38.2-1508 - Powers of Commission when authorized to rehabilitate or liquidate companies.
§ 38.2-1508. Powers of Commission when authorized to rehabilitate orliquidate companies.
Whenever the Commission is authorized to act as a receiver to rehabilitate orliquidate an insurer or to take any other authorized steps that it considersadvisable in connection with the affairs of the insurer, it shall have allthe power and authority of a court of record as provided in Article IX,Section 3 of the Constitution of Virginia. All further proceedings inconnection with the rehabilitation or liquidation shall be conducted by theCommission without any control or supervision by the court to which theapplication was made. For the violation of any injunction or order issuedunder this chapter, the Commission shall have the same power to punish forcontempt as a court. The Commission may deal with the property and affairs ofthe insurer in its own name or in the name of the insurer. The Commissionshall be vested by law with the title to all of the property, contracts andrights of action of the insurer as of the date shown by the order of thecourt referred to in § 38.2-1507. The filing or recording of the order in anyclerk's office in this Commonwealth shall give the same notice that a deed,bill of sale or other evidence of properly filed or recorded title have given.
(Code 1950, § 38-140; 1952, c. 317, § 38.1-133; 1971, Ex. Sess., c. 1; 1986,c. 562; 1992, c. 468.)