38.2-1025 - Annual renewal of license. - Virginia Statutes

§ 38.2-1025. Annual renewal of license.

Each insurer licensed to transact the business of insurance in thisCommonwealth shall obtain an annual renewal of its license from theCommission. The Commission may refuse to renew the license of any insurer ormay renew the license, subject to any restrictions considered appropriate bythe Commission, if it finds an impairment of required capital and surplus orif it finds that the insurer has not satisfied all the conditions set forthin subsection B of § 38.2-1024. The Commission shall not fail to renew thelicense of any insurer to transact the business of insurance without givingthe insurer ten days' notice and giving it an opportunity to be heard. Thehearing may be informal, and the required notice may be waived by theCommission and the insurer.

(Code 1950, § 38-57; 1952, c. 317, § 38.1-98; 1986, c. 562.)