38.2-1048 - Return of deposits.
§ 38.2-1048. Return of deposits.
A. The Commission, at its discretion, may direct the State Treasurer toreturn to any insurer all or a part of the deposit made by it under §38.2-1045 if the insurer (i) has complied with § 38.2-1049, or (ii) hasceased to transact business in this Commonwealth. In the case of the latter,the fixed or contingent liabilities secured by the deposit shall have beensatisfied or terminated or shall have been assumed by another insurerlicensed to transact the business of insurance in this Commonwealth. If theCommission finds that any voluntary deposit of any insurer made under §38.2-1050 no longer is required in whole or in part to comply with the lawsof this or any other state, it may to such extent direct the return of thatdeposit. The Commission, before directing the return of any deposit, mayrequire evidence it considers satisfactory that the insurer is entitled tothe return of all or part of the deposit.
B. Notwithstanding the provisions in § 38.2-1046 and subsection A of thissection, if an insurer domiciled in this Commonwealth is placed inreceivership, and a receiver is appointed, pursuant to the provisions ofChapter 15 (§ 38.2-1500 et seq.) of this title, the Commission shall directthe State Treasurer to return any deposit made with it by the insurer to suchreceiver for distribution, disbursement, or other application in accordancewith provisions set forth in Chapter 15 (§ 38.2-1500 et seq.) of this titleand any applicable order of liquidation, conservation or rehabilitation.
(Code 1950, § 38-52; 1952, c. 317, § 38.1-112; 1986, c. 562; 1988, c. 298;1995, c. 60.)