38.2-1521 - Conservation of assets of foreign or alien insurer; when liquidation may be entered. - Virginia Statutes

§ 38.2-1521. Conservation of assets of foreign or alien insurer; whenliquidation may be entered.

A. Proceedings against a foreign or alien insurer for the conservation of theinsurer's assets within this Commonwealth may be instituted and conducted inthe manner prescribed in this chapter for delinquency proceedings against adomestic insurer on any one or more of the applicable grounds specified in §38.2-1503. The order of conservation shall direct the receiver to takepossession of the assets of the insurer within this Commonwealth and conservethe assets for the benefit of its policyholders and for any other purpose asthe nature of the cause and the interests of its policyholders, creditors,members, stockholders or the public require.

B. If the laws of any other state or country provide for the conservation,liquidation and distribution of a foreign or alien insurer's assets tocreditors, policyholders, and other entitled persons, then the receiverappointed in this Commonwealth to conserve the foreign or alien insurer'sassets within this Commonwealth may proceed to liquidate the business of theinsurer in this Commonwealth and distribute the assets to those entitled tothem. In all other cases the rights, powers, and duties of the Commission orthe receiver with respect to the assets of a foreign or alien insurer shallbe ancillary to the rights, powers, and duties imposed upon any receiver orother person in charge of the property, business, and affairs of the insurerin its domiciliary state or country.

(1952, c. 317, § 38.1-145; 1986, c. 562.)