CODE OF VIRGINIA

DISTRIBUTIONS BY NONSTOCK CORPORATION (§ 38.2-230)

No dividend or distribution of income, as used in § 13.1-814, shall be made to
a member corporation of a corporation licensed under the provisions of this
title unless the corporation has received approval by the Commission prior to
the distribution. In approving the distribution, the Commission shall give
consideration to the subscribers’ or policyholders’ best interest.

HISTORY: 1985, c. 380, § 38.1-39.1; 1986, c. 562.