38.2-2507 - Conversion of mutual assessment property and casualty insurers. - Virginia Statutes

§ 38.2-2507. Conversion of mutual assessment property and casualty insurers.

A. Any mutual assessment property and casualty insurer desiring to removeitself from the provisions of this chapter and desiring to become an insurerunder the provisions of Chapter 10 (§ 38.2-1000 et seq.) of this title may doso by meeting the requirements of Chapter 10. The mutual assessment propertyand casualty insurer shall submit an application to the Commission showingthat each requirement of Chapter 10 has been met. If the applicant does notmeet the requirements of Chapter 10, the applicant may submit a plan thatincludes a schedule for meeting the requirements of Chapter 10. The scheduleshall provide for compliance with those requirements within ten years of theapproval of the application. For good cause shown, the Commission may grant,after informal hearing, an additional period in order to achieve compliancewith the requirements of Chapter 10.

B. If the Commission approves the application, the insurer shall have all therights, privileges and responsibilities of an insurer licensed under theprovisions of Chapter 10 of this title.

C. Upon failure of the applicant to comply with the terms of the approvedschedule, the Commission may require the applicant to adhere to theprovisions of this chapter.

(1986, c. 562.)