                                 CODE OF VIRGINIA

DISSOLUTION (§ 38.2-2902)

A. When the Association has ceased all of its underwriting operations by order
of the Commission under subdivision 2 of subsection C of § 38.2-2901, it shall
be subject during its continued existence to the following:

   1. The Association shall remain in existence for the sole purpose of
   completing its orderly dissolution.

   2. The Association shall refund to all of its members all preliminary
   assessments, contributions and other funds paid to the Association that have
   not been reimbursed prior to dissolution.

   3. The board of the Association shall satisfy and discharge its obligations
   and, subject to the approval of the Commission, shall have authority to do all
   other acts required to conclude its business affairs, including but not
   limited to, transfer of policies in force to approved carriers.

B. When the Commission finds the Association has met its obligations incident to
termination of its business affairs, the Commission shall by order issue a
certificate of dissolution and the existence of the Association shall cease.

HISTORY: 1988, cc. 769, 783.