CODE OF VIRGINIA

NOTICE TO COMPANY OF PROPOSED SUSPENSION OR REVOCATION (§ 38.2-1041)

The Commission shall not revoke or suspend the license of any insurer to do the
business of insurance in this Commonwealth upon any of the grounds set out in §
38.2-1040 until it has given the insurer ten days’ notice of the reasons
for the proposed revocation or suspension and has given the insurer an
opportunity to introduce evidence and be heard.  However, the Commission may
immediately suspend the license on any of the grounds specified in subdivisions
7 and 8 of subsection A of § 38.2-1040 without prior notice to the insurer. The
suspension shall remain in force until the hearing is held. Any hearing
authorized by this section may be informal, and the required notice may be
waived by the Commission and the insurer.

HISTORY: Code 1950, §§ 38-132, 38-169, 38-370; 1952, c. 317, § 38.1-100;
1986, c. 562.