§ 38.2-1504. Requirements when proceedings instituted by any person other than Commission
A. No circuit court in this Commonwealth shall appoint a receiver for any domestic insurer on application of any person other than the Commission until:
1. The applicant has presented to the Commission a copy of a bill in equity for receivership and has given reasonable notice to the affected insurer that a copy of the bill has been presented to the Commission.
2. The affected insurer has been given ten days after the service of this notice to present to the Commission a copy of the answer that it proposes to file.
3. The Commission has investigated the merits of the application for receivership and has held a hearing on the results of the investigation. The Commission shall act within a reasonable period of time.
4. Within a reasonable time after completing its investigation, the Commission shall make a recommendation to the proper court regarding the appointment of the proposed receiver.
B. The court shall appoint or refuse to appoint the proposed receiver after considering the merits of the application for a receiver.
(1952, c. 317, § 38.1-130; 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