Code of Virginia - Title 38.2 Insurance - Chapter 13 Reports, Reserves And Examinations, Insurance Holding Companies, Reinsurance Intermediaries, And Ma...

38.2-1300 Annual statements
A. Each insurer licensed to transact the business of insurance in this Commonwealth shall file with the Commission annually, on or before March 1, an ...
38.2-1301 Additional reports
A. In addition to the annual statement, the Commission may require a licensed insurer to file additional reports, exhibits or statements considered necessary to secure ...
38.2-1301.1 Material transaction disclosures
A. Every insurer domiciled in this Commonwealth shall file a report with the Commission disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations ...
38.2-1302 Extension of filing time
The Commission may extend an insurer's deadline for filing annual statements, other reports or exhibits provided the deadline for annual statements is not extended beyond ...
38.2-1303 Printed forms to be filed by insurers; certificates to domestic insurers
A. The Commission shall be responsible for prescribing the type of blank or may prepare and distribute printed forms or blanks to licensed insurers for ...
38.2-1304 False statements, reports, etc., deemed a Class 5 felony
Any officer, manager, attorney, agent or employee of any insurer or surplus lines broker who is responsible for making or filing any annual or other ...
38.2-1305 Voluntary reports
Any insurer may elect to file with the Commission, in addition to the annual statement required by § 38.2-1300, a statement in condensed form of ...
38.2-1306 Reports to be open to public inspection
The Commission shall keep on file for at least three years all reports required by law and all special reports required by it to be ...
38.2-1306.1 Insurance companies' analyses confidential
A. All regulatory or financial analyses, ratios and examination synopses concerning insurance companies or insurance transactions that are submitted to the Commission by the National ...
38.2-1306.2 Valuation of investments and other assets
The value of investments and other assets, other than those not admitted pursuant to § 38.2-1306.3, and their reporting as admitted or nonadmitted assets shall ...
38.2-1306.3 Nonadmitted assets
A. "Nonadmitted assets" or "not admitted assets" means those assets identified and reported as nonadmitted assets by or in accordance with the National Association of ...
38.2-1307 through 38.2-1309
Repealed by Acts 2000, c. 46, cl. 2, effective January 1, 2001. ...
38.2-1310 Description unavailable
Repealed by Acts 1993, c. 158. ...
38.2-1310.1 Description unavailable
Repealed by Acts 2000, c. 46, cl. 2, effective January 1, 2001. ...
38.2-1311 Valuation reserves
A. Every insurer licensed to transact the kinds of insurance specified in §§ 38.2-102, 38.2-106 and 38.2-109 and subject to the applicable provisions of this ...
38.2-1312 Unearned premium reserves
A. Except for risks or policies for which reserves are required under §§ 38.2-1311 and 38.2-4610.1, each insurer licensed to transact business in this Commonwealth, ...
38.2-1313 Loss records
Each insurer licensed to transact business in this Commonwealth shall, except for accident and sickness insurance as defined in § 38.2-109, maintain a complete and ...
38.2-1314 Loss or claim reserves
Except as provided in §§ 38.2-1311 and 38.2-4609, each insurer licensed to transact the business of insurance in this Commonwealth shall maintain reserves: 1. In ...
38.2-1315 Mortgage guaranty insurance contingency reserve
A. To protect against the effect of adverse economic cycles, each insurer transacting the business of mortgage guaranty insurance in this Commonwealth shall establish and ...
38.2-1315.1 Actuarial statements of opinion, reports, memoranda, and summaries
A. Effective December 31, 2004, and except as otherwise provided by this section or Article 3 (§ 38.2-3126 et seq.) of Chapter 31 of this ...
38.2-1316 Description unavailable
Repealed by Acts 1991, c. 264. ...
38.2-1316.1 Definitions
As used in this article: "Accredited reinsurer" means an assuming insurer accredited pursuant to the provisions of subdivision 2 of subsection A of § 38.2-1316.2. ...
38.2-1316.2 Credit allowed a domestic ceding insurer
A. Except as provided in § 38.2-1316.4, credit shall be allowed a domestic ceding insurer for reinsurance ceded only when the assuming insurer meets one ...
38.2-1316.3 Credit allowed a foreign or alien ceding insurer
A. Except as provided in § 38.2-1316.4, credit shall be allowed a foreign or alien ceding insurer only when the assuming insurer meets one of ...
38.2-1316.4 Credit allowed any ceding insurer
Credit shall be allowed any ceding insurer under the following conditions: 1. Credit shall be allowed when reinsurance is ceded to an assuming insurer not ...
38.2-1316.5 Terms of agreements
A. The reinsurance agreement for which credit is allowed under this article shall contain the following provisions: 1. A provision making the reinsurance payable by ...
38.2-1316.6 Purpose, calculation and effect of reinsurance credits
A. For the purpose of determining the financial condition of a ceding insurer, the ceding insurer shall receive credit for any reinsurance for which credit ...
38.2-1316.7 Rules and regulations
The Commission may adopt rules and regulations implementing the provisions of this article. (1991, c. 264.) ...
38.2-1316.8 Reinsurance agreements affected
A. The provisions of this article shall apply to all cessions after the effective date of this article under reinsurance agreements which have had an ...
38.2-1317 Examinations; when authorized or required
A. Whenever the Commission considers it expedient for the protection of the interests of the people of this Commonwealth, it may make or direct to ...
38.2-1317.1 Examinations; nature and scope
A. In scheduling and determining the nature, scope and frequency of examinations, the Commission shall consider such matters as the conduct of business in the ...
38.2-1317.2 Market analyses confidential
A. All market analyses concerning companies or insurance transactions that are obtained by the Commission from the NAIC, including information generated by any NAIC databases ...
38.2-1318 Examinations; how conducted
A. Whenever the Commission examines the affairs of any person, as set forth in § 38.2-1317, it may appoint as examiners one or more competent ...
38.2-1319 Expense of examination
A. Any person examined shall be liable for the necessary traveling and other expenses reasonably attributable to the examiners or incurred by the Commission on ...
38.2-1320 Examination reports; general description
The Commission's examiners shall make a true report of every examination. The report shall include only facts appearing upon the books, records or other documents ...
38.2-1320.1 Submission of examination report
No later than ninety days following completion of any examination, the Commission shall furnish two copies of the report to the person examined and shall ...
38.2-1320.2 Filing of report on examination
Within thirty days of the end of the period allowed for the receipt of written submissions, the Commission shall fully consider and review the report, ...
38.2-1320.3 Examination reports; orders and procedures
A. A certified copy of the examination report filed pursuant to subdivision 1 of § 38.2-1320.2 shall be served upon the company by certified mail. ...
38.2-1320.4 Publication and use of examination reports
A. Upon the filing of the examination report under subdivision 1 of § 38.2-1320.2, the Commission shall continue to hold the content of the examination ...
38.2-1320.5 Confidentiality of ancillary information
All working papers, recorded information, documents and copies thereof produced by, obtained by or disclosed to the Commission or any other person in the course ...
38.2-1321 Records of examination preserved
The Commission shall keep and preserve in permanent form the reports of all its official examinations, including all records, orders, exhibits or schedules filed in ...
38.2-1321.1 Immunity from liability
A. No cause of action shall arise nor shall any liability be imposed against the Commission, the Commission's authorized representatives or any examiner appointed by ...
38.2-1322 Definitions
As used in this article: "Acquiring person" means any person by whom or on whose behalf acquisition of control of any domestic insurer is to ...
38.2-1323 Acquisition of control of insurers
A. No person shall acquire or attempt to acquire, through merger or otherwise, control of any domestic insurer, or any person controlling a domestic insurer, ...
38.2-1324 Contents of application
A. The application filed with the Commission under § 38.2-1323 shall be made under oath or affirmation and shall contain the following information: 1. The ...
38.2-1325 Alternate filing materials
If any acquisition referred to in § 38.2-1323 is proposed to be made by means of a registration statement under the Securities Act of 1933 ...
38.2-1326 Approval by Commission
The Commission shall approve the application required by § 38.2-1323 unless, after giving notice and opportunity to be heard, it determines that: 1. After the ...
38.2-1327 Time for hearing; order of Commission
Any hearing held pursuant to § 38.2-1326 shall begin within forty days of the date the application is filed with the Commission. In approving any ...
38.2-1328 Exemption
The provisions of §§ 38.2-1323 through 38.2-1327 shall not apply to any acquisition that the Commission, by order, exempts from those sections. Acquisitions granted exemption ...
38.2-1329 Registration of insurers that are members of holding company system
A. Each insurer licensed to do business in this Commonwealth that is a member of an insurance holding company system shall register with the Commission. ...
38.2-1330 Standards for transactions with affiliates; adequacy of surplus
A. Material transactions by registered insurers with their affiliates shall be subject to the following standards: 1. The terms shall be fair and reasonable; 2. ...
38.2-1330.1 Dividends and other distributions
A. Except as otherwise provided by law, a domestic insurer shall not declare or pay a dividend or other distribution from any source other than ...
38.2-1331 Commission approval required for certain transactions
A. Prior written approval of the Commission shall be required for: 1. Any material transaction between a domestic insurer and any of its affiliates involving ...
38.2-1332 Examinations
A. In addition to the powers the Commission has under Article 4 (§ 38.2-1317 et seq.) of this chapter, the Commission shall also have the ...
38.2-1333 Confidential treatment of information and documents
All information, documents, and copies obtained by or disclosed to the Commission or any other person in the course of an examination or investigation made ...
38.2-1334 Revocation, suspension, or nonrenewal of insurer's license
Whenever it appears to the Commission that any person has committed a violation of this article that makes the continued operation of an insurer contrary ...
38.2-1334.1 Voting of securities, injunctions and sequestration of voting securities
A. No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of ...
38.2-1334.2 Recovery
A. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right ...
38.2-1335 Definitions
The terms defined in § 38.2-1322 shall have the same meaning in this article. (1977, c. 414, § 38.1-178.11; 1986, c. 562.) ...
38.2-1336 Subsidiaries of insurers
Notwithstanding the provisions of any other law, a domestic insurer shall not organize, acquire, or obtain control of any subsidiary, either by itself or in ...
38.2-1337 Disclaimer of control
1. A domestic insurer may acquire voting securities of any company in an amount sufficient to presume control without the company's being considered a subsidiary ...
38.2-1338 Applicability
This article shall not apply to any investment or subsidiary relationship that was in effect prior to June 1, 1977, between a domestic insurer and ...
38.2-1339 Exemptions
Nothing in this article shall exempt any domestic insurer from the provisions of Article 5 (§ 38.2-1322 et seq.) of this chapter. (1977, c. 414, ...
38.2-1340 Revocation, suspension, or nonrenewal of insurer's license
Whenever it appears to the Commission that any person has committed a violation of this article that makes the continued operation of a domestic insurer ...
38.2-1341 Definitions
As used in this article: "Accredited state" means a state in which the insurance department or regulatory agency responsible for administering the insurance laws of ...
38.2-1342 Applicability
A. All provisions of this article shall apply to domestic insurers. B. Effective January 1, 1994, any foreign insurer not domiciled and licensed in an ...
38.2-1343 Minimum standards
A. The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a ...
38.2-1344 Disclosure
The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and ...
38.2-1345 Penalties
A. If the Commission finds, after providing an opportunity to be heard, that the controlling producer or any other person has not materially complied with ...
38.2-1346 Licensure
A. No person shall act in this Commonwealth as a producer, and no resident of this Commonwealth shall act as a producer, unless such person ...
38.2-1347 Definitions
As used in this article: "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. "Business entity" means ...
38.2-1348 License requirements
A. No insurer shall permit a person to act, and no person shall act, as a reinsurance intermediary broker in this Commonwealth if the reinsurance ...
38.2-1349 Required contract provisions; reinsurance intermediary brokers
Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying ...
38.2-1350 Books and records; reinsurance intermediary brokers
A. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep ...
38.2-1351 Duties of insurers utilizing the services of a reinsurance intermediary broker
A. An insurer shall not engage the services of any individual or business entity to act as a reinsurance intermediary broker on its behalf unless ...
38.2-1352 Required contract provisions; reinsurance intermediary managers
Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying ...
38.2-1353 Prohibited acts
No insurer shall authorize its reinsurance intermediary manager to, and no reinsurance intermediary manager shall: 1. Cede retrocessions on behalf of the reinsurer, except that ...
38.2-1354 Duties of reinsurers utilizing the services of a reinsurance intermediary manager
A. A reinsurer shall not engage the services of any individual or business entity to act as a reinsurance intermediary manager on its behalf unless ...
38.2-1355 Examination authority
A. A reinsurance intermediary shall be subject to examination by the Commission. The Commission shall have reasonable access to all books, bank accounts and records ...
38.2-1356 Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation...
A. If the Commission finds, after providing an opportunity to be heard, that any person has violated any provisions of this article, the Commission may, ...
38.2-1357 Requirement to report to Commission
A. Each licensed reinsurance intermediary shall report any change in business or residence address or name within thirty calendar days to the Commission and to ...
38.2-1358 Definitions
As used in this article: "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. "Business entity" means ...
38.2-1359 Licensure
A. No domestic insurer shall permit a person to act, and no person shall act, in the capacity of a managing general agent for an ...
38.2-1360 Required contract provisions
No insurer shall retain or act through a managing general agent unless there is in force a written contract between said insurer and its managing ...
38.2-1361 Duties of insurers utilizing managing general agents
A. The insurer shall annually obtain a copy of the current financial statement, which shall be certified by an independent public accountant and in a ...
38.2-1362 Examination authority
The acts of a managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general ...
38.2-1363 Penalties and liabilities; grounds for placing on probation, refusal to issue or renew, revocation...
A. If the Commission finds, after providing an opportunity to be heard, that any person under its jurisdiction has violated any provision of this article, ...
38.2-1364 Requirement to report to Commission
A. Each licensed managing general agent shall report within thirty calendar days to the Commission and to any contracted insurer any change in business or ...

Last modified: April 3, 2009