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.
Va. Code Ann. § 38.2-215
Liability of president, chief executive officer or directors if insurance issued when insurer insolvent
Code 1950, § 38-176; 1952, c. 317, § 38.1-37; 1986, c. 562.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.