CODE OF VIRGINIA

ANNUAL RENEWAL OF LICENSE (§ 38.2-1025)

Each insurer licensed to transact the business of insurance in this Commonwealth
shall obtain an annual renewal of its license from the Commission.  The
Commission may refuse to renew the license of any insurer or may renew the
license, subject to any restrictions considered appropriate by the Commission,
if it finds an impairment of required capital and surplus or if it finds that
the insurer has not satisfied all the conditions set forth in subsection B of §
38.2-1024. The Commission shall not fail to renew the license of any insurer to
transact the business of insurance without giving the insurer ten days’
notice and giving it an opportunity to be heard. The hearing may be informal,
and the required notice may be waived by the Commission and the insurer.

HISTORY: Code 1950, § 38-57; 1952, c. 317, § 38.1-98; 1986, c. 562.