38.2-1507 - Further procedure; injunction may be issued. - Virginia Statutes

§ 38.2-1507. Further procedure; injunction may be issued.

The court may issue an injunction restraining the insurer and its officers,directors, stockholders, members, trustees, agents, employees and all otherpersons from transacting any business of the insurer, and from transferring,removing or disposing of its property or business until a further order ofthe court. The injunction may be issued on or after the institution of anydelinquency proceeding, except where the rehabilitation or liquidation of theinsurer has been referred to the Commission. If the Commission is authorizedto proceed with the rehabilitation or liquidation, it may issue injunctionsor enter any other appropriate order for the protection of the insurer'spolicyholders and creditors and the preservation of its property.

(Code 1950, § 38-139; 1952, c. 317, § 38.1-132; 1986, c. 562.)