                                 CODE OF VIRGINIA

CONVERSION OF MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURERS (§
38.2-3904)

A. Any mutual assessment life, accident and sickness insurer which chooses to
remove itself from the provisions of this chapter by becoming an insurer
licensed pursuant to Chapter 10 (&#xA7; 38.2-1000 et seq.) of this title may do
so by meeting the requirements of that chapter. When applying for a license
pursuant to Chapter 10, an insurer shall submit an application to the Commission
that shows that each requirement of Chapter 10 has been met. If the applicant
does not meet these requirements, the applicant may submit for approval a plan
that includes a schedule for meeting these requirements. The schedule must
provide for compliance with these requirements within five years of the approval
of the application. The Commission may grant an additional period in order to
achieve compliance with the requirements of Chapter 10 after an informal
hearing.

B. If the Commission approves the application, the insurer shall have all the
rights, privileges and responsibilities of a licensed insurer not subject to the
provisions of this chapter.

C. The Commission, upon failure of the applicant to comply with the terms of an
approved schedule, may require the applicant to adhere to the requirements of
this chapter.

HISTORY: 1985, c. 400, § 38.1-549.5; 1986, c. 562.