{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1521.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1521.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1521.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1521.html"}],"law_id":60418,"edition_id":1,"section_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","history":"1952, c. 317, \u00a7 38.1-145; 1986, c. 562.","full_text":"A\n\nProceedings against a foreign or alien insurer for the conservation of the insurer’s assets within this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for delinquency proceedings against a domestic insurer on any one or more of the applicable grounds specified in § 38.2-1503. The order of conservation shall direct the receiver to take possession of the assets of the insurer within this Commonwealth and conserve the assets for the benefit of its policyholders and for any other purpose as the nature of the cause and the interests of its policyholders, creditors, members, stockholders or the public require.B\n\nIf the laws of any other state or country provide for the conservation, liquidation and distribution of a foreign or alien insurer’s assets to creditors, policyholders, and other entitled persons, then the receiver appointed in this Commonwealth to conserve the foreign or alien insurer’s assets within this Commonwealth may proceed to liquidate the business of the insurer in this Commonwealth and distribute the assets to those entitled to them. In all other cases the rights, powers, and duties of the Commission or the receiver with respect to the assets of a foreign or alien insurer shall be ancillary to the rights, powers, and duties imposed upon any receiver or other person in charge of the property, business, and affairs of the insurer in its domiciliary state or country.","order_by":null,"text":{"0":{"id":220929,"text":"Proceedings against a foreign or alien insurer for the conservation of the insurer’s assets within this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for delinquency proceedings against a domestic insurer on any one or more of the applicable grounds specified in § 38.2-1503. The order of conservation shall direct the receiver to take possession of the assets of the insurer within this Commonwealth and conserve the assets for the benefit of its policyholders and for any other purpose as the nature of the cause and the interests of its policyholders, creditors, members, stockholders or the public require.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":220930,"text":"If the laws of any other state or country provide for the conservation, liquidation and distribution of a foreign or alien insurer’s assets to creditors, policyholders, and other entitled persons, then the receiver appointed in this Commonwealth to conserve the foreign or alien insurer’s assets within this Commonwealth may proceed to liquidate the business of the insurer in this Commonwealth and distribute the assets to those entitled to them. In all other cases the rights, powers, and duties of the Commission or the receiver with respect to the assets of a foreign or alien insurer shall be ancillary to the rights, powers, and duties imposed upon any receiver or other person in charge of the property, business, and affairs of the insurer in its domiciliary state or country.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1521\/","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":69543,"section_number":"38.2-1503","catch_line":"Grounds for delinquency proceedings commenced by Commission against domestic insurer","order_by":null,"url":"\/38.2-1503\/"}],"permalink":{"id":212203,"object_type":"law","relational_id":60418,"identifier":"38.2-1521","token":"38.2\/15\/38.2-1521","url":"\/38.2-1521\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1521\/","token":"38.2\/15\/38.2-1521","dublin_core":{"Title":"Conservation of assets of foreign or alien insurer; when liquidation may be entered","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1521","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Proceedings against a foreign or alien insurer<\/span> for the conservation of the insurer<\/span>’s assets<\/span> within this Commonwealth may be instituted and conducted in the manner prescribed in this chapter for delinquency proceedings<\/span> against a domestic insurer<\/span> on any one or more of the applicable grounds specified in § 38.2-1503<\/a>. The order<\/span> of conservation shall direct the receiver<\/span> to take possession<\/span> of the assets<\/span> of the insurer<\/span> within this Commonwealth and conserve the assets<\/span> for the benefit of its policyholders and for any other purpose as the nature of the cause and the interests of its policyholders, creditors<\/span>, members, stockholders or the public require. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the laws<\/span> of any other state<\/span> or country provide for the conservation, liquidation<\/span> and distribution of a foreign or alien insurer<\/span>’s assets<\/span> to creditors<\/span>, policyholders, and other entitled persons<\/span>, then the receiver<\/span> appointed in this Commonwealth to conserve the foreign or alien insurer<\/span>’s assets<\/span> within this Commonwealth may proceed to liquidate the business of the insurer<\/span> in this Commonwealth and distribute the assets<\/span> to those entitled to them. In all other cases the rights, powers, and duties of the Commission<\/span> or the receiver<\/span> with respect to the assets<\/span> of a foreign or alien insurer<\/span> shall be ancillary to the rights, powers, and duties imposed upon any receiver<\/span> or other person<\/span> in charge of the property, business, and affairs of the insurer<\/span> in its domiciliary state<\/span> or country. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONSERVATION OF ASSETS OF FOREIGN OR ALIEN INSURER; WHEN LIQUIDATION MAY BE\nENTERED (\u00a7 38.2-1521)\n\nA. Proceedings against a foreign or alien insurer for the conservation of the\ninsurer’s assets within this Commonwealth may be instituted and conducted\nin the manner prescribed in this chapter for delinquency proceedings against a\ndomestic insurer on any one or more of the applicable grounds specified in\n§ 38.2-1503. The order of conservation shall direct the receiver to take\npossession of the assets of the insurer within this Commonwealth and conserve\nthe assets for the benefit of its policyholders and for any other purpose as the\nnature of the cause and the interests of its policyholders, creditors, members,\nstockholders or the public require.\n\nB. If the laws of any other state or country provide for the conservation,\nliquidation and distribution of a foreign or alien insurer’s assets to\ncreditors, policyholders, and other entitled persons, then the receiver\nappointed in this Commonwealth to conserve the foreign or alien insurer’s\nassets within this Commonwealth may proceed to liquidate the business of the\ninsurer in this Commonwealth and distribute the assets to those entitled to\nthem. In all other cases the rights, powers, and duties of the Commission or the\nreceiver with respect to the assets of a foreign or alien insurer shall be\nancillary to the rights, powers, and duties imposed upon any receiver or other\nperson in charge of the property, business, and affairs of the insurer in its\ndomiciliary state or country.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-145; 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}}