# Va. Code Ann. § 38.2-1702: Association; creation; memberships; accounts; supervision

> Virginia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1702

## Section

- **Citation:** Va. Code Ann. § 38.2-1702
- **Heading:** Association; creation; memberships; accounts; supervision
- **Jurisdiction:** Virginia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Code / Title 38.2 / Chapter 17 / Article 1 / Section 38.2-1702

## Text

A. The Association is a nonprofit legal entity known as the Virginia Life, Accident and Sickness Insurance Guaranty Association, created by former § 38.1-482.20 . All member insurers shall be and remain members of the Association as a condition of their license to transact the business of insurance or the business of a health maintenance organization in the Commonwealth. The Association shall perform its functions under the plan of operation established and approved under § 38.2-1706 and shall exercise its powers through a board of directors established under § 38.2-1703 . For purposes of administration and assessment, the Association shall maintain two accounts: (i) the accident and sickness insurance account; and (ii) the life insurance and annuity account, which includes the following subaccounts: (a) the life insurance account, (b) the annuity account, which shall include unallocated annuity contracts covered under subdivision D 2 b of § 38.2-1700 , but shall otherwise exclude unallocated annuities, and (c) the unallocated annuity account, which shall consist of contracts covered under subdivisions D 2 d, e, and f of § 38.2-1700 , but shall otherwise exclude unallocated annuities.

B. The Association shall come under the immediate supervision of the Commission and shall be subject to the applicable provisions of the insurance laws of the Commonwealth. Meetings or records of the Association may be opened to the public upon majority vote of the board of directors of the Association.

1976, c. 330, § 38.1-482.20; 1980, c. 186; 1986, c. 562; 2010, c. 510 ; 2018, c. 706 .

## Nearby sections

- [Va. Code Ann. § 38.2-1700 Purpose and applicability of chapter](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1700.md)
- [Va. Code Ann. § 38.2-1701 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1701.md)
- [Va. Code Ann. § 38.2-1702 Association; creation; memberships; accounts; supervision](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1702.md)
- [Va. Code Ann. § 38.2-1703 Board of directors of Association](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1703.md)
- [Va. Code Ann. § 38.2-1704 Powers and duties of Association](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1704.md)
- [Va. Code Ann. § 38.2-1705 Assessments](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1705.md)
- [Va. Code Ann. § 38.2-1706 Plan of operation](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1706.md)
- [Va. Code Ann. § 38.2-1707 Duties and powers of the Commission](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1707.md)
- [Va. Code Ann. § 38.2-1708 Detection and prevention of insolvencies](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1708.md)
- [Va. Code Ann. § 38.2-1709 Tax write-offs of certificates of contributions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1709.md)
- [Va. Code Ann. § 38.2-1710 Miscellaneous provisions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1710.md)
- [Va. Code Ann. § 38.2-1711 Examination of the Association; annual report](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1711.md)
- [Va. Code Ann. § 38.2-1712 Tax exemptions](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1712.md)
- [Va. Code Ann. § 38.2-1713 Immunity](https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1713.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_T38.2_C17_A1_S38.2-1702. Check the current official text before relying on it. Not legal advice.