CHAPTER 457

An Act to amend and reenact § 88.1-99 of the Code of Virginia, relating
to refusal, suspension or cancellation of an insurance company’s
license to transact insurance business in this State.

[H 819]

Approved April 1, 1966

Be it enacted by the General Assembly of Virginia:

a That § 38.1-99 of the Code of Virginia be amended and reenacted as
ollows:

§ 88.1-99. The Commission may refuse to issue a license to any
domestic, foreign or alien insurance company to transact insurance in this
State, and may suspend or revoke the license of any licensee, whenever it
finds that such applicant or licensee:
(1) Has refused to submit its books, papers, accounts, or affairs to
the reasonable inspection of the Commission or its representative. —

(2) Has refused, or its officers or agents have refused, to furnish sat-
isfactory evidence of its financial and business standing or solvency. _

(3) Is insolvent, or is in such condition that its further transaction
of business in this State is hazardous to policyholders and creditors in this
State, and to the public. oo,

(4) Has refused or neglected to pay a valid final judgment against it
within sixty days after its rendition.

(5) Has violated any law of this State, or has in this State violated
its charter or exceeded its corporate powers.

(6) Has failed to pay any fees, taxes or charges imposed in this State
within sixty days after they are due and payable, or within sixty days
after final disposition of any legal contest with respect to liability therefor.

(7) Has had its corporate existence dissolved or its certificate of
authority revoked in the state in which it was organized.

(8) Has been found insolvent by a court of any other state, or by
the insurance commissioner or other proper officer or agency of any other
state, and has been prohibited from doing business in such state.

(9) Has had all its risks reinsured in their entirety in another
company.

(10) Has notified the insured in writing or by any other means
informed the insured that any policy of insurance covering the ownership
or operation of a motor vehicle issued by it or him, will be cancelled tf
the insured institutes any legal action against the insurance company to
pursue any rights of the insured under the policy.