{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1707.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1707.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1707.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1707.html"}],"law_id":64107,"edition_id":1,"section_id":64107,"structure_id":14902,"section_number":"38.2-1707","catch_line":"Duties and powers of the Commission","history":"1976, c. 330, \u00a7 38.1-482.25; 1986, c. 562; 2010, c. 510; 2018, c. 706.","full_text":"A\n\nIn addition to the duties and powers enumerated elsewhere in this chapter, the Commission shall:1\n\nUpon request of the board of directors, provide the Association with a statement of the premiums in the appropriate states for each member insurer;2\n\nWhen an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with this demand shall not excuse the Association from the performance of its powers and duties under this chapter; and3\n\nBe appointed as the liquidator or rehabilitator in any liquidation or rehabilitation proceeding involving a domestic member insurer. If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commission shall be appointed conservator.B\n\nThe Commission may suspend or revoke, after notice and hearing, the license to transact business in the Commonwealth of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the Commission may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month.C\n\nAny action of the board of directors or the Association may be appealed to the Commission by any member insurer if the appeal is taken within 30 days of the action being appealed. Any final action or order of the Commission shall be subject to judicial review in accordance with the provisions of §§ 12.1-39 through 12.1-41.D\n\nThe liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.","order_by":null,"text":{"0":{"id":233414,"text":"In addition to the duties and powers enumerated elsewhere in this chapter, the Commission shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":233415,"text":"Upon request of the board of directors, provide the Association with a statement of the premiums in the appropriate states for each member insurer;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":233416,"text":"When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with this demand shall not excuse the Association from the performance of its powers and duties under this chapter; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":233417,"text":"Be appointed as the liquidator or rehabilitator in any liquidation or rehabilitation proceeding involving a domestic member insurer. If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commission shall be appointed conservator.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":233418,"text":"The Commission may suspend or revoke, after notice and hearing, the license to transact business in the Commonwealth of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the Commission may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":233419,"text":"Any action of the board of directors or the Association may be appealed to the Commission by any member insurer if the appeal is taken within 30 days of the action being appealed. Any final action or order of the Commission shall be subject to judicial review in accordance with the provisions of §§ 12.1-39 through 12.1-41.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"6":{"id":233420,"text":"The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14902,"edition_id":1,"name":"Establishment and Operation of the Association","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":14649,"metadata":{},"date_created":"2026-06-26 03:50:41","date_modified":"2026-06-26 03:50:41","permalink":{"id":212319,"object_type":"structure","relational_id":14902,"identifier":"1","token":"38.2\/17\/1","url":"\/38.2\/17\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14649,"edition_id":1,"name":"Virginia Life, Accident and Sickness Insurance Guaranty Association","identifier":"17","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:49:08","date_modified":"2026-06-26 03:49:08","permalink":{"id":212317,"object_type":"structure","relational_id":14649,"identifier":"17","token":"38.2\/17","url":"\/38.2\/17\/","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":85176,"structure_id":14902,"section_number":"38.2-1700","catch_line":"Purpose and applicability of chapter","url":"\/38.2-1700\/","token":"38.2\/17\/1\/38.2-1700","metadata":false},{"id":79730,"structure_id":14902,"section_number":"38.2-1701","catch_line":"Definitions","url":"\/38.2-1701\/","token":"38.2\/17\/1\/38.2-1701","metadata":false},{"id":62816,"structure_id":14902,"section_number":"38.2-1702","catch_line":"Association; creation; memberships; accounts; supervision","url":"\/38.2-1702\/","token":"38.2\/17\/1\/38.2-1702","metadata":false},{"id":72232,"structure_id":14902,"section_number":"38.2-1703","catch_line":"Board of directors of Association","url":"\/38.2-1703\/","token":"38.2\/17\/1\/38.2-1703","metadata":false},{"id":65404,"structure_id":14902,"section_number":"38.2-1704","catch_line":"Powers and duties of Association","url":"\/38.2-1704\/","token":"38.2\/17\/1\/38.2-1704","metadata":false},{"id":59600,"structure_id":14902,"section_number":"38.2-1705","catch_line":"Assessments","url":"\/38.2-1705\/","token":"38.2\/17\/1\/38.2-1705","metadata":false},{"id":74544,"structure_id":14902,"section_number":"38.2-1706","catch_line":"Plan of operation","url":"\/38.2-1706\/","token":"38.2\/17\/1\/38.2-1706","metadata":false},{"id":64107,"structure_id":14902,"section_number":"38.2-1707","catch_line":"Duties and powers of the Commission","url":"\/38.2-1707\/","token":"38.2\/17\/1\/38.2-1707","metadata":false},{"id":65805,"structure_id":14902,"section_number":"38.2-1708","catch_line":"Detection and prevention of insolvencies","url":"\/38.2-1708\/","token":"38.2\/17\/1\/38.2-1708","metadata":false},{"id":69918,"structure_id":14902,"section_number":"38.2-1709","catch_line":"Tax write-offs of certificates of contributions","url":"\/38.2-1709\/","token":"38.2\/17\/1\/38.2-1709","metadata":false},{"id":56896,"structure_id":14902,"section_number":"38.2-1710","catch_line":"Miscellaneous provisions","url":"\/38.2-1710\/","token":"38.2\/17\/1\/38.2-1710","metadata":false},{"id":61703,"structure_id":14902,"section_number":"38.2-1711","catch_line":"Examination of the Association; annual report","url":"\/38.2-1711\/","token":"38.2\/17\/1\/38.2-1711","metadata":false},{"id":57475,"structure_id":14902,"section_number":"38.2-1712","catch_line":"Tax exemptions","url":"\/38.2-1712\/","token":"38.2\/17\/1\/38.2-1712","metadata":false},{"id":77644,"structure_id":14902,"section_number":"38.2-1713","catch_line":"Immunity","url":"\/38.2-1713\/","token":"38.2\/17\/1\/38.2-1713","metadata":false},{"id":59069,"structure_id":14902,"section_number":"38.2-1714","catch_line":"Stay of proceedings; reopening default judgments","url":"\/38.2-1714\/","token":"38.2\/17\/1\/38.2-1714","metadata":false},{"id":59869,"structure_id":14902,"section_number":"38.2-1715","catch_line":"Prohibited advertisement of Association coverage in insurance sales; notice to policy owners","url":"\/38.2-1715\/","token":"38.2\/17\/1\/38.2-1715","metadata":false}],"previous_section":{"id":74544,"structure_id":14902,"section_number":"38.2-1706","catch_line":"Plan of operation","url":"\/38.2-1706\/","token":"38.2\/17\/1\/38.2-1706","metadata":false},"next_section":{"id":65805,"structure_id":14902,"section_number":"38.2-1708","catch_line":"Detection and prevention of insolvencies","url":"\/38.2-1708\/","token":"38.2\/17\/1\/38.2-1708","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1707\/","history_text":"

This law was first created in 1976. The record of its establishment is cataloged in chapter 330 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 1976 \u201cActs\u201d aren\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 1986, chapter 562; in 2010, chapter 510<\/a>; in 2018, chapter 706<\/a>.<\/p>","references":false,"refers_to":[{"id":67515,"section_number":"12.1-39","catch_line":"Appeals generally","order_by":null,"url":"\/12.1-39\/"}],"permalink":{"id":212349,"object_type":"law","relational_id":64107,"identifier":"38.2-1707","token":"38.2\/17\/1\/38.2-1707","url":"\/38.2-1707\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1707\/","token":"38.2\/17\/1\/38.2-1707","dublin_core":{"Title":"Duties and powers of the Commission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1707","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In addition to the duties and powers enumerated elsewhere in this chapter, the Commission<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Upon request of the board of directors, provide the Association<\/span> with a statement of the premiums<\/span> in the appropriate states<\/span> for each member insurer<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer<\/span> to make good the impairment within a reasonable time. Notice to the impaired insurer<\/span> shall constitute notice to its shareholders, if any. The failure of the impaired insurer<\/span> to promptly comply with this demand shall not excuse the Association<\/span> from the performance of its powers and duties under this chapter; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Be appointed as the liquidator or rehabilitator in any liquidation<\/span> or rehabilitation proceeding involving a domestic member insurer<\/span>. If a foreign or alien member insurer<\/span> is subject to a liquidation<\/span> proceeding in its domiciliary jurisdiction<\/span> or state<\/span> of entry, the Commission<\/span> shall be appointed conservator. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> may suspend or revoke, after notice and hearing<\/span>, the license to transact business in the Commonwealth of any member insurer<\/span> that fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the Commission<\/span> may levy<\/span> a forfeiture on any member insurer<\/span> that fails to pay an assessment when due. The forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any action of the board of directors or the Association<\/span> may be appealed to the Commission<\/span> by any member insurer<\/span> if the appeal<\/span> is taken within 30 days of the action being appealed. Any final action or order<\/span> of the Commission<\/span> shall be subject to judicial review in accordance with the provisions of §§ 12.1-39<\/a> through 12.1-41<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer<\/span> may notify all interested persons<\/span> of the effect of this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTIES AND POWERS OF THE COMMISSION (\u00a7 38.2-1707)\n\nA. In addition to the duties and powers enumerated elsewhere in this chapter,\nthe Commission shall:\n\n 1. Upon request of the board of directors, provide the Association with a\n statement of the premiums in the appropriate states for each member insurer;\n\n 2. When an impairment is declared and the amount of the impairment is\n determined, serve a demand upon the impaired insurer to make good the\n impairment within a reasonable time. Notice to the impaired insurer shall\n constitute notice to its shareholders, if any. The failure of the impaired\n insurer to promptly comply with this demand shall not excuse the Association\n from the performance of its powers and duties under this chapter; and\n\n 3. Be appointed as the liquidator or rehabilitator in any liquidation or\n rehabilitation proceeding involving a domestic member insurer. If a foreign or\n alien member insurer is subject to a liquidation proceeding in its domiciliary\n jurisdiction or state of entry, the Commission shall be appointed conservator.\n\nB. The Commission may suspend or revoke, after notice and hearing, the license\nto transact business in the Commonwealth of any member insurer that fails to pay\nan assessment when due or fails to comply with the plan of operation. As an\nalternative the Commission may levy a forfeiture on any member insurer that\nfails to pay an assessment when due. The forfeiture shall not exceed five\npercent of the unpaid assessment per month, but no forfeiture shall be less than\n$100 per month.\n\nC. Any action of the board of directors or the Association may be appealed to\nthe Commission by any member insurer if the appeal is taken within 30 days of\nthe action being appealed. Any final action or order of the Commission shall be\nsubject to judicial review in accordance with the provisions of §§\n12.1-39 through 12.1-41.\n\nD. The liquidator, rehabilitator, or conservator of any impaired or insolvent\ninsurer may notify all interested persons of the effect of this chapter.\n\nHISTORY: 1976, c. 330, \u00a7 38.1-482.25; 1986, c. 562; 2010, c. 510; 2018, c. 706.","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}}