§ 38.2-1501. Definitions
As used in this chapter:
"Association" means the Virginia Property and Casualty Insurance Guaranty Association created by Chapter 16 of this title or the Virginia Life, Accident and Sickness Insurance Guaranty Association created by Chapter 17 of this title or any person performing a similar function in another state.
"Delinquency proceeding" means any proceeding commenced against an insurance company for the purpose of liquidating, rehabilitating, reorganizing or conserving an insurer.
"Insolvent" means (i) the condition of an insurer that has liabilities in excess of assets or (ii) the inability of an insurer to pay its obligations as they become due in the usual course of business.
"Receiver" means the Commission or any person appointed to manage delinquency proceedings.
(1952, c. 317, § 38.1-127; 1986, c. 562.)
Sections: Previous 38.2-1500 38.2-1501 38.2-1502 38.2-1503 38.2-1504 38.2-1505 38.2-1506 38.2-1507 38.2-1508 38.2-1509 38.2-1510 38.2-1511 38.2-1512 38.2-1513 38.2-1514 NextLast modified: April 3, 2009