Code of Virginia § 38.2-1228. Subscribers' share in assets.
94 words·~1 min read·
/va/title-38-2/chapter-12/38-2-1228A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
1952, c. 317, § 38.1-717; 1986, c. 562.