Virginia Statutes
§ 38.2-1009 — Payment for shares pursuant to conversion plan
Virginia § 38.2-1009
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 10ORGANIZATION, ADMISSION AND LICENSING OF INSURERS
Art. 2CONVERSION OF DOMESTIC STOCK INSURER TO MUTUAL INSURER
This text of Virginia § 38.2-1009 (Payment for shares pursuant to conversion plan) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-1009 (2026).
Text
Every payment for the acquisition of any shares of the capital stock of the insurer, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission if the making of the payment reduces the surplus to policyholders to an amount less than that required at that time for the licensure of domestic mutual insurers.
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Legislative History
Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-1009, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1009.