                                 CODE OF VIRGINIA

CONVERSION OF MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS (§ 38.2-2507)

A. Any mutual assessment property and casualty insurer desiring to remove itself
from the provisions of this chapter and desiring to become an insurer under the
provisions of Chapter 10 (&#xA7; 38.2-1000 et seq.) of this title may do so by
meeting the requirements of Chapter 10. The mutual assessment property and
casualty insurer shall submit an application to the Commission showing that each
requirement of Chapter 10 has been met. If the applicant does not meet the
requirements of Chapter 10, the applicant may submit a plan that includes a
schedule for meeting the requirements of Chapter 10. The schedule shall provide
for compliance with those requirements within ten years of the approval of the
application. For good cause shown, the Commission may grant, after informal
hearing, an additional period in order to achieve compliance with the
requirements of Chapter 10.

B. If the Commission approves the application, the insurer shall have all the
rights, privileges and responsibilities of an insurer licensed under the
provisions of Chapter 10 of this title.

C. Upon failure of the applicant to comply with the terms of the approved
schedule, the Commission may require the applicant to adhere to the provisions
of this chapter.

HISTORY: 1986, c. 562.