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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 370. Rules Governing Group Self-Insurers of Liability under the Virginia Workers'compensation Act |
Section 150. Revocation of self-insurance license
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The commission may revoke an association's license if:
1. The association no longer meets the standards required for the issuance of its license; or
2. The association fails to comply with this chapter, the provisions of the Act or an order of the commission.
The commission shall give 10 days prior notice of the proposed revocation to the association. The notice shall be served personally, or by certified or registered mail, upon all interested parties stating the reasons for the proposed revocation and providing the association an opportunity to introduce evidence and be heard. If, after a hearing, which may be formal or informal, the association's license is revoked, this revocation shall become effective 30 days after the commission's order is issued.
Historical Notes
Derived from Regulation 16, Case No. INS870353, § 4, eff. May 1, 1988; amended, Volume 26, Issue 14, eff. March 1, 2010.