reglab/housing_qa huggingface dataset:
VA Code § 38.2-1005.1:11 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1005.1:11. Costs and expenses

All costs and expenses incurred in connection with a plan of MHC conversion shall be paid either by the mutual company or the converted company.2001, c. 726.
VA Code § 38.2-1005.1:12 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1005.1:12. Failure to give notice

If a mutual company complies substantially and in good faith with the notice requirements in this article, its failure to give any member a required notice shall not impair the validity of any action taken under this article.2001, c. 726.
VA Code § 38.2-1005.1:13 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1005.1:13. Limitation on actions

Any action challenging the validity of or arising out of any act taken or proposed to be taken under this article shall be commenced within thirty days after the date the plan of MHC conversion becomes effective.2001, c. 726.
VA Code § 38.2-1006 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1006. Conversion of a domestic stock insurer to a mutual insurer

A. Any domestic stock life insurer may become a mutual life insurer, and to that end may carry out a plan for the acquisition of shares of its capital stock by purchase, gift or bequest, if the plan:1. Has been adopted by a vote of a majority of the directors of the insurer;2. Has been approved by a vote of the holders of at least two-thirds of the stock outstanding at a meeting called for that purpose;3. Has been submitted to and approved by the Commission; and4. Has been approved by a majority vote of the policyholders voting at a meeting called for that purpose. Only those policyholders whose insurance is then in force and has been in force for at least one year before the meeting shall be entitled to vote.B. For the purpose of this article, "policyholder" shall include the employer, or the president, secretary or other executive officer of any corporation or association, to which a master group policy has been issued, but shall exclude the holders of certificates or policies issued under or in connection with a master group policy.Code 1950, §§ 38-420, 38-424; 1952, c. 317, §§ 38.1-489, 38.1-493; 1986, c. 562.
VA Code § 38.2-1007 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1007. Notice to policyholders of meeting to approve conversion

At least thirty days before the meeting of policyholders required by § 38.2-1006, the insurer shall mail notice of the meeting to each policyholder at the last known address or shall deliver the notice in person to the policyholder.Code 1950, § 38-421; 1952, c. 317, § 38.1-490; 1986, c. 562.
VA Code § 38.2-1008 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1008. Conduct of and voting at meeting

The meeting required by § 38.2-1006 shall be conducted in the manner provided in the plan, subject to the following requirements:1. Policyholders may vote in person, by proxy, or by mail, but all votes shall be cast by ballot; and2. A representative of the Commission shall supervise the procedure of the meeting and shall appoint an adequate number of inspectors to oversee the voting at the meeting. The inspectors, acting under any rules and regulations prescribed by the Commission, shall have power to determine all questions concerning the verification and validity of the ballots, the qualifications of the voters, and the canvass of the vote. The inspectors shall certify the results of the voting to the representative of the Commission and to the insurer.All necessary expenses incurred by the Commission or its representative in connection with the meeting shall be paid by the insurer.Code 1950, § 38-422; 1952, c. 317, § 38.1-491; 1986, c. 562.
VA Code § 38.2-1009 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1009. Payment for shares pursuant to conversion plan

Every payment for the acquisition of any shares of the capital stock of the insurer, the purchase price of which is not fixed by the plan, shall be subject to the approval of the Commission. Neither the plan, nor any payment under the plan, nor any payment not fixed by the plan, shall be approved by the Commission if the making of the payment reduces the surplus to policyholders to an amount less than that required at that time for the licensure of domestic mutual insurers.Code 1950, § 38-423; 1952, c. 317, § 38.1-492; 1986, c. 562.
VA Code § 38.2-1010 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1010. How acquired shares held

Until all shares are acquired, the acquired shares shall be held in trust for the policyholders of the insurer as provided in this article and shall be assigned and transferred on the books of the insurer to not less than three nor more than five trustees and shall be held by them in trust. Shares transferred to the trustees shall be voted by them at all corporate meetings at which stockholders have the right to vote until all of the capital stock of the insurer is acquired. The trustees shall be appointed and vacancies in the office of trustee shall be filled as provided in the plan adopted under § 38.2-1006. The trustees shall file with the insurer and with the Commission a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as such trustees.Code 1950, § 38-425; 1952, c. 317, § 38.1-494; 1986, c. 562.
VA Code § 38.2-1011 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1011. Disposition of dividends after payments provided in conversion plan

After the payment of stockholder dividends as provided in the plan adopted under § 38.2-1006, and after paying the necessary expenses of executing the trust all dividends and other sums received by the trustees on the shares of acquired stock, shall be immediately repaid to the insurer for the benefit of those who are or may become policyholders of the insurer and entitled to participate in the profits of the insurer. These payments shall be added to and become a part of the earned surplus of the insurer.Code 1950, § 38-426; 1952, c. 317, § 38.1-495; 1986, c. 562.
VA Code § 38.2-1012 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1012. Jurisdiction to compel completion of mutualization

Whenever (i) a plan of mutualization approved in accordance with the laws of this Commonwealth has been in effect for more than five years, and (ii) the insurer has acquired in the name of its trustees under the plan at least ninety percent of its outstanding stock, and (iii) the plan itself contains no provision for the compulsory completion of mutualization inconsistent with the terms of this article, circuit courts shall have jurisdiction to compel completion of the mutualization of the insurer upon the petition of either the insurer or any stockholder of the insurer.1954, c. 20, § 38.1-495.1; 1986, c. 562.
VA Code § 38.2-1013 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1013. Venue of proceedings

The petition may be filed in the circuit court of record with general equity jurisdiction in the county or city in which the principal office of the insurer is located.1954, c. 20, § 38.1-495.2; 1986, c. 562.
VA Code § 38.2-1014 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1014. Parties and process

Necessary parties to the proceeding shall be (i) the insurer, (ii) the registered holders of all its stock still outstanding in the hands of the public, and (iii) its policyholders as a class. Process may be served on the policyholders as a class by publication but any policyholder may, on motion, be admitted as an individual party. The court shall appoint an attorney to represent all other policyholders.1954, c. 20, § 38.1-495.3; 1986, c. 562.
VA Code § 38.2-1015 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1015. Determining value of stock outstanding; dismissal of petition or entry of decree requiring payment for and transfer of stock

The court shall determine the per share fair cash value as of the date of the filing of the petition of the stock remaining in the hands of the public. If the court finds that on that basis, completion of mutualization may not be effected without jeopardizing the solvency of the insurer or the security of its policyholders, the petition shall be dismissed. Otherwise, the court shall enter an appropriate decree to require (i) the payment into court by the insurer of the aggregate amount due the remaining stockholders, with any interest and costs, which may include attorneys' fees that the court may require, and (ii) the transfer and delivery to the insurer of all stock certificates still outstanding in the hands of the public. Upon payment by the insurer, the trustees under the plan of mutualization shall be considered, for all purposes of the plan of mutualization, to have acquired all of its outstanding stock. The holders of the stock shall possess no further right with respect to the stock, except to receive its fair cash value as determined by the court. The court shall retain jurisdiction over the distribution of the funds.1954, c. 20, § 38.1-495.4; 1986, c. 562.
VA Code § 38.2-1016 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1016. Amendment of charter and bylaws; change of name; retirement and cancellation of stock; when mutualization effective; assets and liabilities; officers and directors; general restrictions and powers

A. Upon acquisition by the trustees of all of the capital stock of the insurer pursuant to the provisions of this article, the charter of the insurer shall be amended to reflect its mutualization. The charter may be amended in any other respect considered necessary by the board of directors and trustees of the insurer in accordance with the provisions of this article and Article 11 (§ 13.1-705 et seq.) of Chapter 9 of Title 13.1. Upon the amendment of the charter of the insurer, the board of directors named in the amendment shall adopt any changes in the bylaws considered necessary, and the bylaws and any amendments to them shall be filed with the Commission within thirty days after adoption.B. As soon as the charter of the insurer has been amended as provided in this section, the capital stock of the insurer held by the trustees shall be assigned to the insurer and shall be retired and cancelled. Certification of that action by the proper officers of the insurer shall be made to the Commission, and the trustees acting under the plan shall be discharged. The insurer shall then immediately become a mutual insurer owning all the assets of the converted stock insurer and subject to all its liabilities.C. The officers and directors of the insurer named in the amended charter shall continue as the officers and directors of the mutual insurer until their successors are duly elected in accordance with the provisions of the amended charter and the bylaws adopted under it.D. The converted mutual insurer, except as otherwise provided in this title, shall be subject to all the general restrictions and have all the general powers imposed and conferred upon nonstock corporations by law.1954, c. 20, § 38.1-495.5; 1956, c. 431; 1986, c. 562.
VA Code § 38.2-1017 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1017. Applicability of Title 13.1

Except as otherwise provided in this title, Article 12 (§ 13.1-715.1 et seq.) of Chapter 9 of Title 13.1 shall apply to mergers involving a domestic stock insurer and Article 11 (§ 13.1-893.1 et seq.) of Chapter 10 of Title 13.1 shall apply to mergers involving a domestic mutual insurer.1952, c. 317, § 38.1-80; 1956, c. 431; 1986, c. 562; 2005, c. 765.
VA Code § 38.2-1018 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1018. Plan of merger to be approved by Commission

Before any joint agreement for the merger of domestic insurers is submitted to the stockholders or members, it shall first be submitted to and approved by the Commission. The Commission shall not approve the agreement unless, after a hearing, it finds that the plan of merger is fair, equitable, consistent with law, and that no reasonable objection to the plan exists. If the Commission fails to approve the plan it shall state the reasons in its order.1952, c. 317, § 38.1-81; 1956, c. 431; 1986, c. 562.
VA Code § 38.2-1019 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1019. Change of status from foreign to domestic insurer

A. Any foreign insurer licensed to transact the business of insurance in this Commonwealth may become a domestic insurer upon (i) complying with the requirements for formation of a domestic insurer under Article 1 (§ 38.2-1000 et seq.) of this chapter at the date of redomestication, and (ii) promptly filing any necessary amendments to its articles of incorporation, charters, bylaws and other corporate documents. When those requirements have been met, the Commission may issue a license dated as of the date of redomestication in accordance with the provisions of Article 5 (§ 38.2-1024 et seq.) of this chapter to permit the company to transact the business of insurance in the Commonwealth as a domestic insurer. Such insurer shall be recognized under the laws of this Commonwealth as an insurer initially licensed in another jurisdiction, as of the date it was first licensed as an insurer in its original domiciliary state.B. An insurer that changes its status from foreign to domestic in accordance with subsection A of this section has all the rights, titles and interests in the assets of the original corporation, as well as all of its liabilities and obligations.1983, c. 441, § 38.1-949; 1986, c. 562; 2000, c. 169.
VA Code § 38.2-1020 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1020. Transfer of domicile from Virginia to another state

Any domestic insurer, upon the approval of the Commission, may transfer its domicile from this Commonwealth to any other state in which it is licensed to transact the business of insurance. The Commission may approve the proposed transfer of domicile if it determines that the transfer is in the best interests of the insurer's policyholders and this Commonwealth. If the Commission does not approve the transfer, it shall give the insurer written notice of the refusal and the reasons for it within thirty days after the date the request for transfer was made. If the request for transfer is granted and the insurer is otherwise qualified, it may transact the business of insurance in this Commonwealth as a foreign insurer without interruption in licensing.1983, c. 441, § 38.1-950; 1986, c. 562.
VA Code § 38.2-1021 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1021. Change of domicile of foreign insurer to another foreign state

Any foreign insurer licensed to transact the business of insurance in this Commonwealth, upon proper notice to the Commission, may change its domicile to another foreign state without interruption in licensing and without reapplying as a foreign insurer if:1. For a foreign stock insurer, the change in domicile does not result in a reduction in its capital and surplus to policyholders below the capital and surplus requirements for licensure specified in § 38.2-1028;2. For a foreign mutual insurer, the change in domicile does not result in a reduction in its surplus below the surplus requirements for licensure specified in § 38.2-1029;3. There is no substantial change in the lines of insurance to be written by the insurer;4. There is no substantial change in the nature of the insurer or its method of operations and there is no deterioration in its financial condition; and5. The change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.1983, c. 441, § 38.1-951; 1986, c. 562.
VA Code § 38.2-1022 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1022. Commission to be notified of proposed transfer of domicile

Each insurer licensed to transact the business of insurance in this Commonwealth that transfers its domicile to any other state shall notify the Commission of the proposed transfer and shall file promptly with it any necessary amendments to articles of incorporation, charters, and other corporate documents.1983, c. 441, § 38.1-952; 1986, c. 562; 2006, c. 329.
VA Code § 38.2-1023 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1023. Effect of transfer of domicile on certificate of authority, agents' appointments and licenses, etc.

When any insurer licensed to transact the business of insurance in this Commonwealth transfers its domicile to this or any other state, its certificate of authority, agents' appointments and licenses, policy forms, rates, authorizations, and other filings and approvals that existed at the time of the transfer shall remain in effect after the transfer of domicile occurs.1983, c. 441, § 38.1-953; 1986, c. 562.
VA Code § 38.2-1024 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1024. License required to transact the business of insurance; application fee requirements for license

A. No insurer unless authorized pursuant to Chapter 48 (§ 38.2-4805.1 et seq.) of this title shall transact the business of insurance in this Commonwealth until it has obtained a license from the Commission. For a foreign or alien insurer or reciprocal, this license shall be in addition to the certificate of authority required by § 38.2-1027. Each application for a license to transact the business of insurance in this Commonwealth shall be accompanied by a nonrefundable license application fee of $500. The fee shall be collected by the Commission and paid directly into the state treasury and credited to the Bureau of Insurance's maintenance fund as provided in subsection B of § 38.2-400. The license shall be signed by a member or other duly authorized agent of the Commission and shall expire on the next June 30 after the date on which it becomes effective, subject to renewal pursuant to § 38.2-1025.B. The Commission shall not grant a license to do the business of insurance in this Commonwealth to any insurer until it is satisfied that, from the evidence it requires under uniform procedures suitable to and applied equally to all classes of insurers, the insurer:1. Has paid all fees, taxes, and charges required by law;2. Has made any deposit required by this title;3. Has the minimum capital and surplus if a stock insurer, the minimum surplus if a mutual or a reciprocal insurer, and the minimum trusteed surplus if an alien insurer, prescribed in this title for insurers transacting the same class of insurance;4. Has filed a financial statement or statements and any reports, certificates or other documents the Commission considers necessary to secure a full and accurate knowledge of its affairs and financial condition;5. Is solvent and its financial condition, method of operation, and manner of doing business are such as to satisfy the Commission that it can meet its obligations to all policyholders; and6. Has otherwise complied with all the requirements of law.Code 1950, §§ 38-31 to 38-33, 38-505, 38-514; 1952, c. 317, §§ 38.1-85, 38.1-86; 1978, cc. 4, 20; 1981, c. 605; 1986, c. 562; 1994, c. 316; 2017, c. 655.
VA Code § 38.2-1025 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1025. Annual renewal of license

Each insurer licensed to transact the business of insurance in this Commonwealth shall obtain an annual renewal of its license from the Commission. The Commission may refuse to renew the license of any insurer or may renew the license, subject to any restrictions considered appropriate by the Commission, if it finds an impairment of required capital and surplus or if it finds that the insurer has not satisfied all the conditions set forth in subsection B of § 38.2-1024. The Commission shall not fail to renew the license of any insurer to transact the business of insurance without giving the insurer ten days' notice and giving it an opportunity to be heard. The hearing may be informal, and the required notice may be waived by the Commission and the insurer.Code 1950, § 38-57; 1952, c. 317, § 38.1-98; 1986, c. 562.
VA Code § 38.2-1026 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1026. Retaliatory provisions as to taxes, fees, deposits and other requirements

A. When a domestic insurer or its agents are subject to regulatory costs in another state that are greater than those imposed in this Commonwealth upon insurers domiciled in that state or their agents, then the regulatory costs imposed by this Commonwealth on those foreign insurers or their agents shall be increased to equal the regulatory costs imposed by the other state on the domestic insurer or its agents. For the purpose of this section, regulatory cost includes (i) any deposits of securities, (ii) payment of taxes, fines, penalties or fees exacted for the privilege of doing business or (iii) any restitutions, obligations or conditions necessary for doing business.B. For the purposes of this section an alien insurance company shall be considered domiciled in the state wherein it has the largest amount of its assets held in trust and on deposit for the benefit of its policyholders, or of its policyholders and creditors in the United States. An insurance company incorporated in Canada shall be considered domiciled in Canada.C. Any foreign or alien insurance company subject to this section shall annually, on or before March 1, file a report with the Department of Taxation which compares the regulatory costs imposed on such insurer by this Commonwealth during the preceding calendar year to the regulatory costs that would have been imposed on a similar insurer domiciled in this Commonwealth by such insurer's state of domicile during the preceding calendar year. This report shall be filed on a form and in such detail as prescribed by the Department of Taxation. Amounts owed due to the equalization of the regulatory costs imposed on such insurer by this Commonwealth and the regulatory costs of such insurer's state of domicile shall be remitted to the Department of Taxation on or before March 1 of each year. Upon the failure of any insurance company to pay amounts due under this section before the date herein prescribed, the Department of Taxation shall impose a penalty of 10 percent of the amount due and interest shall be charged at a rate established pursuant to § 58.1-15 for the period between the due date and the date of full payment.Code 1950, §§ 38-12, 38-13; 1952, c. 317, § 38.1-87; 1986, c. 562; 1998, c. 60; 2011, c. 850.