38.2-1519 - Termination of rehabilitation; when liquidation may be entered. - Virginia Statutes

§ 38.2-1519. Termination of rehabilitation; when liquidation may be entered.

A. If either the Commission or the court determines that the purposes of therehabilitation proceeding have been accomplished and that the insurer cansafely and properly resume possession of its property and the conduct of itsbusiness, an order may be entered terminating the rehabilitation proceedingand permitting the insurer to resume possession of its property and themanagement and conduct of its affairs. The order shall not be entered until afull hearing is held, subject to proper notice given in the manner prescribedby the Commission or the court.

B. If at any time it appears to either the Commission or the court thatfurther efforts to rehabilitate the insurer would be useless, an order ofliquidation may be entered.

(Code 1950, § 38-139; 1952, c. 317, § 38.1-143; 1986, c. 562.)