Chap. 141.—An ACT to amend and re-enact section 4180 of the Code of Vir-
ginia, as heretofore amended, relating to the refusal, suspension or revoca-
tion of licenses of insurance companies insolvent or violating the law.

‘ {[S B 167]

Approved March 11, 1936

1. Be it enacted by the General Assembly of Virginia, That section
forty-one hundred and eighty of the Code of Virginia, as heretofore
amended, be amended and re-enacted so as to read as follows:

Section 4180. Companies Insolvent or Violating Law; Hearing
Thereon; When License Suspended or Revoked; Publication of Judg-
ment ; Appeals.—If the State Corporation Commission is of the opin-
ion from any examination, or from any other evidence or information
coming to its knowledge, that any domestic, foreign or alien insurance
or surety company, doing business in this State, is in an insolvent con-
dition, or that it has failed to comply with the provisions of law appli-
cable to such company, or, if any insurance company, or its officers or
agents fails or refuses to submit to any examination provided by the
laws of this State, or fails or refuses to furnish satisfactory evidence
of its financial and business standing, or solvency, or fails or refuses
to perform any lawful requirements imposed by the laws of this State,
the commission shall, if such company is a foreign or alien company,
and an applicant for a license to transact business in this State, or if a
domestic company, and an applicant for a certificate of authority to
commence or transact business in this State, refuse such license or
certificate of authority, as the case may be; and if it be a foreign or
alien company already licensed and permitted to do business in this
State, or a domestic company already authorized to commence and
transact business in this State, the commission shall advise such com-
pany of such condition, failures or refusal and give ten days’ notice to
the said company to appear before the commission to be heard upon
the matters complained of at which time the company shall be afforded
an opportunity to introduce evidence and to be heard in reference
thereto.

If upon such hearing the commission shall be of the opinion that
the matters complained of by the commission are true, it shall revoke or
suspend, as may seem to the commission proper under the circum-
stances of the case the license of the said company to transact business
in this State, and shall on final judgment, unless an appeal be taken
in sixty days, cause notification thereof to be published in one or more
newspapers published in this State.

If any insurance company doing business in Virginia be declared
insolvent by any court of any State, or be declared insolvent by the
insurance department or commissioner of any other State and there-
after prohibited from doing business in such State, the State Corpora-
tion Commission may immediately suspend the license of the company
to do business in Virginia, pending a hearing called and held as here-
inabove provided.

No new business shall be done by any such company, or its agents,
while any such order revoking or suspending its license or certificate
of authority to do business in this State shall be in force, nor until
its license to do business is restored by the State Corporation Com-
mission.

From the action of the commission refusing, revoking or suspend-
ing the license of any company to do business in this State, there shall
be an appeal to the Supreme Court of Appeals of this State, as pro-
vided in section thirty-seven hundred and thirty-four of this Code.