38.2-2802 - Dissolution. - Virginia Statutes

§ 38.2-2802. Dissolution.

A. When the association has ceased all of its underwriting operations byorder of the Commission under subsection C of § 38.2-2801, it shall besubject during its continued existence to the following:

1. The association shall remain in existence for the sole purpose ofcompleting its orderly dissolution;

2. The association shall refund to all of its members all preliminaryassessments contributions and other funds paid to the association that havenot been reimbursed prior to dissolution; and

3. The board of the association shall satisfy and discharge its obligationsand, subject to the approval of the Commission, shall have authority to doall other acts required to conclude its business affairs, including but notlimited to, transfer of policies in force to approved carriers.

B. When the Commission finds the association has met its obligations incidentto termination of its business affairs, the Commission shall by order issue acertificate of dissolution and the existence of the association shall cease.

(1980, c. 286, § 38.1-776.1; 1986, c. 562; 1987, c. 554.)