Virginia Statutes
§ 38.2-1504 — Requirements when proceedings instituted by any person other than Commission
Virginia § 38.2-1504
This text of Virginia § 38.2-1504 (Requirements when proceedings instituted by any person other than Commission) 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. § 38.2-1504 (2026).
Text
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 Comm
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Legislative History
1952, c. 317, § 38.1-130; 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 § 38.2-1504, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1504.