§ 38.2-1323. Acquisition of control of insurers
A. No person shall acquire or attempt to acquire, through merger or otherwise, control of any domestic insurer, or any person controlling a domestic insurer, unless the person has previously filed with the Commission and has sent to the insurer an application for approval of acquisition of control of the insurer, and the Commission has issued an order approving the application. No such merger or other acquisition of control shall be effective until a statement containing the information required by this article has been filed with the Commission, all other provisions of this section have been complied with, and the merger or acquisition of control has been approved by the Commission pursuant to this article.
B. If the merger or acquisition of an insurer not covered by subsection A of this section causes or tends to cause a substantial lessening of competition in any line of insurance and such lessening of competition is detrimental to policyholders or the public in general, then the Commission may suspend such insurer's license after giving the insurer ten days' notice and the opportunity to be heard.
C. Any notice issued pursuant to the provisions of subsection B shall be accompanied by a request for such information as required by § 38.2-1324. Any hearing held pursuant to the provisions of this section shall begin, unless waived by the insurer, within forty days of the receipt by the Commission of all material required by this subsection.
(1977, c. 414, § 38.1-178.1:1; 1986, c. 562; 1992, c. 588; 1993, c. 158.)
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