{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1508.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1508.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1508.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1508.html"}],"law_id":75610,"edition_id":1,"section_id":75610,"structure_id":15197,"section_number":"38.2-1508","catch_line":"Powers of Commission when authorized to rehabilitate or liquidate companies","history":"Code 1950, \u00a7 38-140; 1952, c. 317, \u00a7 38.1-133; 1971, Ex. Sess., c. 1; 1986, c. 562; 1992, c. 468.","full_text":"Whenever the Commission is authorized to act as a receiver to rehabilitate or liquidate an insurer or to take any other authorized steps that it considers advisable in connection with the affairs of the insurer, it shall have all the power and authority of a court of record as provided in Article IX, Section 3 of the Constitution of Virginia. All further proceedings in connection with the rehabilitation or liquidation shall be conducted by the Commission without any control or supervision by the court to which the application was made. For the violation of any injunction or order issued under this chapter, the Commission shall have the same power to punish for contempt as a court. The Commission may deal with the property and affairs of the insurer in its own name or in the name of the insurer. The Commission shall be vested by law with the title to all of the property, contracts and rights of action of the insurer as of the date shown by the order of the court referred to in \u00a7 38.2-1507. The filing or recording of the order in any clerk’s office in this Commonwealth shall give the same notice that a deed, bill of sale or other evidence of properly filed or recorded title have given.","order_by":null,"text":{"0":{"id":271590,"text":"Whenever the Commission is authorized to act as a receiver to rehabilitate or liquidate an insurer or to take any other authorized steps that it considers advisable in connection with the affairs of the insurer, it shall have all the power and authority of a court of record as provided in Article IX, Section 3 of the Constitution of Virginia. All further proceedings in connection with the rehabilitation or liquidation shall be conducted by the Commission without any control or supervision by the court to which the application was made. For the violation of any injunction or order issued under this chapter, the Commission shall have the same power to punish for contempt as a court. The Commission may deal with the property and affairs of the insurer in its own name or in the name of the insurer. The Commission shall be vested by law with the title to all of the property, contracts and rights of action of the insurer as of the date shown by the order of the court referred to in \u00a7 38.2-1507. The filing or recording of the order in any clerk’s office in this Commonwealth shall give the same notice that a deed, bill of sale or other evidence of properly filed or recorded title have given.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15197,"edition_id":1,"name":"Rehabilitation and Liquidation of Insurers","identifier":"15","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:52:54","date_modified":"2026-06-26 03:52:54","permalink":{"id":212117,"object_type":"structure","relational_id":15197,"identifier":"15","token":"38.2\/15","url":"\/38.2\/15\/","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":66658,"structure_id":15197,"section_number":"38.2-1500","catch_line":"Scope of chapter","url":"\/38.2-1500\/","token":"38.2\/15\/38.2-1500","metadata":false},{"id":70981,"structure_id":15197,"section_number":"38.2-1501","catch_line":"Definitions","url":"\/38.2-1501\/","token":"38.2\/15\/38.2-1501","metadata":false},{"id":70456,"structure_id":15197,"section_number":"38.2-1502","catch_line":"Jurisdiction and procedure","url":"\/38.2-1502\/","token":"38.2\/15\/38.2-1502","metadata":false},{"id":69543,"structure_id":15197,"section_number":"38.2-1503","catch_line":"Grounds for delinquency proceedings commenced by Commission against domestic insurer","url":"\/38.2-1503\/","token":"38.2\/15\/38.2-1503","metadata":false},{"id":57983,"structure_id":15197,"section_number":"38.2-1504","catch_line":"Requirements when proceedings instituted by any person other than Commission","url":"\/38.2-1504\/","token":"38.2\/15\/38.2-1504","metadata":false},{"id":75038,"structure_id":15197,"section_number":"38.2-1505","catch_line":"Commission may apply for receiver and for other relief; what orders court may enter","url":"\/38.2-1505\/","token":"38.2\/15\/38.2-1505","metadata":false},{"id":68865,"structure_id":15197,"section_number":"38.2-1506","catch_line":"Requirements when receiver appointed; disbursement of available assets to association, etc","url":"\/38.2-1506\/","token":"38.2\/15\/38.2-1506","metadata":false},{"id":81475,"structure_id":15197,"section_number":"38.2-1507","catch_line":"Further procedure; injunction may be issued","url":"\/38.2-1507\/","token":"38.2\/15\/38.2-1507","metadata":false},{"id":75610,"structure_id":15197,"section_number":"38.2-1508","catch_line":"Powers of Commission when authorized to rehabilitate or liquidate companies","url":"\/38.2-1508\/","token":"38.2\/15\/38.2-1508","metadata":false},{"id":66006,"structure_id":15197,"section_number":"38.2-1509","catch_line":"Powers of Commission when authorized to rehabilitate or liquidate insurers by court order; disbursement of available assets to an association, etc","url":"\/38.2-1509\/","token":"38.2\/15\/38.2-1509","metadata":false},{"id":84217,"structure_id":15197,"section_number":"38.2-1510","catch_line":"Commission may appoint assistants in connection with rehabilitation or liquidation","url":"\/38.2-1510\/","token":"38.2\/15\/38.2-1510","metadata":false},{"id":69985,"structure_id":15197,"section_number":"38.2-1511","catch_line":"Borrowing on pledge of assets","url":"\/38.2-1511\/","token":"38.2\/15\/38.2-1511","metadata":false},{"id":69044,"structure_id":15197,"section_number":"38.2-1512","catch_line":"Rights and liabilities fixed upon liquidation","url":"\/38.2-1512\/","token":"38.2\/15\/38.2-1512","metadata":false},{"id":77564,"structure_id":15197,"section_number":"38.2-1513","catch_line":"Voidable transfers","url":"\/38.2-1513\/","token":"38.2\/15\/38.2-1513","metadata":false},{"id":60160,"structure_id":15197,"section_number":"38.2-1514","catch_line":"Priority of claims for wages","url":"\/38.2-1514\/","token":"38.2\/15\/38.2-1514","metadata":false},{"id":75937,"structure_id":15197,"section_number":"38.2-1515","catch_line":"Mutual debts or credits, how treated","url":"\/38.2-1515\/","token":"38.2\/15\/38.2-1515","metadata":false},{"id":82543,"structure_id":15197,"section_number":"38.2-1516","catch_line":"Receivers to file reports, etc., with Commission","url":"\/38.2-1516\/","token":"38.2\/15\/38.2-1516","metadata":false},{"id":81714,"structure_id":15197,"section_number":"38.2-1517","catch_line":"What included in annual report of Commission","url":"\/38.2-1517\/","token":"38.2\/15\/38.2-1517","metadata":false},{"id":70097,"structure_id":15197,"section_number":"38.2-1518","catch_line":"Rehabilitation or mutualization of companies","url":"\/38.2-1518\/","token":"38.2\/15\/38.2-1518","metadata":false},{"id":57858,"structure_id":15197,"section_number":"38.2-1519","catch_line":"Termination of rehabilitation; when liquidation may be entered","url":"\/38.2-1519\/","token":"38.2\/15\/38.2-1519","metadata":false},{"id":68871,"structure_id":15197,"section_number":"38.2-1520","catch_line":"Liquidation of alien insurers","url":"\/38.2-1520\/","token":"38.2\/15\/38.2-1520","metadata":false},{"id":60418,"structure_id":15197,"section_number":"38.2-1521","catch_line":"Conservation of assets of foreign or alien insurer; when liquidation may be entered","url":"\/38.2-1521\/","token":"38.2\/15\/38.2-1521","metadata":false},{"id":83355,"structure_id":15197,"section_number":"38.2-1522","catch_line":"Qualified financial contracts","url":"\/38.2-1522\/","token":"38.2\/15\/38.2-1522","metadata":false}],"previous_section":{"id":81475,"structure_id":15197,"section_number":"38.2-1507","catch_line":"Further procedure; injunction may be issued","url":"\/38.2-1507\/","token":"38.2\/15\/38.2-1507","metadata":false},"next_section":{"id":66006,"structure_id":15197,"section_number":"38.2-1509","catch_line":"Powers of Commission when authorized to rehabilitate or liquidate insurers by court order; disbursement of available assets to an association, etc","url":"\/38.2-1509\/","token":"38.2\/15\/38.2-1509","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1508\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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; in 1992, chapter 468.<\/p>","references":false,"refers_to":[{"id":81475,"section_number":"38.2-1507","catch_line":"Further procedure; injunction may be issued","order_by":null,"url":"\/38.2-1507\/"}],"permalink":{"id":212151,"object_type":"law","relational_id":75610,"identifier":"38.2-1508","token":"38.2\/15\/38.2-1508","url":"\/38.2-1508\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1508\/","token":"38.2\/15\/38.2-1508","dublin_core":{"Title":"Powers of Commission when authorized to rehabilitate or liquidate companies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1508","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever the Commission<\/span> is authorized to act as a receiver<\/span> to rehabilitate or liquidate an insurer<\/span> or to take any other authorized steps that it considers advisable in connection with the affairs of the insurer<\/span>, it shall have all the power and authority of a court<\/span> of record as provided in Article IX, Section 3 of the Constitution of Virginia. All further proceedings in connection with the rehabilitation or liquidation<\/span> shall be conducted by the Commission<\/span> without any control or supervision by the court<\/span> to which the application was made. For the violation of any injunction<\/span> or order<\/span> issued under this chapter, the Commission<\/span> shall have the same power to punish for contempt<\/span> as a court<\/span>. The Commission<\/span> may deal with the property and affairs of the insurer<\/span> in its own name or in the name of the insurer<\/span>. The Commission<\/span> shall be vested by law<\/span> with the title to all of the property, contracts<\/span> and rights of action of the insurer<\/span> as of the date shown by the order<\/span> of the court<\/span> referred to in \u00a7 38.2-1507<\/a>. The filing or recording of the order<\/span> in any clerk’s office in this Commonwealth shall give the same notice that a deed, bill of sale or other evidence<\/span> of properly filed or recorded title have given.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF COMMISSION WHEN AUTHORIZED TO REHABILITATE OR LIQUIDATE COMPANIES (\u00a7\n38.2-1508)\n\nWhenever the Commission is authorized to act as a receiver to rehabilitate or\nliquidate an insurer or to take any other authorized steps that it considers\nadvisable in connection with the affairs of the insurer, it shall have all the\npower and authority of a court of record as provided in Article IX, Section 3 of\nthe Constitution of Virginia. All further proceedings in connection with the\nrehabilitation or liquidation shall be conducted by the Commission without any\ncontrol or supervision by the court to which the application was made. For the\nviolation of any injunction or order issued under this chapter, the Commission\nshall have the same power to punish for contempt as a court. The Commission may\ndeal with the property and affairs of the insurer in its own name or in the name\nof the insurer. The Commission shall be vested by law with the title to all of\nthe property, contracts and rights of action of the insurer as of the date shown\nby the order of the court referred to in \u00a7 38.2-1507. The filing or recording\nof the order in any clerk’s office in this Commonwealth shall give the\nsame notice that a deed, bill of sale or other evidence of properly filed or\nrecorded title have given.\n\nHISTORY: Code 1950, \u00a7 38-140; 1952, c. 317, \u00a7 38.1-133; 1971, Ex. Sess., c. 1;\n1986, c. 562; 1992, c. 468.","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}}