Va. Code § 38.2-1009

Current with changes from the 2024 legislative session through ch. 845
Section 38.2-1009 - Payment for shares pursuant to conversion plan

Every payment for the acquisition of any shares of the capital stock of the insurer, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission if the making of the payment reduces the surplus to policyholders to an amount less than that required at that time for the licensure of domestic mutual insurers.

Va. Code § 38.2-1009

Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.
Amended by Acts 1986, § c. 562.
Amended by Acts 1952, § c. 317, § 38.1-492.