38.2-1009 - Payment for shares pursuant to conversion plan. - Virginia Statutes

§ 38.2-1009. Payment for shares pursuant to conversion plan.

Every payment for the acquisition of any shares of the capital stock of theinsurer, the purchase price of which is not fixed by the plan, shall besubject to the approval of the Commission. Neither the plan, nor any paymentunder the plan, nor any payment not fixed by the plan, shall be approved bythe Commission if the making of the payment reduces the surplus topolicyholders to an amount less than that required at that time for thelicensure of domestic mutual insurers.

(Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.)