A. If either the Commission or the court determines that the purposes of the rehabilitation proceeding have been accomplished and that the insurer can safely and properly resume possession of its property and the conduct of its business, an order may be entered terminating the rehabilitation proceeding and permitting the insurer to resume possession of its property and the management and conduct of its affairs. The order shall not be entered until a full hearing is held, subject to proper notice given in the manner prescribed by the Commission or the court.
B. If at any time it appears to either the Commission or the court that further efforts to rehabilitate the insurer would be useless, an order of liquidation may be entered.
Code 1950, § 38-139; 1952, c. 317, § 38.1-143; 1986, c. 562.
Structure Code of Virginia
Chapter 15 - Rehabilitation and Liquidation of Insurers
§ 38.2-1502. Jurisdiction and procedure
§ 38.2-1503. Grounds for delinquency proceedings commenced by Commission against domestic insurer
§ 38.2-1504. Requirements when proceedings instituted by any person other than Commission
§ 38.2-1505. Commission may apply for receiver and for other relief; what orders court may enter
§ 38.2-1507. Further procedure; injunction may be issued
§ 38.2-1508. Powers of Commission when authorized to rehabilitate or liquidate companies
§ 38.2-1510. Commission may appoint assistants in connection with rehabilitation or liquidation
§ 38.2-1511. Borrowing on pledge of assets
§ 38.2-1512. Rights and liabilities fixed upon liquidation
§ 38.2-1513. Voidable transfers
§ 38.2-1514. Priority of claims for wages
§ 38.2-1515. Mutual debts or credits, how treated
§ 38.2-1516. Receivers to file reports, etc., with Commission
§ 38.2-1517. What included in annual report of Commission
§ 38.2-1518. Rehabilitation or mutualization of companies
§ 38.2-1519. Termination of rehabilitation; when liquidation may be entered
§ 38.2-1520. Liquidation of alien insurers
§ 38.2-1521. Conservation of assets of foreign or alien insurer; when liquidation may be entered