Va. Code § 38.2-2522

Current with changes from the 2024 legislative session through ch. 845

Section 38.2-2522 - Action to recover assessments; penalty

Within twelve months after an assessment becomes due, a mutual assessment property and casualty insurer may institute suit against any member to recover any assessment that the member fails to pay. The insurer shall be entitled to recover (i) the amount shown to be due, (ii) lawful interest, and (iii) fifty percent of the principal amount as liquidated damages for neglect or refusal to pay within the time required.

Code 1950, § 38-536; 1952, c. 317, § 38.1-685; 1986, c. 562.

Amended by Acts 1986, § c. 562.

Amended by Acts 1952, § c. 317, § 38.1-685.