Code of Virginia - Title 38.2 Insurance - Section 38.2-1009 Payment for shares pursuant to conversion plan

§ 38.2-1009. Payment for shares pursuant to conversion plan

Every payment for the acquisition of any shares of the capital stock of the insurer, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission if the making of the payment reduces the surplus to policyholders to an amount less than that required at that time for the licensure of domestic mutual insurers.

(Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.)

Sections:  Previous  38.2-1005.1:10  38.2-1005.1:11  38.2-1005.1:12  38.2-1005.1:13  38.2-1006  38.2-1007  38.2-1008  38.2-1009  38.2-1010  38.2-1011  38.2-1012  38.2-1013  38.2-1014  38.2-1015  38.2-1016  Next

Last modified: April 3, 2009