§ 15.2-2706. State Corporation Commission approval required.
The formation and operation of a group self-insurance pool under this sectionshall be subject to approval by the State Corporation Commission which may,after notice and hearing, establish reasonable requirements and regulationsfor the approval and monitoring of such pools, including prior approval ofpool administrators and provisions for periodic examinations of financialcondition.
The Commission may disapprove an application for the formation of a groupself-insurance pool, and may suspend or withdraw such approval whenever itfinds that such applicant or pool:
1. Has refused to submit its books, papers, accounts, or affairs to thereasonable inspection of the Commission or its representative;
2. Has refused, or its officers or agents have refused, to furnishsatisfactory evidence of its financial and business standing or solvency;
3. Is insolvent, or is in such condition that its further transaction ofbusiness in the Commonwealth is hazardous to its members and creditors in theCommonwealth, and to the public;
4. Has refused or neglected to pay a valid final judgment against it withinsixty days after its rendition;
5. Has violated any law of the Commonwealth or has violated or exceeded thepowers granted by its members;
6. Has failed to pay any fees, taxes or charges imposed in the Commonwealthwithin sixty days after they are due and payable, or within sixty days afterfinal disposition or any legal contest with respect to liability therefor; or
7. Has been found insolvent by a court of any other state, or by theInsurance Commissioner or other proper officer or agency of any other state,and has been prohibited from doing business in such state.
(1986, cc. 520, 556, § 15.1-503.4:6; 1997, c. 587.)
§ 15.2-2706. State Corporation Commission approval required.
The formation and operation of a group self-insurance pool under this sectionshall be subject to approval by the State Corporation Commission which may,after notice and hearing, establish reasonable requirements and regulationsfor the approval and monitoring of such pools, including prior approval ofpool administrators and provisions for periodic examinations of financialcondition.
The Commission may disapprove an application for the formation of a groupself-insurance pool, and may suspend or withdraw such approval whenever itfinds that such applicant or pool:
1. Has refused to submit its books, papers, accounts, or affairs to thereasonable inspection of the Commission or its representative;
2. Has refused, or its officers or agents have refused, to furnishsatisfactory evidence of its financial and business standing or solvency;
3. Is insolvent, or is in such condition that its further transaction ofbusiness in the Commonwealth is hazardous to its members and creditors in theCommonwealth, and to the public;
4. Has refused or neglected to pay a valid final judgment against it withinsixty days after its rendition;
5. Has violated any law of the Commonwealth or has violated or exceeded thepowers granted by its members;
6. Has failed to pay any fees, taxes or charges imposed in the Commonwealthwithin sixty days after they are due and payable, or within sixty days afterfinal disposition or any legal contest with respect to liability therefor; or
7. Has been found insolvent by a court of any other state, or by theInsurance Commissioner or other proper officer or agency of any other state,and has been prohibited from doing business in such state.
(1986, cc. 520, 556, § 15.1-503.4:6; 1997, c. 587.)
§ 15.2-2706. State Corporation Commission approval required.
The formation and operation of a group self-insurance pool under this sectionshall be subject to approval by the State Corporation Commission which may,after notice and hearing, establish reasonable requirements and regulationsfor the approval and monitoring of such pools, including prior approval ofpool administrators and provisions for periodic examinations of financialcondition.
The Commission may disapprove an application for the formation of a groupself-insurance pool, and may suspend or withdraw such approval whenever itfinds that such applicant or pool:
1. Has refused to submit its books, papers, accounts, or affairs to thereasonable inspection of the Commission or its representative;
2. Has refused, or its officers or agents have refused, to furnishsatisfactory evidence of its financial and business standing or solvency;
3. Is insolvent, or is in such condition that its further transaction ofbusiness in the Commonwealth is hazardous to its members and creditors in theCommonwealth, and to the public;
4. Has refused or neglected to pay a valid final judgment against it withinsixty days after its rendition;
5. Has violated any law of the Commonwealth or has violated or exceeded thepowers granted by its members;
6. Has failed to pay any fees, taxes or charges imposed in the Commonwealthwithin sixty days after they are due and payable, or within sixty days afterfinal disposition or any legal contest with respect to liability therefor; or
7. Has been found insolvent by a court of any other state, or by theInsurance Commissioner or other proper officer or agency of any other state,and has been prohibited from doing business in such state.
(1986, cc. 520, 556, § 15.1-503.4:6; 1997, c. 587.)
