CODE OF VIRGINIA

EXAMINATIONS; NATURE AND SCOPE (§ 38.2-1317.1)

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 marketplace, results of financial statement analyses and ratios,
results of market analyses, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants and other criteria
as set forth in any Examiners’ Handbook, or any successor publications,
adopted by the NAIC and in effect when the Commission exercises discretion under
this article.Procedures for examinations concerning the conduct of business in
the marketplace shall be exclusively subject to the provisions of §§ 38.2-218
through 38.2-222 and §§ 38.2-1318, 38.2-1319, 38.2-1320.5, and 38.2-1321.1.

B. For purposes of completing an examination of any company under this article,
the Commission may examine or investigate any person, or the business of any
person, in so far as such examination or investigation is, in the sole
discretion of the Commission, necessary or material to the examination of the
company.

C. The examination of any alien insurer or person shall be limited to its
insurance transactions in the United States unless the Commission considers a
complete examination of the alien insurer or person to be necessary.

D. As used in this article:”Company” means any person engaging in or
proposing or attempting to engage in any transaction or kind of insurance or
surety business and any person or group of persons who, pursuant to the
provisions of this title, Title 58.1, or any rule or regulation promulgated by
the Commission, may otherwise be subject to the administrative or regulatory
authority of the Commission as set forth in the provisions of this
title.”Insurance department” means the supervising regulatory
officials of a given state who are responsible for administering the insurance
laws of said state.”Insurer” means an insurance institution as
defined by § 38.2-602.”NAIC” means the National Association of
Insurance Commissioners.”Person” means any association, aggregate of
individuals, business, company, corporation, individual, joint-stock company,
Lloyds type of organization, organization, partnership, receiver, reciprocal or
interinsurance exchange, trustee or society, or any affiliate thereof.

HISTORY: 1992, c. 588; 2008, c. 249.