2006 Code of Virginia § 38.2-1040 - Refusal, suspension or revocation of license

38.2-1040. Refusal, suspension or revocation of license.

A. The Commission may refuse to issue a license to any domestic, foreign oralien insurer to transact the business of insurance in this Commonwealth, andmay suspend or revoke the license of any licensee, whenever it finds that theapplicant or licensee:

1. Has refused to submit its books, papers, accounts, or affairs to thereasonable inspection of the Commission or its representative;

2. Has refused, or its officers or agents have refused, to furnishsatisfactory evidence of its financial and business standing or solvency;

3. Is insolvent, or is in a condition that any further transaction ofbusiness in this Commonwealth is hazardous to its policyholders, creditorsand public in this Commonwealth;

4. Has failed to pay a final judgment against it within sixty days after (i)the judgment became final, (ii) the time for making an appeal has expired, or(iii) the dismissal of an appeal before final determination, whichever dateis the latest;

5. Has violated any law of this Commonwealth, or has in this Commonwealthviolated its charter or exceeded its corporate powers;

6. Has failed to pay any fees, taxes or charges imposed in this Commonwealthwithin sixty days after they are due and payable, or within sixty days afterfinal disposition of any legal contest with respect to liability for thefees, taxes or charges;

7. Has had its corporate existence dissolved or its certificate of authorityrevoked in the state in which it was organized or in this Commonwealth;

8. Has been found insolvent by a court of any other state, or by theCommission or other proper officer or agency of any other state, and has beenprohibited from doing business in that state;

9. Has had all its risks reinsured in their entirety in another insurer; or

10. Has notified the insured in writing or by any other means that any policyof insurance covering the ownership or operation of a motor vehicle issued bythe insurer will be cancelled if the insured institutes any legal actionagainst the insurer to pursue any rights of the insured under the policy.

B. The grounds for suspension or revocation of licenses in subsection A ofthis section are in addition to those provided for elsewhere in this title.

(Code 1950, 38-68, 38-132, 38-133, 38-134, 38-169, 38-370; 1952, c. 317, 38.1-99; 1966, c. 457; 1986, c. 562; 1987, c. 431.)