Virginia Code 38.2-4704: Suspension, revocation or failure to renew license; imposition of penalty
Current as of: 2023 | Check for updates
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The Commission may suspend, revoke or refuse to renew a license of any insurance premium finance company whenever it finds that:
Terms Used In Virginia Code 38.2-4704
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
1. The licensee has (i) failed to pay the annual license fee, (ii) violated or failed to comply with any of the provisions of this chapter or with any rule or regulation made by the Commission pursuant to this chapter, or (iii) violated or failed to comply with any order, demand, ruling, provision or requirement of the Commission lawfully made pursuant to or within the authority of this chapter; or
2. The licensee no longer meets the standards required for the initial issuance of a license.
1964, c. 147, § 38.1-739; 1986, c. 562.