Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau Of Insurance
Chapter 380. Rules Governing Underground Storage Tank Owners and Operators Group Self-Insurance Pools
12/3/2020

14VAC5-380-130. Revocation of license; voluntary dissolution of pool; merger of pools.

A. The Commission may suspend, revoke or fail to renew a pool's license as provided in 14VAC5-380-30 of this chapter.

The Commission shall give 10 days prior notice to a pool of the proposed suspension, revocation, or non-renewal. The notice shall be served personally, or by certified or registered mail, upon all interested parties and shall state the reasons for the proposed suspension, revocation, or non-renewal and provide the pool with an opportunity to introduce evidence and be heard. If, after a hearing, which may be formal or informal, the pool's license is suspended, revoked, or non-renewed such action shall become effective 30 days after the Commission's order is issued.

Any suspension may be terminated by the Commission upon proof by the pool that the original reasons for suspension have been satisfactorily corrected, and that the pool continues to meet all other requirements for a license.

B. Before a pool can voluntarily dissolve, it must present a plan of dissolution to the Commission for approval. Such a plan shall provide for the payment of all incurred losses and expenses of the fund and its members, including all incurred but not reported losses, as certified by an actuary, to the extent of the pool's assets. No assets of the pool may be used for any other purpose until payment of all such losses and expenses is provided for.

C. Subject to the approval of the Commission, a pool may merge with another underground storage tank owners and operators group self-insurance pool if the resulting pool assumes in full all obligations of the merging pools. The Commission may hold a hearing on the merger and shall do so if any party, including a member of either pool, so requests.

Statutory Authority

§ 62.1-44.34:12 of the Code of Virginia.

Historical Notes

Derived from Regulation 33, Case No. INS890261, § 14, eff. September 1, 1989.

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