§ 38.2-414. Assessments to fund program to reduce losses from motor vehiclethefts.
A. To provide funds to establish and operate a statewide program to receiveand reward information leading to the arrest of persons who commit motorvehicle theft-related crimes in Virginia, each insurer licensed to writeinsurance coverage as defined in § 38.2-124 shall, prior to March 1 of eachyear, pay an assessment equal to one-quarter of one percent of the totaldirect gross premium income for automobile physical damage insurance otherthan collision written in the Commonwealth during the preceding calendar year.
B. Assessments received pursuant to subsection A of this section, and allother moneys received by the Commission for the same purpose, shall besegregated and placed in a fund to be known as the Help Eliminate AutomobileTheft Fund, hereinafter referred to as the HEAT Fund.
C. Any insurer that fails to pay the assessment on or before the dateprescribed in subsection A shall be subject to a penalty imposed by theCommission. The penalty shall be ten percent of the assessment and interestshall be charged at a rate pursuant to § 58.1-1812 for the period between thedate due and the date of full payment. If a payment is made in an amountlater found to be in error, the Commission shall, (i) if an additional amountis due, notify the insurer of the additional amount, which the insurer shallpay within fourteen days of the date of the notice or, (ii) if an overpaymentis made, order a refund of the amount of the overpayment, which shall be paidout of the HEAT Fund. The Commission shall be reimbursed from the Fund forall expenses necessary for the administration of this section.
D. The HEAT Fund shall be controlled and administered by the Superintendentof the Department of State Police. The Superintendent shall appoint anadvisory committee of seven members to assist in developing and annuallyreviewing the plan of operation for the HEAT Fund program.
E. Money in the HEAT Fund shall be expended as follows:
1. To pay the costs of establishing and operating a program to receive andreward information leading to the arrest of persons who commit motor vehicletheft-related crimes in Virginia.
2. Any uncommitted funds remaining in the HEAT Fund on the last day ofFebruary of each year may be transferred to the Department of State Police,Department of Motor Vehicles, or Department of Criminal Justice Services forthe following purposes: (i) providing financial support to state or locallaw-enforcement agencies for motor vehicle theft enforcement efforts, (ii)providing financial support to local prosecutors or judicial agencies forprograms designed to reduce the incidence of motor vehicle theft, and (iii)conducting educational programs to inform vehicle owners of methods ofpreventing motor vehicle theft.
§ 38.2-414. Assessments to fund program to reduce losses from motor vehiclethefts.
A. To provide funds to establish and operate a statewide program to receiveand reward information leading to the arrest of persons who commit motorvehicle theft-related crimes in Virginia, each insurer licensed to writeinsurance coverage as defined in § 38.2-124 shall, prior to March 1 of eachyear, pay an assessment equal to one-quarter of one percent of the totaldirect gross premium income for automobile physical damage insurance otherthan collision written in the Commonwealth during the preceding calendar year.
B. Assessments received pursuant to subsection A of this section, and allother moneys received by the Commission for the same purpose, shall besegregated and placed in a fund to be known as the Help Eliminate AutomobileTheft Fund, hereinafter referred to as the HEAT Fund.
C. Any insurer that fails to pay the assessment on or before the dateprescribed in subsection A shall be subject to a penalty imposed by theCommission. The penalty shall be ten percent of the assessment and interestshall be charged at a rate pursuant to § 58.1-1812 for the period between thedate due and the date of full payment. If a payment is made in an amountlater found to be in error, the Commission shall, (i) if an additional amountis due, notify the insurer of the additional amount, which the insurer shallpay within fourteen days of the date of the notice or, (ii) if an overpaymentis made, order a refund of the amount of the overpayment, which shall be paidout of the HEAT Fund. The Commission shall be reimbursed from the Fund forall expenses necessary for the administration of this section.
D. The HEAT Fund shall be controlled and administered by the Superintendentof the Department of State Police. The Superintendent shall appoint anadvisory committee of seven members to assist in developing and annuallyreviewing the plan of operation for the HEAT Fund program.
E. Money in the HEAT Fund shall be expended as follows:
1. To pay the costs of establishing and operating a program to receive andreward information leading to the arrest of persons who commit motor vehicletheft-related crimes in Virginia.
2. Any uncommitted funds remaining in the HEAT Fund on the last day ofFebruary of each year may be transferred to the Department of State Police,Department of Motor Vehicles, or Department of Criminal Justice Services forthe following purposes: (i) providing financial support to state or locallaw-enforcement agencies for motor vehicle theft enforcement efforts, (ii)providing financial support to local prosecutors or judicial agencies forprograms designed to reduce the incidence of motor vehicle theft, and (iii)conducting educational programs to inform vehicle owners of methods ofpreventing motor vehicle theft.
§ 38.2-414. Assessments to fund program to reduce losses from motor vehiclethefts.
A. To provide funds to establish and operate a statewide program to receiveand reward information leading to the arrest of persons who commit motorvehicle theft-related crimes in Virginia, each insurer licensed to writeinsurance coverage as defined in § 38.2-124 shall, prior to March 1 of eachyear, pay an assessment equal to one-quarter of one percent of the totaldirect gross premium income for automobile physical damage insurance otherthan collision written in the Commonwealth during the preceding calendar year.
B. Assessments received pursuant to subsection A of this section, and allother moneys received by the Commission for the same purpose, shall besegregated and placed in a fund to be known as the Help Eliminate AutomobileTheft Fund, hereinafter referred to as the HEAT Fund.
C. Any insurer that fails to pay the assessment on or before the dateprescribed in subsection A shall be subject to a penalty imposed by theCommission. The penalty shall be ten percent of the assessment and interestshall be charged at a rate pursuant to § 58.1-1812 for the period between thedate due and the date of full payment. If a payment is made in an amountlater found to be in error, the Commission shall, (i) if an additional amountis due, notify the insurer of the additional amount, which the insurer shallpay within fourteen days of the date of the notice or, (ii) if an overpaymentis made, order a refund of the amount of the overpayment, which shall be paidout of the HEAT Fund. The Commission shall be reimbursed from the Fund forall expenses necessary for the administration of this section.
D. The HEAT Fund shall be controlled and administered by the Superintendentof the Department of State Police. The Superintendent shall appoint anadvisory committee of seven members to assist in developing and annuallyreviewing the plan of operation for the HEAT Fund program.
E. Money in the HEAT Fund shall be expended as follows:
1. To pay the costs of establishing and operating a program to receive andreward information leading to the arrest of persons who commit motor vehicletheft-related crimes in Virginia.
2. Any uncommitted funds remaining in the HEAT Fund on the last day ofFebruary of each year may be transferred to the Department of State Police,Department of Motor Vehicles, or Department of Criminal Justice Services forthe following purposes: (i) providing financial support to state or locallaw-enforcement agencies for motor vehicle theft enforcement efforts, (ii)providing financial support to local prosecutors or judicial agencies forprograms designed to reduce the incidence of motor vehicle theft, and (iii)conducting educational programs to inform vehicle owners of methods ofpreventing motor vehicle theft.
