No foreign or alien society doing business or applying to do business in this Commonwealth shall:
1. Exceed its powers;
2. Fail to comply with any of the provisions of this chapter;
3. Fail to fulfill its contracts in good faith; or
4. Conduct its business fraudulently or in a manner hazardous to its members or creditors or the public.
If the Commission, upon investigation, finds such deficiencies, it shall notify the society in writing of its findings, and after reasonable notice require the society to show cause on a date designated in the notice why its license should not be suspended, revoked or refused. If, on the date named in the notice, the grounds for the proposed suspension, revocation or refusal of the society's license have not been removed to the satisfaction of the Commission, or the society does not present good and sufficient reasons why its authority to do business in this Commonwealth should not at that time be suspended, revoked, or refused the Commission may suspend, revoke or refuse the license of the society to do business in this Commonwealth.
Code 1950, §§ 38-322, 38.1-631; 1952, c. 317, § 38.1-638.52; 1968, c. 654; 1986, c. 562.
Structure Code of Virginia
Chapter 41 - Fraternal Benefit Societies
§ 38.2-4100. Fraternal benefit societies
§ 38.2-4102. Representative form of government
§ 38.2-4104. Purposes and powers
§ 38.2-4105. Qualifications for membership
§ 38.2-4106. Location of office; meetings, communications to members; grievance procedures
§ 38.2-4107. No personal liability
§ 38.2-4109. Organization of domestic society on or after October 1, 1986
§ 38.2-4110. Incorporation of fraternal benefit societies
§ 38.2-4111. Amendments to laws
§ 38.2-4114. Consolidations and mergers
§ 38.2-4115. Conversion of fraternal benefit society into mutual life insurer
§ 38.2-4118. Benefits not attachable
§ 38.2-4119. The benefit contract
§ 38.2-4120. Nonforfeiture benefits, cash surrender values, certificate loans and other options
§ 38.2-4126. Reports to be filed
§ 38.2-4128. Examination of societies; no adverse publications
§ 38.2-4129. Admission; foreign or alien society
§ 38.2-4130. Injunction; liquidation; receivership of domestic society
§ 38.2-4131. Suspension, revocation or refusal of license of foreign or alien society
§ 38.2-4132. Licensing of agents
§ 38.2-4133. Unfair methods of competition and unfair and deceptive acts and practices
§ 38.2-4135. Exemption of certain societies
§ 38.2-4136. Societies previously existing; reincorporation; amendments
§ 38.2-4137. Exemption of member representatives of certain societies