the business of insurance in theCommonwealth but shall not include persons listed in subdivision 9 of §38.2-1601.
"Net direct written premiums" means direct gross premiums written in theCommonwealth on insurance policies applicable to this chapter, less returnpremiums and dividends paid or credited to policyholders on direct business."Net direct written premiums" does not include premiums on contractsbetween insurers or reinsurers.
(1970, c. 766, § 38.1-760; 1986, c. 562; 1987, c. 529; 1998, c. 230; 2004, c.285.)
