Code of Virginia § 38.2-1608. Duties and powers of Commission; judicial review.
214 words·~1 min read·
/va/title-38-2/chapter-16/38-2-1608·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The Commission shall:
1. Notify the Association of the existence of an insolvent insurer within three days after it receives notice of the determination of the insolvency. The Association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that such complaint is filed with a court of competent jurisdiction.
2. Upon request of the board of directors, provide the Association with a statement of the net direct written premiums of each member insurer.
B. The Commission may:
1. Suspend or revoke, after notice and hearing, the license to transact the business of insurance in this Commonwealth of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commission may levy a fine on any member insurer that fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
2. Revoke the designation of any servicing facility if it finds that claims are being handled unsatisfactorily.
1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.