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 cooperation with one or more persons, unless the subsidiary is engaged in the following kinds of business:
1. Transacting any kind of insurance business authorized by the jurisdiction in which the subsidiary is incorporated;
2. Acting as an insurance broker or as an insurance agent for its parent or for any of its parent’s insurer subsidiaries;
3. Investing, reinvesting or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;
4. Managing any investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services;
5. Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended;
6. Rendering investment advice to governments, governmental agencies, corporations or other organizations or groups;
7. Rendering other services related to the operations of an insurance business including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal and collection services;
8. Owning and managing assets that the domestic insurer could itself own or manage;
9. Acting as administrative agent for a governmental instrumentality that is performing an insurance function;
11. Engaging in any other business activity the Commission determines to be reasonably ancillary to an insurance business; or
12. Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.
History
1977, c. 414, § 38.1-178.12; 1986, c. 562.
