Liability of president, chief executive officer or directors if insurance issued when insurer insolvent

Va. Code Ann. § 38.2-215
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
If any insurer is insolvent, and the president, chief executive officer or directors with knowledge of insolvency make or agree to further insurance, they shall be personally liable for any loss under that insurance. Code 1950, § 38-176; 1952, c. 317, § 38.1-37; 1986, c. 562.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/38.2-215/Fetched: 10/16/2026

Starting a business in Virginia? Virginia LLC guide: costs and requirements