A. When the association has ceased all of its underwriting operations by order of the Commission under subsection C of § 38.2-2801, it shall be subject during its continued existence to the following:
1. The association shall remain in existence for the sole purpose of completing its orderly dissolution;
2. The association shall refund to all of its members all preliminary assessments contributions and other funds paid to the association that have not been reimbursed prior to dissolution; and
3. The board of the association shall satisfy and discharge its obligations and, subject to the approval of the Commission, shall have authority to do all other acts required to conclude its business affairs, including but not limited to, transfer of policies in force to approved carriers.
B. When the Commission finds the association has met its obligations incident to termination of its business affairs, the Commission shall by order issue a certificate of dissolution and the existence of the association shall cease.
1980, c. 286, § 38.1-776.1; 1986, c. 562; 1987, c. 554.
Structure Code of Virginia
Chapter 28 - Medical Malpractice Joint Underwriting Association
§ 38.2-2804. Plan of operation
§ 38.2-2805. Medical and hospital advisory committees
§ 38.2-2807. Stabilization reserve fund
§ 38.2-2808. Participation in association by insurers
§ 38.2-2809. Review of actions or decisions of association
§ 38.2-2810. Annual statements
§ 38.2-2811. Examination into affairs of association
§ 38.2-2812. Public officers or employees
§ 38.2-2813. Commissions for placing and servicing risk with association