38.2-1036 - Impairment of capital and surplus of foreign and alien company ground for suspension or revocation of license. - Virginia Statutes

§ 38.2-1036. Impairment of capital and surplus of foreign and alien companyground for suspension or revocation of license.

Each foreign and each alien insurer shall maintain at all times the minimumsurplus, capital and surplus, or trusteed surplus required by §§ 38.2-1028,38.2-1029, 38.2-1030 or § 38.2-1031. If the Commission finds an impairmentof (i) the required minimum capital and surplus of any foreign stock insurer,(ii) the required minimum surplus of any foreign mutual insurer, or (iii) therequired minimum trusteed surplus of any alien insurer, the Commission mayorder the insurer to eliminate the impairment and restore the minimum capitaland surplus, minimum surplus or minimum trusteed surplus, to the amountrequired by law. The Commission may, by order served upon the insurer,prohibit the insurer from issuing any new policies while the impairmentexists. If the insurer fails to comply with the Commission's order within aperiod of not more than ninety days, the Commission may, in the manner setout in Article 6 (§ 38.2-1040 et seq.) of this chapter, suspend or revoke thelicense of the insurer to transact the business of insurance in thisCommonwealth.

(Code 1950, § 38-511; 1952, c. 317, § 38.1-96; 1978, c. 20; 1986, c. 562.)