Virginia Code 38.2-1228: Subscribers’ share in assets.
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Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in § 38.2-1225, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.
Terms Used In Virginia Code 38.2-1228
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
1952, c. 317, § 38.1-717; 1986, c. 562.