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Virginia Law

Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 4. Assessment for Administration of Insurance Laws and Declarations of Estimated Assessments by Insurers
4/29/2025

§ 38.2-404. Recovery of such assessments; revocation or suspension of license.

If an assessment made under § 38.2-403 is not paid to the Commission by the prescribed date, the amount of the assessment, penalty, and interest may be recovered from the defaulting company on motion of the Commission made in the name and for the use of the Commonwealth in the appropriate circuit court after ten days' notice to the company. The license or certificate of authority of any defaulting company to transact business in this Commonwealth may be revoked or suspended by the Commission until it has paid such assessment.

Code 1950, § 38-19; 1952, c. 317, § 38.1-46; 1978, c. 4; 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.