Code of Virginia
Chapter 10 - Organization, Admission and Licensing of Insurers
§ 38.2-1040. Refusal, suspension or revocation of license

A. The Commission may refuse to issue a license to any domestic, foreign or alien insurer to transact the business of insurance in this Commonwealth, and may suspend or revoke the license of any licensee, whenever it finds that the applicant or licensee:
1. Has refused to submit its books, papers, accounts, or affairs to the reasonable inspection of the Commission or its representative;
2. Has refused, or its officers or agents have refused, to furnish satisfactory evidence of its financial and business standing or solvency;
3. Is insolvent, or is in a condition that any further transaction of business in this Commonwealth is hazardous to its policyholders, creditors and public in this Commonwealth;
4. Has failed to pay a final judgment against it within sixty days after (i) the judgment became final, (ii) the time for making an appeal has expired, or (iii) the dismissal of an appeal before final determination, whichever date is the latest;
5. Has violated any law of this Commonwealth, or has in this Commonwealth violated its charter or exceeded its corporate powers;
6. Has failed to pay any fees, taxes or charges imposed in this Commonwealth within sixty days after they are due and payable, or within sixty days after final disposition of any legal contest with respect to liability for the fees, taxes or charges;
7. Has had its corporate existence dissolved or its certificate of authority revoked in the state in which it was organized or in this Commonwealth;
8. Has been found insolvent by a court of any other state, or by the Commission or other proper officer or agency of any other state, and has been prohibited from doing business in that state;
9. Has had all its risks reinsured in their entirety in another insurer; or
10. Has notified the insured in writing or by any other means that any policy of insurance covering the ownership or operation of a motor vehicle issued by the insurer will be cancelled if the insured institutes any legal action against the insurer to pursue any rights of the insured under the policy.
B. The grounds for suspension or revocation of licenses in subsection A of this section are in addition to those provided for elsewhere in this title.
Code 1950, §§ 38-68, 38-132, 38-133, 38-134, 38-169, 38-370; 1952, c. 317, § 38.1-99; 1966, c. 457; 1986, c. 562; 1987, c. 431.

Structure Code of Virginia

Code of Virginia

Title 38.2 - Insurance

Chapter 10 - Organization, Admission and Licensing of Insurers

§ 38.2-1000. Incorporation of domestic stock insurers

§ 38.2-1001. Incorporation of domestic mutual insurers

§ 38.2-1002. Additional requirements of articles of incorporation; name

§ 38.2-1003. When corporate status attained; bylaws filed with Commission

§ 38.2-1004. Voting

§ 38.2-1005. Certain mutual companies and societies not to become stock companies without approval of Commission

§ 38.2-1005.1. Conversion of a domestic mutual insurer to a domestic stock insurer

§ 38.2-1005.1:1. Definitions

§ 38.2-1005.1:2. Formation of mutual holding company and conversion of mutual company

§ 38.2-1005.1:3. Mutual holding company membership interest

§ 38.2-1005.1:4. Contents of plan of MHC conversion

§ 38.2-1005.1:5. Adoption and approval of plan of MHC conversion

§ 38.2-1005.1:6. Corporate existence

§ 38.2-1005.1:7. Regulation and authority of a mutual holding company

§ 38.2-1005.1:8. Diversion of business to affiliates

§ 38.2-1005.1:9. Conversion of mutual holding company

§ 38.2-1005.1:10. Conflicts of interest

§ 38.2-1005.1:11. Costs and expenses

§ 38.2-1005.1:12. Failure to give notice

§ 38.2-1005.1:13. Limitation on actions

§ 38.2-1006. Conversion of a domestic stock insurer to a mutual insurer

§ 38.2-1007. Notice to policyholders of meeting to approve conversion

§ 38.2-1008. Conduct of and voting at meeting

§ 38.2-1009. Payment for shares pursuant to conversion plan

§ 38.2-1010. How acquired shares held

§ 38.2-1011. Disposition of dividends after payments provided in conversion plan

§ 38.2-1012. Jurisdiction to compel completion of mutualization

§ 38.2-1013. Venue of proceedings

§ 38.2-1014. Parties and process

§ 38.2-1015. Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock

§ 38.2-1016. Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers

§ 38.2-1016.1. Conversion of a health maintenance organization to an accident and sickness insurer

§ 38.2-1017. Applicability of Title 13.1

§ 38.2-1018. Plan of merger to be approved by Commission

§ 38.2-1019. Change of status from foreign to domestic insurer

§ 38.2-1020. Transfer of domicile from Virginia to another state

§ 38.2-1021. Change of domicile of foreign insurer to another foreign state

§ 38.2-1022. Commission to be notified of proposed transfer of domicile

§ 38.2-1023. Effect of transfer of domicile on certificate of authority, agents' appointments and licenses, etc.

§ 38.2-1024. License required to transact the business of insurance; application fee requirements for license

§ 38.2-1025. Annual renewal of license

§ 38.2-1026. Retaliatory provisions as to taxes, fees, deposits and other requirements

§ 38.2-1027. Admission of foreign and alien insurers

§ 38.2-1028. Additional licensing requirements for stock insurers

§ 38.2-1029. Additional licensing requirements for mutual insurers

§ 38.2-1030. Surplus requirements for issuing policies without contingent liability

§ 38.2-1031. Additional requirements, alien insurers

§ 38.2-1032. Additional licensing requirements for domestic insurers

§ 38.2-1033. Additional licensing requirements for foreign insurers

§ 38.2-1034. How domestic mutual insurers may acquire initial surplus

§ 38.2-1035. Domestic insurers to maintain minimum capital and surplus; proceedings by Commission if impairment found

§ 38.2-1036. Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license

§ 38.2-1037. Exceptions for licensed and operating insurers

§ 38.2-1038. Authority of Commission to issue orders covering insurers in hazardous financial condition

§ 38.2-1039. Enjoining unlicensed foreign or alien insurers from transacting the business of insurance in Commonwealth

§ 38.2-1039.1. Risk retention groups

§ 38.2-1040. Refusal, suspension or revocation of license

§ 38.2-1041. Notice to company of proposed suspension or revocation

§ 38.2-1042. Agent's authority likewise suspended or revoked

§ 38.2-1043. Suspension or revocation published

§ 38.2-1044. New business prohibited

§ 38.2-1045. Deposits required of insurers generally

§ 38.2-1046. Purpose of deposits; enforcement of lien

§ 38.2-1047. How deposits applied to payment of claims; deficit to be made good

§ 38.2-1048. Return of deposits

§ 38.2-1049. Alternate deposit requirements

§ 38.2-1050. Voluntary deposit in excess of amount required

§ 38.2-1051. Repealed

§ 38.2-1052. Exchange of securities

§ 38.2-1053. Interest on deposits; to whom paid

§ 38.2-1054. Duty of State Treasurer when securities deposited are paid

§ 38.2-1055. Annual report of State Treasurer to Commission

§ 38.2-1056. Treasurer to receipt for deposits; responsibility of Commonwealth; taxation of deposited bonds

§ 38.2-1057. Assessment for expense of holding deposits; Insurance Collateral Assessment Fund

§ 38.2-1058. Felony for State Treasurer to dispose of securities illegally