Virginia will hear legal objections -- if there are any -- this fall to plans to sell the group insurance lines of Shenandoah Life Insurance Co. to restructure the financially ailing company.

The hearing is scheduled for 10 a.m. Oct. 7 before the Virginia State Corporation Commission in Richmond.

Notice of objections is due to the state at least a month beforehand. If nobody or no entity objects, no hearing will occur. The commission will decide whether to approve the sale.

Last week, officials confirmed that Assurant Employee Benefits, a Kansas City, Mo., insurance company, is prepared buy Shenandoah Life's group life, accidental death and dismemberment, dental, short-term and long-term disability, and vision insurance businesses for an undetermined amount not to exceed $500,000.

State regulators who control Shenandoah Life said such a transaction would reduce costs and bring in money for a part of the business. Since its seizure by regulators Feb. 12, Shenandoah has ceased selling new policies. No plans have been announced yet for the rest of the company, which is predominantly focused on selling individual policies.

-- Jeff Sturgeon