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Virginia Law

Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 2. Provisions of a General Nature
11/5/2024

§ 38.2-230. Distributions by nonstock corporation.

No dividend or distribution of income, as used in § 13.1-814, shall be made to a member corporation of a corporation licensed under the provisions of this title unless the corporation has received approval by the Commission prior to the distribution. In approving the distribution, the Commission shall give consideration to the subscribers' or policyholders' best interest.

1985, c. 380, § 38.1-39.1; 1986, c. 562.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.