Virginia Code 38.2-1521: Conservation of assets of foreign or alien insurer; when liquidation may be entered
A. Proceedings against a foreign or alien insurer for the conservation of the insurer’s assets within this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for delinquency proceedings against a domestic insurer on any one or more of the applicable grounds specified in § 38.2-1503. The order of conservation shall direct the receiver to take possession of the assets of the insurer within this Commonwealth and conserve the assets for the benefit of its policyholders and for any other purpose as the nature of the cause and the interests of its policyholders, creditors, members, stockholders or the public require.
Terms Used In Virginia Code 38.2-1521
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Insurer: means an insurance company. 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
- Receiver: means the Commission or any person appointed to manage delinquency proceedings. See Virginia Code 38.2-1501
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
B. If the laws of any other state or country provide for the conservation, liquidation and distribution of a foreign or alien insurer’s assets to creditors, policyholders, and other entitled persons, then the receiver appointed in this Commonwealth to conserve the foreign or alien insurer’s assets within this Commonwealth may proceed to liquidate the business of the insurer in this Commonwealth and distribute the assets to those entitled to them. In all other cases the rights, powers, and duties of the Commission or the receiver with respect to the assets of a foreign or alien insurer shall be ancillary to the rights, powers, and duties imposed upon any receiver or other person in charge of the property, business, and affairs of the insurer in its domiciliary state or country.
1952, c. 317, § 38.1-145; 1986, c. 562.