§ 38.2-1608. Duties and powers of Commission; judicial review.
A. The Commission shall:
1. Notify the Association of the existence of an insolvent insurer withinthree days after it receives notice of the determination of the insolvency.The Association shall be entitled to a copy of any complaint seeking an orderof liquidation with a finding of insolvency against a member company at thesame time that such complaint is filed with a court of competent jurisdiction.
2. Upon request of the board of directors, provide the Association with astatement 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 thebusiness of insurance in this Commonwealth of any member insurer which failsto 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 thatfails to pay an assessment when due. The fine shall not exceed five percentof 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 claimsare being handled unsatisfactorily.
(1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.)
§ 38.2-1608. Duties and powers of Commission; judicial review.
A. The Commission shall:
1. Notify the Association of the existence of an insolvent insurer withinthree days after it receives notice of the determination of the insolvency.The Association shall be entitled to a copy of any complaint seeking an orderof liquidation with a finding of insolvency against a member company at thesame time that such complaint is filed with a court of competent jurisdiction.
2. Upon request of the board of directors, provide the Association with astatement 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 thebusiness of insurance in this Commonwealth of any member insurer which failsto 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 thatfails to pay an assessment when due. The fine shall not exceed five percentof 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 claimsare being handled unsatisfactorily.
(1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.)
§ 38.2-1608. Duties and powers of Commission; judicial review.
A. The Commission shall:
1. Notify the Association of the existence of an insolvent insurer withinthree days after it receives notice of the determination of the insolvency.The Association shall be entitled to a copy of any complaint seeking an orderof liquidation with a finding of insolvency against a member company at thesame time that such complaint is filed with a court of competent jurisdiction.
2. Upon request of the board of directors, provide the Association with astatement 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 thebusiness of insurance in this Commonwealth of any member insurer which failsto 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 thatfails to pay an assessment when due. The fine shall not exceed five percentof 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 claimsare being handled unsatisfactorily.
(1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.)
