Code of Virginia - Title 38.2 Insurance - Chapter 15 Rehabilitation And Liquidation Of Insurers

38.2-1500 Scope of chapter
This chapter shall, except as otherwise stated, apply to every insurer transacting, attempting to transact, or representing itself as transacting an insurance business in this ...

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 ...

38.2-1502 Jurisdiction and procedure
The jurisdiction of delinquency proceedings shall be determined by general law, except that if the Commission files a delinquency proceeding application, it shall be filed ...

38.2-1503 Grounds for delinquency proceedings commenced by Commission against domestic insurer
Delinquency proceedings may be commenced by the Commission against any domestic insurer whenever the insurer: 1. Has been determined to be insolvent by the Commission; ...

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: ...

38.2-1505 Commission may apply for receiver and for other relief; what orders court may enter
A. Whenever the Commission finds that any of the grounds for rehabilitation or liquidation of a domestic insurer set out in § 38.2-1503 exist, it ...

38.2-1506 Requirements when receiver appointed; disbursement of available assets to association, et...
A. Whenever a receiver, other than the Commission, is appointed pursuant to § 38.2-1504 for any domestic insurer other than an insurer writing exclusively title, ...

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 ...

38.2-1508 Powers of Commission when authorized to rehabilitate or liquidate companies
Whenever the Commission is authorized to act as a receiver to rehabilitate or liquidate an insurer or to take any other authorized steps that it ...

38.2-1509 Powers of Commission when authorized to rehabilitate or liquidate insurers by court order; disburse...
A. Whenever the Commission is authorized by order of the Circuit Court of the City of Richmond to rehabilitate or liquidate any domestic insurer other ...

38.2-1510 Commission may appoint assistants in connection with rehabilitation or liquidation
The Commission shall have power to appoint one or more special deputies as its agent and to employ the counsel, clerks, and assistants considered necessary ...

38.2-1511 Borrowing on pledge of assets
For the purpose of facilitating the delinquency proceeding of an insurer, the Commission, or a receiver other than the Commission with the approval of the ...

38.2-1512 Rights and liabilities fixed upon liquidation
The rights and liabilities of an insurer and of its creditors, policyholders, stockholders, members, and all other persons interested in the property and assets of ...

38.2-1513 Voidable transfers
A. Any transfer of or lien upon the property of an insurer that is made or created within four months before the institution of delinquency ...

38.2-1514 Priority of claims for wages
Before the payment of any other debt or claim, other than those for which a higher priority is established in § 38.2-1509, compensation shall be ...

38.2-1515 Mutual debts or credits, how treated
A. In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this ...

38.2-1516 Receivers to file reports, etc., with Commission
Each receiver appointed in delinquency proceedings shall file with the Commission annually a report of the affairs of the insurer in the form prescribed by ...

38.2-1517 What included in annual report of Commission
The Commission shall include in its annual report the names of all insurers against which delinquency proceedings are pending under this chapter, and the names ...

38.2-1518 Rehabilitation or mutualization of companies
If at any time the Commission acting as the receiver finds that it is in the best interests of the policyholders and creditors of a ...

38.2-1519 Termination of rehabilitation; when liquidation may be entered
A. If either the Commission or the court determines that the purposes of the rehabilitation proceeding have been accomplished and that the insurer can safely ...

38.2-1520 Liquidation of alien insurers
Proceedings in liquidation of the business of the United States branch of an alien insurer having trusteed assets in this Commonwealth may be instituted and ...

38.2-1521 Conservation of assets of foreign or alien insurer; when liquidation may be entered
A. Proceedings against a foreign or alien insurer for the conservation of the insurer's assets within this Commonwealth may be instituted and conducted in the ...