§ 38.2-1326. Approval by Commission
The Commission shall approve the application required by § 38.2-1323 unless, after giving notice and opportunity to be heard, it determines that:
1. After the change of control, the insurer would not be able to satisfy the requirements for the issuance of a license to write the classes of insurance for which it is presently licensed;
2. The acquisition of control would lessen competition substantially or tend to create a monopoly in insurance in this Commonwealth;
3. The financial condition of any acquiring person might jeopardize the financial stability of the insurer, or prejudice the interest of its policyholders;
4. Any plans or proposals of the acquiring party to liquidate the insurer, sell its assets or consolidate or merge it with any person, or to make any other material change in its business or corporate structure or management, are unfair and unreasonable to policyholders of the insurer and not in the public interest;
5. The competence, experience, and integrity of those persons who would control the operation of the insurer are such that it would not be in the interest of policyholders of the insurer and of the public to permit the acquisition of control; or
6. After the change of control, the insurer's surplus to policyholders would not be reasonable in relation to its outstanding liabilities or adequate to its financial needs.
(1977, c. 414, § 38.1-178.1:4; 1986, c. 562.)
Sections: Previous 38.2-1320.5 38.2-1321 38.2-1321.1 38.2-1322 38.2-1323 38.2-1324 38.2-1325 38.2-1326 38.2-1327 38.2-1328 38.2-1329 38.2-1330 38.2-1330.1 38.2-1331 38.2-1332 NextLast modified: April 16, 2009