§ 38.2-1041. Notice to company of proposed suspension or revocation
The Commission shall not revoke or suspend the license of any insurer to do the business of insurance in this Commonwealth upon any of the grounds set out in § 38.2-1040 until it has given the insurer ten days' notice of the reasons for the proposed revocation or suspension and has given the insurer an opportunity to introduce evidence and be heard. However, the Commission may immediately suspend the license on any of the grounds specified in subdivisions 7 and 8 of subsection A of § 38.2-1040 without prior notice to the insurer. The suspension shall remain in force until the hearing is held. Any hearing authorized by this section may be informal, and the required notice may be waived by the Commission and the insurer.
(Code 1950, §§ 38-132, 38-169, 38-370; 1952, c. 317, § 38.1-100; 1986, c. 562.)
Sections: Previous 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 38.2-1045 38.2-1046 38.2-1047 38.2-1048 NextLast modified: April 16, 2009