38.2-2515 - Insurers to maintain membership of 100 or more; license suspended or revoked if membership not maintained; rehabilitation or liquidation.
§ 38.2-2515. Insurers to maintain membership of 100 or more; licensesuspended or revoked if membership not maintained; rehabilitation orliquidation.
Every mutual assessment property and casualty insurer shall maintain amembership of at least 100 persons at all times. Whenever the number ofmembers falls below 100, the insurer shall notify the Commission immediatelyof that fact. Upon receipt of that notice, or upon information from anysource that the membership of the insurer is less than 100, the Commissionmay revoke the insurer's license, or may issue an order requiring the insurerto increase its membership to at least 100 within a designated period notexceeding 90 days.
If at the expiration of the designated period the membership has not beenincreased to at least 100, the Commission shall revoke the insurer's license.Upon the revocation of its license as authorized in this section, delinquencyproceedings against the insurer may be instituted and conducted as providedin Chapter 15 of this title.
(1952, c. 317, § 38.1-672; 1986, c. 562.)