                                 CODE OF VIRGINIA

POWERS OF COMMISSION WHEN AUTHORIZED TO REHABILITATE OR LIQUIDATE COMPANIES (§
38.2-1508)

Whenever the Commission is authorized to act as a receiver to rehabilitate or
liquidate an insurer or to take any other authorized steps that it considers
advisable in connection with the affairs of the insurer, it shall have all the
power and authority of a court of record as provided in Article IX, Section 3 of
the Constitution of Virginia. All further proceedings in connection with the
rehabilitation or liquidation shall be conducted by the Commission without any
control or supervision by the court to which the application was made. For the
violation of any injunction or order issued under this chapter, the Commission
shall have the same power to punish for contempt as a court. The Commission may
deal with the property and affairs of the insurer in its own name or in the name
of the insurer. The Commission shall be vested by law with the title to all of
the property, contracts and rights of action of the insurer as of the date shown
by the order of the court referred to in § 38.2-1507. The filing or recording
of the order in any clerk&#8217;s office in this Commonwealth shall give the
same notice that a deed, bill of sale or other evidence of properly filed or
recorded title have given.

HISTORY: Code 1950, § 38-140; 1952, c. 317, § 38.1-133; 1971, Ex. Sess., c. 1;
1986, c. 562; 1992, c. 468.