All proceedings in which the insolvent member insurer is a party in any court in this Commonwealth shall be stayed 180 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the Association on all matters germane to its powers and duties. The Association may apply to have the judgment under any decision, order, verdict, or finding based on default set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
1976, c. 330, § 38.1-482.32; 1986, c. 562; 2010, c. 510; 2018, c. 706.
Structure Code of Virginia
Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association
§ 38.2-1700. Purpose and applicability of chapter
§ 38.2-1702. Association; creation; memberships; accounts; supervision
§ 38.2-1703. Board of directors of Association
§ 38.2-1704. Powers and duties of Association
§ 38.2-1706. Plan of operation
§ 38.2-1707. Duties and powers of the Commission
§ 38.2-1708. Detection and prevention of insolvencies
§ 38.2-1709. Tax write-offs of certificates of contributions
§ 38.2-1710. Miscellaneous provisions
§ 38.2-1711. Examination of the Association; annual report
§ 38.2-1714. Stay of proceedings; reopening default judgments
§ 38.2-1716. Purpose and applicability of article
§ 38.2-1718. Financing the safety fund, maximum amount, distribution of excess
§ 38.2-1719. Investment of safety fund