Virginia § 38.2-1608 - Duties and powers of Commission; judicial review
Full text of Virginia Code of Virginia § 38.2-1608 — Duties and powers of Commission; judicial review, with citation guidance and answers to common questions.
§ 38.2-1608. Duties and powers of Commission; judicial review
A. The Commission shall:
1. Notify the Association of the existence of an insolvent insurer within three days after it receives notice of the determination of the insolvency. The Association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that such complaint is filed with a court of competent jurisdiction.
2. Upon request of the board of directors, provide the Association with a statement of the net direct written premiums of each member insurer.
B. The Commission may:
1. Suspend or revoke, after notice and hearing, the license to transact the business of insurance in this Commonwealth of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commission may levy a fine on any member insurer that fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $100 per month.
2. Revoke the designation of any servicing facility if it finds that claims are being handled unsatisfactorily.
1970, c. 766, § 38.1-765; 1971, Ex. Sess., c. 1; 1986, c. 562; 1987, c. 529.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-1608
What does Code of Virginia § 38.2-1608 cover?
Section 38.2-1608 ("Duties and powers of Commission; judicial review") 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 § 38.2-1608?
A common citation format is "Code of Virginia § 38.2-1608" (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 § 38.2-1608 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.