{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1512.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1512.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1512.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1512.html"}],"law_id":69044,"edition_id":1,"section_id":69044,"structure_id":15197,"section_number":"38.2-1512","catch_line":"Rights and liabilities fixed upon liquidation","history":"1952, c. 317, \u00a7 38.1-136; 1986, c. 562.","full_text":"The rights and liabilities of an insurer and of its creditors, policyholders, stockholders, members, and all other persons interested in the property and assets of the insurer, shall be fixed as of the date of the entry of the order directing the liquidation of the insurer unless otherwise provided by law. The rights of claimants holding contingent claims on that date shall be determined by this chapter.","order_by":null,"text":{"0":{"id":249934,"text":"The rights and liabilities of an insurer and of its creditors, policyholders, stockholders, members, and all other persons interested in the property and assets of the insurer, shall be fixed as of the date of the entry of the order directing the liquidation of the insurer unless otherwise provided by law. The rights of claimants holding contingent claims on that date shall be determined by this chapter.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1512\/","history_text":"<p>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":false,"permalink":{"id":212167,"object_type":"law","relational_id":69044,"identifier":"38.2-1512","token":"38.2\/15\/38.2-1512","url":"\/38.2-1512\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1512\/","token":"38.2\/15\/38.2-1512","dublin_core":{"Title":"Rights and liabilities fixed upon liquidation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1512","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The rights and liabilities of an <span class=\"dictionary\">insurer<\/span> and of its <span class=\"dictionary\">creditors<\/span>, policyholders, stockholders, members, and all other <span class=\"dictionary\">persons<\/span> interested in the property and <span class=\"dictionary\">assets<\/span> of the <span class=\"dictionary\">insurer<\/span>, shall be fixed as of the date of the entry of the <span class=\"dictionary\">order<\/span> directing the <span class=\"dictionary\">liquidation<\/span> of the <span class=\"dictionary\">insurer<\/span> unless otherwise provided by <span class=\"dictionary\">law<\/span>. The rights of claimants holding <span class=\"dictionary\">contingent claims<\/span> on that date shall be determined by this chapter.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nRIGHTS AND LIABILITIES FIXED UPON LIQUIDATION (\u00a7 38.2-1512)\n\nThe rights and liabilities of an insurer and of its creditors, policyholders,\nstockholders, members, and all other persons interested in the property and\nassets of the insurer, shall be fixed as of the date of the entry of the order\ndirecting the liquidation of the insurer unless otherwise provided by law. The\nrights of claimants holding contingent claims on that date shall be determined\nby this chapter.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-136; 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}}