{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1009.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1009.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1009.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1009.html"}],"law_id":60066,"edition_id":1,"section_id":60066,"structure_id":15461,"section_number":"38.2-1009","catch_line":"Payment for shares pursuant to conversion plan","history":"Code 1950, \u00a7 38-423; 1952, c. 317, \u00a7 38.1-492; 1986, c. 562.","full_text":"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.","order_by":null,"text":{"0":{"id":219840,"text":"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15461,"edition_id":1,"name":"Conversion of Domestic Stock Insurer to Mutual Insurer","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:55:12","date_modified":"2026-06-26 03:55:12","permalink":{"id":210937,"object_type":"structure","relational_id":15461,"identifier":"2","token":"38.2\/10\/2","url":"\/38.2\/10\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66586,"structure_id":15461,"section_number":"38.2-1006","catch_line":"Conversion of a domestic stock insurer to a mutual insurer","url":"\/38.2-1006\/","token":"38.2\/10\/2\/38.2-1006","metadata":false},{"id":63106,"structure_id":15461,"section_number":"38.2-1007","catch_line":"Notice to policyholders of meeting to approve conversion","url":"\/38.2-1007\/","token":"38.2\/10\/2\/38.2-1007","metadata":false},{"id":60389,"structure_id":15461,"section_number":"38.2-1008","catch_line":"Conduct of and voting at meeting","url":"\/38.2-1008\/","token":"38.2\/10\/2\/38.2-1008","metadata":false},{"id":60066,"structure_id":15461,"section_number":"38.2-1009","catch_line":"Payment for shares pursuant to conversion plan","url":"\/38.2-1009\/","token":"38.2\/10\/2\/38.2-1009","metadata":false},{"id":69061,"structure_id":15461,"section_number":"38.2-1010","catch_line":"How acquired shares held","url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010","metadata":false},{"id":80248,"structure_id":15461,"section_number":"38.2-1011","catch_line":"Disposition of dividends after payments provided in conversion plan","url":"\/38.2-1011\/","token":"38.2\/10\/2\/38.2-1011","metadata":false},{"id":65293,"structure_id":15461,"section_number":"38.2-1012","catch_line":"Jurisdiction to compel completion of mutualization","url":"\/38.2-1012\/","token":"38.2\/10\/2\/38.2-1012","metadata":false},{"id":72720,"structure_id":15461,"section_number":"38.2-1013","catch_line":"Venue of proceedings","url":"\/38.2-1013\/","token":"38.2\/10\/2\/38.2-1013","metadata":false},{"id":81422,"structure_id":15461,"section_number":"38.2-1014","catch_line":"Parties and process","url":"\/38.2-1014\/","token":"38.2\/10\/2\/38.2-1014","metadata":false},{"id":64632,"structure_id":15461,"section_number":"38.2-1015","catch_line":"Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock","url":"\/38.2-1015\/","token":"38.2\/10\/2\/38.2-1015","metadata":false},{"id":58891,"structure_id":15461,"section_number":"38.2-1016","catch_line":"Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers","url":"\/38.2-1016\/","token":"38.2\/10\/2\/38.2-1016","metadata":false}],"previous_section":{"id":60389,"structure_id":15461,"section_number":"38.2-1008","catch_line":"Conduct of and voting at meeting","url":"\/38.2-1008\/","token":"38.2\/10\/2\/38.2-1008","metadata":false},"next_section":{"id":69061,"structure_id":15461,"section_number":"38.2-1010","catch_line":"How acquired shares held","url":"\/38.2-1010\/","token":"38.2\/10\/2\/38.2-1010","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1009\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":210951,"object_type":"law","relational_id":60066,"identifier":"38.2-1009","token":"38.2\/10\/2\/38.2-1009","url":"\/38.2-1009\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1009\/","token":"38.2\/10\/2\/38.2-1009","dublin_core":{"Title":"Payment for shares pursuant to conversion plan","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1009","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Every payment for the acquisition of any shares of the capital stock of the insurer<\/span>, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission<\/span>. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission<\/span> if the making of the payment reduces the surplus to policyholders<\/span> to an amount less than that required at that time for the licensure of domestic mutual insurers<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPAYMENT FOR SHARES PURSUANT TO CONVERSION PLAN (\u00a7 38.2-1009)\n\nEvery payment for the acquisition of any shares of the capital stock of the\ninsurer, the purchase price of which is not fixed by the plan, shall be subject\nto the approval of the Commission. Neither the plan, nor any payment under the\nplan, nor any payment not fixed by the plan, shall be approved by the Commission\nif the making of the payment reduces the surplus to policyholders to an amount\nless than that required at that time for the licensure of domestic mutual\ninsurers.\n\nHISTORY: Code 1950, \u00a7 38-423; 1952, c. 317, \u00a7 38.1-492; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}