                                 CODE OF VIRGINIA

SUBSCRIBERS&#8217; SHARE IN ASSETS (§ 38.2-1228)

Upon the liquidation of a domestic reciprocal, the assets remaining after
discharge of its (i) indebtedness and policy obligations, (ii) the return of any
contributions of the attorney or other person made as provided in § 38.2-1225,
and (iii) the return of any unused deposits, savings or credits, shall be
distributed. The distribution shall be according to a formula approved by the
Commission or the court to the persons who were its subscribers within the
twelve months prior to the final termination of its license.

HISTORY: 1952, c. 317, § 38.1-717; 1986, c. 562.