                                 CODE OF VIRGINIA

CONSERVATION OF ASSETS OF FOREIGN OR ALIEN INSURER; WHEN LIQUIDATION MAY BE
ENTERED (§ 38.2-1521)

A. Proceedings against a foreign or alien insurer for the conservation of the
insurer&#8217;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
&#xA7; 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. If the laws of any other state or country provide for the conservation,
liquidation and distribution of a foreign or alien insurer&#8217;s assets to
creditors, policyholders, and other entitled persons, then the receiver
appointed in this Commonwealth to conserve the foreign or alien insurer&#8217;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.

HISTORY: 1952, c. 317, § 38.1-145; 1986, c. 562.