Virginia § 38.2-404 Recovery of such assessments; revocation or suspension of license

Virginia Statutes

§ 38.2-404 — Recovery of such assessments; revocation or suspension of license

Virginia § 38.2-404

Title 38.2INSURANCE

Ch. 4ASSESSMENT FOR ADMINISTRATION OF INSURANCE LAWS AND DECLARATIONS OF ESTIMATED ASSESSMENTS BY INSURERS

This text of Virginia § 38.2-404 (Recovery of such assessments; revocation or suspension of license) 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. § 38.2-404 (2026).

Text

If an assessment made under § 38.2-403 is not paid to the Commission by the prescribed date, the amount of the assessment, penalty, and interest may be recovered from the defaulting company on motion of the Commission made in the name and for the use of the Commonwealth in the appropriate circuit court after ten days' notice to the company. The license or certificate of authority of any defaulting company to transact business in this Commonwealth may be revoked or suspended by the Commission until it has paid such assessment.

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If an assessment made under § 38.2-403 is not paid to the Commission by the prescribed date, the amount of the assessment, penalty, and interest may be recovered from the defaulting company on motion of the Commission made in the name and for the use of the Commonwealth in the appropriate circuit court after ten days' notice to the company. The license or certificate of authority of any defaulting company to transact business in this Commonwealth may be revoked or suspended by the Commission until it has paid such assessment.