38.2-1041 - Notice to company of proposed suspension or revocation. - Virginia Statutes

§ 38.2-1041. Notice to company of proposed suspension or revocation.

The Commission shall not revoke or suspend the license of any insurer to dothe business of insurance in this Commonwealth upon any of the grounds setout in § 38.2-1040 until it has given the insurer ten days' notice of thereasons for the proposed revocation or suspension and has given the insureran opportunity to introduce evidence and be heard. However, the Commissionmay immediately suspend the license on any of the grounds specified insubdivisions 7 and 8 of subsection A of § 38.2-1040 without prior notice tothe insurer. The suspension shall remain in force until the hearing is held.Any hearing authorized by this section may be informal, and the requirednotice may be waived by the Commission and the insurer.

(Code 1950, §§ 38-132, 38-169, 38-370; 1952, c. 317, § 38.1-100; 1986, c.562.)