CODE OF VIRGINIA

LIABILITY OF PRESIDENT, CHIEF EXECUTIVE OFFICER OR DIRECTORS IF INSURANCE ISSUED
WHEN INSURER INSOLVENT (§ 38.2-215)

If any insurer is insolvent, and the president, chief executive officer or
directors with knowledge of insolvency make or agree to further insurance, they
shall be personally liable for any loss under that insurance.

HISTORY: Code 1950, § 38-176; 1952, c. 317, § 38.1-37; 1986, c. 562.