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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>65293</law_id><section_number>38.2-1012</section_number><catch_line>Jurisdiction to compel completion of mutualization</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="10">Organization, Admission and Licensing of Insurers</unit><unit label="article" level="3" order_by="1" identifier="2">Conversion of Domestic Stock Insurer to Mutual Insurer</unit></structure><text>
						<section><p>Whenever (i) a plan of mutualization approved in accordance with the <span class="dictionary">laws</span> of this Commonwealth has been in effect for more than five years, and (ii) the <span class="dictionary">insurer</span> has acquired in the name of its trustees under the plan at least ninety percent of its outstanding stock, and (iii) the plan itself contains no provision for the compulsory completion of mutualization inconsistent with the terms of this article, <span class="dictionary">circuit</span> <span class="dictionary">courts</span> shall have <span class="dictionary">jurisdiction</span> to compel completion of the mutualization of the <span class="dictionary">insurer</span> upon the <span class="dictionary">petition</span> of either the <span class="dictionary">insurer</span> or any stockholder of the <span class="dictionary">insurer</span>.</p></section></text><history>1954, c. 20, &#xA7; 38.1-495.1; 1986, c. 562.</history><metadata></metadata></law>
