38.2-404 - Recovery of such assessments; revocation or suspension of license. - Virginia Statutes

§ 38.2-404. Recovery of such assessments; revocation or suspension of license.

If an assessment made under § 38.2-403 is not paid to the Commission by theprescribed date, the amount of the assessment, penalty, and interest may berecovered from the defaulting company on motion of the Commission made in thename and for the use of the Commonwealth in the appropriate circuit courtafter ten days' notice to the company. The license or certificate ofauthority of any defaulting company to transact business in this Commonwealthmay be revoked or suspended by the Commission until it has paid suchassessment.

(Code 1950, § 38-19; 1952, c. 317, § 38.1-46; 1978, c. 4; 1986, c. 562.)