Virginia Code 38.2-1507: Further procedure; injunction may be issued
The court may issue an injunction restraining the insurer and its officers, directors, stockholders, members, trustees, agents, employees and all other persons from transacting any business of the insurer, and from transferring, removing or disposing of its property or business until a further order of the court. The injunction may be issued on or after the institution of any delinquency proceeding, except where the rehabilitation or liquidation of the insurer has been referred to the Commission. If the Commission is authorized to proceed with the rehabilitation or liquidation, it may issue injunctions or enter any other appropriate order for the protection of the insurer’s policyholders and creditors and the preservation of its property.
Terms Used In Virginia Code 38.2-1507
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Delinquency proceeding: means any proceeding commenced against an insurance company for the purpose of liquidating, rehabilitating, reorganizing, or conserving an insurer. See Virginia Code 38.2-1501
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Insurer: means an insurance company. See Virginia Code 38.2-100
Code 1950, § 38-139; 1952, c. 317, § 38.1-132; 1986, c. 562.