No domestic insurer shall distribute its assets among its stockholders until all risks have expired or have been cancelled, or have been replaced by the policies of another solvent insurer licensed to transact the business of insurance in this Commonwealth, and until all claims against the insurer have been settled. No insurer shall contract to reinsure its risks for the purpose of distributing its assets without first obtaining the written approval of the Commission. However, nothing in this section shall be construed to prohibit the lawful payment of dividends.
Code 1950, §§ 38-170, 38-171; 1952, c. 317, § 38.1-39; 1986, c. 562.
Structure Code of Virginia
Chapter 2 - Provisions of a General Nature
§ 38.2-200. General powers of the Commission relative to insurance
§ 38.2-201. Recommendations by Commission to General Assembly
§ 38.2-202. Regulation of solicitation of proxies, consents and authorizations
§ 38.2-203. Management and exclusive agency contracts subject to approval by Commission
§ 38.2-205.1. Temporary contracts of insurance permitted
§ 38.2-206. Corporations as members of mutual insurers
§ 38.2-207. Enforcement of right of subrogation in name of insured
§ 38.2-208. Limitation of risks generally
§ 38.2-209. Award of insured's attorney fees in certain cases
§ 38.2-210. Loans to officers, directors, etc., prohibited
§ 38.2-211. Other interests and payments to officers, directors, etc., prohibited
§ 38.2-212. Certain compensation not prohibited
§ 38.2-213. Violation of § 38.2-210 or § 38.2-211
§ 38.2-214. Restrictions upon purchase and sale of equity securities of domestic stock insurers
§ 38.2-216. Restrictions on removal or transfer of property and on reinsurance; penalty
§ 38.2-217. When assets may not be distributed among stockholders
§ 38.2-218. Penalties and restitution payments
§ 38.2-219. Violations; procedure; cease and desist orders
§ 38.2-221. Enforcement of penalties
§ 38.2-221.1. Confidentiality of information
§ 38.2-221.2. Treatment of confidential information pursuant to federal law
§ 38.2-221.3. Confidentiality of applications and investigations
§ 38.2-223. Rules and regulations; orders
§ 38.2-225. Disposition of fines and penalties
§ 38.2-226. Provisions of title not to apply to certain mutual aid associations
§ 38.2-226.2. Provisions of title not applicable to certain long-term care health plans
§ 38.2-227. Public policy regarding punitive damages
§ 38.2-228. Proof of future financial responsibility
§ 38.2-229. Immunity from liability
§ 38.2-230. Distributions by nonstock corporation
§ 38.2-234. Release of information
§ 38.2-235. Liability insurance; carbon monoxide exclusions