38.2-1501 - Definitions. - Virginia Statutes

§ 38.2-1501. Definitions.

As used in this chapter:

"Association" means the Virginia Property and Casualty Insurance GuarantyAssociation created by Chapter 16 of this title or the Virginia Life,Accident and Sickness Insurance Guaranty Association created by Chapter 17 ofthis title or any person performing a similar function in another state.

"Delinquency proceeding" means any proceeding commenced against aninsurance company for the purpose of liquidating, rehabilitating,reorganizing or conserving an insurer.

"Insolvent" means (i) the condition of an insurer that has liabilities inexcess of assets or (ii) the inability of an insurer to pay its obligationsas they become due in the usual course of business.

"Receiver" means the Commission or any person appointed to managedelinquency proceedings.

(1952, c. 317, § 38.1-127; 1986, c. 562.)