Code of Virginia - Title 38.2 Insurance - Section 38.2-1507 Further procedure; injunction may be issued

§ 38.2-1507. Further procedure; injunction may be issued

The court may issue an injunction restraining the insurer and its officers, directors, stockholders, members, trustees, agents, employees and all other persons from transacting any business of the insurer, and from transferring, removing or disposing of its property or business until a further order of the court. The injunction may be issued on or after the institution of any delinquency proceeding, except where the rehabilitation or liquidation of the insurer has been referred to the Commission. If the Commission is authorized to proceed with the rehabilitation or liquidation, it may issue injunctions or enter any other appropriate order for the protection of the insurer's policyholders and creditors and the preservation of its property.

(Code 1950, § 38-139; 1952, c. 317, § 38.1-132; 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  Next

Last modified: April 3, 2009