A. In addition to the duties and powers enumerated elsewhere in this chapter,the Commission shall:
1. Upon request of the board of directors, provide the Association with astatement of the premiums in the appropriate states for each member insurer;
2. When an impairment is declared and the amount of the impairment isdetermined, serve a demand upon the impaired insurer to make good theimpairment within a reasonable time. Notice to the impaired insurer shallconstitute notice to its shareholders, if any. The failure of the insurer topromptly comply with this demand shall not excuse the Association from theperformance of its powers and duties under this chapter; and
3. Be appointed as the liquidator or rehabilitator in any liquidation orrehabilitation proceeding involving a domestic insurer. If a foreign or alienmember insurer is subject to a liquidation proceeding in its domiciliaryjurisdiction or state of entry, the Commission shall be appointed conservator.
B. The Commission may suspend or revoke, after notice and hearing, thelicense to transact the business of insurance in this Commonwealth of anymember insurer that fails to pay an assessment when due or fails to complywith the plan of operation. As an alternative the Commission may levy aforfeiture on any member insurer that fails to pay an assessment when due.The forfeiture shall not exceed five percent of the unpaid assessment permonth, but no forfeiture shall be less than $100 per month.
C. Any action of the board of directors or the Association may be appealed tothe Commission by any member insurer if the appeal is taken within 30 days ofthe action being appealed. Any final action or order of the Commission shallbe subject to judicial review in accordance with the provisions of §§ 12.1-39through 12.1-41.
D. The liquidator, rehabilitator, or conservator of any impaired or insolventinsurer may notify all interested persons of the effect of this chapter.
(1976, c. 330, § 38.1-482.25; 1986, c. 562; 2010, c. 510.)
A. In addition to the duties and powers enumerated elsewhere in this chapter,the Commission shall:
1. Upon request of the board of directors, provide the Association with astatement of the premiums in the appropriate states for each member insurer;
2. When an impairment is declared and the amount of the impairment isdetermined, serve a demand upon the impaired insurer to make good theimpairment within a reasonable time. Notice to the impaired insurer shallconstitute notice to its shareholders, if any. The failure of the insurer topromptly comply with this demand shall not excuse the Association from theperformance of its powers and duties under this chapter; and
3. Be appointed as the liquidator or rehabilitator in any liquidation orrehabilitation proceeding involving a domestic insurer. If a foreign or alienmember insurer is subject to a liquidation proceeding in its domiciliaryjurisdiction or state of entry, the Commission shall be appointed conservator.
B. The Commission may suspend or revoke, after notice and hearing, thelicense to transact the business of insurance in this Commonwealth of anymember insurer that fails to pay an assessment when due or fails to complywith the plan of operation. As an alternative the Commission may levy aforfeiture on any member insurer that fails to pay an assessment when due.The forfeiture shall not exceed five percent of the unpaid assessment permonth, but no forfeiture shall be less than $100 per month.
C. Any action of the board of directors or the Association may be appealed tothe Commission by any member insurer if the appeal is taken within 30 days ofthe action being appealed. Any final action or order of the Commission shallbe subject to judicial review in accordance with the provisions of §§ 12.1-39through 12.1-41.
D. The liquidator, rehabilitator, or conservator of any impaired or insolventinsurer may notify all interested persons of the effect of this chapter.
(1976, c. 330, § 38.1-482.25; 1986, c. 562; 2010, c. 510.)
A. In addition to the duties and powers enumerated elsewhere in this chapter,the Commission shall:
1. Upon request of the board of directors, provide the Association with astatement of the premiums in the appropriate states for each member insurer;
2. When an impairment is declared and the amount of the impairment isdetermined, serve a demand upon the impaired insurer to make good theimpairment within a reasonable time. Notice to the impaired insurer shallconstitute notice to its shareholders, if any. The failure of the insurer topromptly comply with this demand shall not excuse the Association from theperformance of its powers and duties under this chapter; and
3. Be appointed as the liquidator or rehabilitator in any liquidation orrehabilitation proceeding involving a domestic insurer. If a foreign or alienmember insurer is subject to a liquidation proceeding in its domiciliaryjurisdiction or state of entry, the Commission shall be appointed conservator.
B. The Commission may suspend or revoke, after notice and hearing, thelicense to transact the business of insurance in this Commonwealth of anymember insurer that fails to pay an assessment when due or fails to complywith the plan of operation. As an alternative the Commission may levy aforfeiture on any member insurer that fails to pay an assessment when due.The forfeiture shall not exceed five percent of the unpaid assessment permonth, but no forfeiture shall be less than $100 per month.
C. Any action of the board of directors or the Association may be appealed tothe Commission by any member insurer if the appeal is taken within 30 days ofthe action being appealed. Any final action or order of the Commission shallbe subject to judicial review in accordance with the provisions of §§ 12.1-39through 12.1-41.
D. The liquidator, rehabilitator, or conservator of any impaired or insolventinsurer may notify all interested persons of the effect of this chapter.
(1976, c. 330, § 38.1-482.25; 1986, c. 562; 2010, c. 510.)
