{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1228.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1228.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1228.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1228.html"}],"law_id":75854,"edition_id":1,"section_id":75854,"structure_id":13370,"section_number":"38.2-1228","catch_line":"Subscribers’ share in assets","history":"1952, c. 317, \u00a7 38.1-717; 1986, c. 562.","full_text":"Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in \u00a7 38.2-1225, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.","order_by":null,"text":{"0":{"id":272380,"text":"Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in \u00a7 38.2-1225, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13370,"edition_id":1,"name":"Domestic Reciprocals","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13369,"metadata":{},"date_created":"2026-06-26 03:44:43","date_modified":"2026-06-26 03:44:43","permalink":{"id":211293,"object_type":"structure","relational_id":13370,"identifier":"2","token":"38.2\/12\/2","url":"\/38.2\/12\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13369,"edition_id":1,"name":"Reciprocal Insurance","identifier":"12","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:43","date_modified":"2026-06-26 03:44:43","permalink":{"id":211213,"object_type":"structure","relational_id":13369,"identifier":"12","token":"38.2\/12","url":"\/38.2\/12\/","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":82841,"structure_id":13370,"section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","url":"\/38.2-1219\/","token":"38.2\/12\/2\/38.2-1219","metadata":false},{"id":70255,"structure_id":13370,"section_number":"38.2-1220","catch_line":"Attorney to file bond","url":"\/38.2-1220\/","token":"38.2\/12\/2\/38.2-1220","metadata":false},{"id":59865,"structure_id":13370,"section_number":"38.2-1221","catch_line":"Deposit instead of bond","url":"\/38.2-1221\/","token":"38.2\/12\/2\/38.2-1221","metadata":false},{"id":55197,"structure_id":13370,"section_number":"38.2-1222","catch_line":"Subscribers' advisory committee","url":"\/38.2-1222\/","token":"38.2\/12\/2\/38.2-1222","metadata":false},{"id":86660,"structure_id":13370,"section_number":"38.2-1223","catch_line":"Subscriber's agreement and power of attorney","url":"\/38.2-1223\/","token":"38.2\/12\/2\/38.2-1223","metadata":false},{"id":58066,"structure_id":13370,"section_number":"38.2-1224","catch_line":"Modification of power of attorney and subscriber's agreement","url":"\/38.2-1224\/","token":"38.2\/12\/2\/38.2-1224","metadata":false},{"id":54344,"structure_id":13370,"section_number":"38.2-1225","catch_line":"Contributions","url":"\/38.2-1225\/","token":"38.2\/12\/2\/38.2-1225","metadata":false},{"id":81495,"structure_id":13370,"section_number":"38.2-1226","catch_line":"Assessments","url":"\/38.2-1226\/","token":"38.2\/12\/2\/38.2-1226","metadata":false},{"id":55134,"structure_id":13370,"section_number":"38.2-1227","catch_line":"Time limit for assessment","url":"\/38.2-1227\/","token":"38.2\/12\/2\/38.2-1227","metadata":false},{"id":75854,"structure_id":13370,"section_number":"38.2-1228","catch_line":"Subscribers' share in assets","url":"\/38.2-1228\/","token":"38.2\/12\/2\/38.2-1228","metadata":false},{"id":84183,"structure_id":13370,"section_number":"38.2-1229","catch_line":"Impaired reciprocals","url":"\/38.2-1229\/","token":"38.2\/12\/2\/38.2-1229","metadata":false},{"id":72446,"structure_id":13370,"section_number":"38.2-1230","catch_line":"Material transactions","url":"\/38.2-1230\/","token":"38.2\/12\/2\/38.2-1230","metadata":false},{"id":64155,"structure_id":13370,"section_number":"38.2-1231","catch_line":"Attorney's financial statement","url":"\/38.2-1231\/","token":"38.2\/12\/2\/38.2-1231","metadata":false}],"previous_section":{"id":55134,"structure_id":13370,"section_number":"38.2-1227","catch_line":"Time limit for assessment","url":"\/38.2-1227\/","token":"38.2\/12\/2\/38.2-1227","metadata":false},"next_section":{"id":84183,"structure_id":13370,"section_number":"38.2-1229","catch_line":"Impaired reciprocals","url":"\/38.2-1229\/","token":"38.2\/12\/2\/38.2-1229","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1228\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 317 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1952 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":54344,"section_number":"38.2-1225","catch_line":"Contributions","order_by":null,"url":"\/38.2-1225\/"}],"permalink":{"id":211331,"object_type":"law","relational_id":75854,"identifier":"38.2-1228","token":"38.2\/12\/2\/38.2-1228","url":"\/38.2-1228\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1228\/","token":"38.2\/12\/2\/38.2-1228","dublin_core":{"Title":"Subscribers’ share in assets","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1228","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Upon the liquidation<\/span> of a domestic reciprocal, the assets<\/span> remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person<\/span> made as provided in \u00a7 38.2-1225<\/a>, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission<\/span> or the court<\/span> to the persons<\/span> who were its subscribers within the twelve months prior to the final termination of its license.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSUBSCRIBERS’ SHARE IN ASSETS (\u00a7 38.2-1228)\n\nUpon the liquidation of a domestic reciprocal, the assets remaining after\ndischarge of its (i) indebtedness and policy obligations, (ii) the return of any\ncontributions of the attorney or other person made as provided in \u00a7 38.2-1225,\nand (iii) the return of any unused deposits, savings or credits, shall be\ndistributed. The distribution shall be according to a formula approved by the\nCommission or the court to the persons who were its subscribers within the\ntwelve months prior to the final termination of its license.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-717; 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}}