Subscribers' share in assets
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Virginia Code › Title 38.2 › Chapter 12 › Article 2 › Section 38.2-1228
Text
Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in § 38.2-1225 , and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.
1952, c. 317, § 38.1-717; 1986, c. 562.
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