Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in § 38.2-1225, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.
1952, c. 317, § 38.1-717; 1986, c. 562.
Structure Code of Virginia
Chapter 12 - Reciprocal Insurance
§ 38.2-1202. Insuring power of reciprocals
§ 38.2-1203. What laws applicable to reciprocals; compliance with § 38.2-208
§ 38.2-1204. Power to enter into reciprocal insurance contracts
§ 38.2-1206. License required of reciprocals; surplus
§ 38.2-1207. Exceptions as to reciprocals licensed and operating
§ 38.2-1208. Additional requirements, foreign and alien reciprocals
§ 38.2-1209. Residence and office of attorney of foreign and alien reciprocals
§ 38.2-1210. Contracts executed by attorney
§ 38.2-1211. License required of agent
§ 38.2-1212. Subscribers' liability
§ 38.2-1213. Nonassessable policies
§ 38.2-1214. Savings returned to subscribers
§ 38.2-1216. Clerk of Commission to be appointed agent for service of process; procedure thereafter
§ 38.2-1218. Effect of judgment against reciprocal
§ 38.2-1219. Organization of reciprocals; what declaration to contain
§ 38.2-1220. Attorney to file bond
§ 38.2-1221. Deposit instead of bond
§ 38.2-1222. Subscribers' advisory committee
§ 38.2-1223. Subscriber's agreement and power of attorney
§ 38.2-1224. Modification of power of attorney and subscriber's agreement
§ 38.2-1227. Time limit for assessment
§ 38.2-1228. Subscribers' share in assets
§ 38.2-1229. Impaired reciprocals