§ 38.2-1038. Authority of Commission to issue orders covering insurers in hazardous financial conditio...
If, after reviewing an insurer's financial condition, method of operation, or manner of doing business, the Commission finds that (i) the insurer cannot, or there is a reasonable expectation that the insurer will not be able to, meet its obligations to all policyholders or (ii) the insurer's continued operation in this Commonwealth is hazardous to policyholders, creditors and the public in this Commonwealth the Commission may order the insurer to take appropriate action to remedy the Commission's concerns. The insurer shall be given ten days' notice prior to issuing the order and shall be given the opportunity to be heard and introduce evidence on its behalf. The hearing may be informal, and the required notice may be waived by the Commission and the insurer. If the insurer fails to comply with the Commission's order within the prescribed time, the Commission may suspend or revoke the license of the insurer to transact the business of insurance in this Commonwealth as set forth in Article 6 (§ 38.2-1040 et seq.) of this chapter.
(1978, c. 20, § 38.1-97.2; 1986, c. 562; 1991, c. 261.)Sections: Previous 38.2-1031 38.2-1032 38.2-1033 38.2-1034 38.2-1035 38.2-1036 38.2-1037 38.2-1038 38.2-1039 38.2-1039.1 38.2-1040 38.2-1041 38.2-1042 38.2-1043 38.2-1044 Next
Last modified: April 16, 2009