38.2-1012 - Jurisdiction to compel completion of mutualization. - Virginia Statutes

§ 38.2-1012. Jurisdiction to compel completion of mutualization.

Whenever (i) a plan of mutualization approved in accordance with the laws ofthis Commonwealth has been in effect for more than five years, and (ii) theinsurer has acquired in the name of its trustees under the plan at leastninety percent of its outstanding stock, and (iii) the plan itself containsno provision for the compulsory completion of mutualization inconsistent withthe terms of this article, circuit courts shall have jurisdiction to compelcompletion of the mutualization of the insurer upon the petition of eitherthe insurer or any stockholder of the insurer.

(1954, c. 20, § 38.1-495.1; 1986, c. 562.)