The General Assembly hereby finds and determines that insurance protection is essential to the proper functioning of political subdivisions; that the resources of political subdivisions are burdened by the high cost of and frequent inability to secure such protection through standard carriers; that proper risk management requires the spreading of risk so as to minimize fluctuation in insurance needs; and that, therefore, all contributions of financial and administrative resources made by a political subdivision pursuant to an intergovernmental contract as authorized by this chapter are made for a public and governmental purpose, and that such contributions benefit each contributing political subdivision.
Va. Code Ann. § 15.2-2700
Declaration of policy, findings and purpose
Applied in 1 court decision — leading case Johnson v. Virginia Municipal Liability Pool (2007)
Most recently applied in Johnson v. Virginia Municipal Liability Pool (March 2007)
1986, cc. 520, 556, § 15.1-503.4:1; 1997, c. 587.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.