Virginia Statutes
§ 38.2-1011 — Disposition of dividends after payments provided in conversion plan
Virginia § 38.2-1011
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 10ORGANIZATION, ADMISSION AND LICENSING OF INSURERS
Art. 2CONVERSION OF DOMESTIC STOCK INSURER TO MUTUAL INSURER
This text of Virginia § 38.2-1011 (Disposition of dividends after payments provided in 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. § 38.2-1011 (2026).
Text
After the payment of stockholder dividends as provided in the plan adopted under § 38.2-1006, and after paying the necessary expenses of executing the trust all dividends and other sums received by the trustees on the shares of acquired stock, shall be immediately repaid to the insurer for the benefit of those who are or may become policyholders of the insurer and entitled to participate in the profits of the insurer. These payments shall be added to and become a part of the earned surplus of the insurer.
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Legislative History
Code 1950, § 38-426; 1952, c. 317, § 38.1-495; 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 § 38.2-1011, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1011.