§ 38.2-400. Expense of administration of insurance laws borne by licensees;minimum contribution.
A. The expense of maintaining the Bureau of the Commission responsible foradministering the insurance laws of this Commonwealth, including a reasonablemargin in the nature of a reserve fund, shall be assessed annually by theCommission against all companies and surplus lines brokers subject to thistitle except premium finance companies and providers of continuing careregistered pursuant to Chapter 49 (§ 38.2-4900 et seq.) of this title. Theassessment shall be in proportion to the direct gross premium income onbusiness done in this Commonwealth. The assessment shall not exceed one-tenthof one percent of the direct gross premium income and shall be leviedpursuant to § 38.2-403. For any year a company is subject to an assessment,the assessment shall not be less than $300.
B. All fees assessed under any provision of this title and paid into thestate treasury shall be deposited to a special fund designated "Bureau ofInsurance Special Fund - State Corporation Commission," and out of suchspecial fund and the unexpended balance thereof shall be appropriated thesums necessary for the regulation, supervision and examination of allentities subject to regulation under this title. Any references in the Codeof Virginia to funds being paid directly into the state treasury and creditedto the fund for the maintenance of the Bureau of Insurance shall hereinaftermean the "Bureau of Insurance Special Fund - State Corporation Commission."
(Code 1950, § 38-17; 1952, c. 317, § 38.1-44; 1954, c. 231; 1960, c. 294;1977, cc. 317, 613; 1978, c. 4; 1981, c. 605; 1986, c. 562; 1987, cc. 558,565, 655; 1994, c. 316.)
§ 38.2-400. Expense of administration of insurance laws borne by licensees;minimum contribution.
A. The expense of maintaining the Bureau of the Commission responsible foradministering the insurance laws of this Commonwealth, including a reasonablemargin in the nature of a reserve fund, shall be assessed annually by theCommission against all companies and surplus lines brokers subject to thistitle except premium finance companies and providers of continuing careregistered pursuant to Chapter 49 (§ 38.2-4900 et seq.) of this title. Theassessment shall be in proportion to the direct gross premium income onbusiness done in this Commonwealth. The assessment shall not exceed one-tenthof one percent of the direct gross premium income and shall be leviedpursuant to § 38.2-403. For any year a company is subject to an assessment,the assessment shall not be less than $300.
B. All fees assessed under any provision of this title and paid into thestate treasury shall be deposited to a special fund designated "Bureau ofInsurance Special Fund - State Corporation Commission," and out of suchspecial fund and the unexpended balance thereof shall be appropriated thesums necessary for the regulation, supervision and examination of allentities subject to regulation under this title. Any references in the Codeof Virginia to funds being paid directly into the state treasury and creditedto the fund for the maintenance of the Bureau of Insurance shall hereinaftermean the "Bureau of Insurance Special Fund - State Corporation Commission."
(Code 1950, § 38-17; 1952, c. 317, § 38.1-44; 1954, c. 231; 1960, c. 294;1977, cc. 317, 613; 1978, c. 4; 1981, c. 605; 1986, c. 562; 1987, cc. 558,565, 655; 1994, c. 316.)
§ 38.2-400. Expense of administration of insurance laws borne by licensees;minimum contribution.
A. The expense of maintaining the Bureau of the Commission responsible foradministering the insurance laws of this Commonwealth, including a reasonablemargin in the nature of a reserve fund, shall be assessed annually by theCommission against all companies and surplus lines brokers subject to thistitle except premium finance companies and providers of continuing careregistered pursuant to Chapter 49 (§ 38.2-4900 et seq.) of this title. Theassessment shall be in proportion to the direct gross premium income onbusiness done in this Commonwealth. The assessment shall not exceed one-tenthof one percent of the direct gross premium income and shall be leviedpursuant to § 38.2-403. For any year a company is subject to an assessment,the assessment shall not be less than $300.
B. All fees assessed under any provision of this title and paid into thestate treasury shall be deposited to a special fund designated "Bureau ofInsurance Special Fund - State Corporation Commission," and out of suchspecial fund and the unexpended balance thereof shall be appropriated thesums necessary for the regulation, supervision and examination of allentities subject to regulation under this title. Any references in the Codeof Virginia to funds being paid directly into the state treasury and creditedto the fund for the maintenance of the Bureau of Insurance shall hereinaftermean the "Bureau of Insurance Special Fund - State Corporation Commission."
(Code 1950, § 38-17; 1952, c. 317, § 38.1-44; 1954, c. 231; 1960, c. 294;1977, cc. 317, 613; 1978, c. 4; 1981, c. 605; 1986, c. 562; 1987, cc. 558,565, 655; 1994, c. 316.)
