Virginia § 38.2-1326 - Approval by Commission
Full text of Virginia Code of Virginia § 38.2-1326 — Approval by Commission, with citation guidance and answers to common questions.
§ 38.2-1326. Approval by Commission
The Commission shall approve the application required by § 38.2-1323 unless, after giving notice and opportunity to be heard, it determines that:
1. After the change of control, the insurer would not be able to satisfy the requirements for the issuance of a license to write the classes of insurance for which it is presently licensed;
2. The acquisition of control would lessen competition substantially or tend to create a monopoly in insurance in this Commonwealth;
3. The financial condition of any acquiring person might jeopardize the financial stability of the insurer, or prejudice the interest of its policyholders;
4. Any plans or proposals of the acquiring party to liquidate the insurer, sell its assets or consolidate or merge it with any person, or to make any other material change in its business or corporate structure or management, are unfair and unreasonable to policyholders of the insurer and not in the public interest;
5. The competence, experience, and integrity of those persons who would control the operation of the insurer are such that it would not be in the interest of policyholders of the insurer and of the public to permit the acquisition of control;
6. After the change of control, the insurer's surplus as regards policyholders would not be reasonable in relation to its outstanding liabilities or adequate to its financial needs; or
7. The acquisition is likely to be hazardous or prejudicial to the insurance-buying public.
1977, c. 414, § 38.1-178.1:4; 1986, c. 562; 2014, c. 309.
Frequently Asked Questions About Virginia § 38.2-1326
What does Code of Virginia § 38.2-1326 cover?
Section 38.2-1326 ("Approval by Commission") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-1326?
A common citation format is "Code of Virginia § 38.2-1326" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-1326 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.