2006 Code of Virginia § 38.2-1300 - Annual statements

38.2-1300. Annual statements.

A. Each insurer licensed to transact the business of insurance in thisCommonwealth shall file with the Commission annually, on or before March 1,an annual statement showing its financial condition on December 31 of theprevious year. The annual statement shall be considered filed on the date thestatement was sent by mail as shown by the postmark. The annual statementshall contain a detailed report of the insurer's assets and liabilities, theinvestment of its assets, its income and disbursements during the previousyear, and all other information which the Commission considers necessary tosecure a full and accurate knowledge of the affairs and condition of theinsurer. The annual statement of every domestic or foreign insurer shall besigned by at least two of its principal officers subject to 38.2-1304. Nopublication of the annual statement shall be required.

B. The annual statement of an alien insurer shall relate only to itstransactions and affairs in the United States unless the Commission requiresotherwise. The annual statement shall be verified by the alien insurer'sUnited States manager, assistant manager, or by any of its duly authorizedofficers.

C. The Commission may prescribe the form of the annual statement andsupplemental schedules and exhibits to include additional copies inmachine-readable format, and may vary the form for different types ofinsurers. However, as far as practicable, the form for annual statements,supplementary schedules, and exhibits shall be the same as other such formsin general use in the United States. Unless otherwise prescribed by theCommission, such annual statements shall be prepared using an annualstatement convention blank developed by the National Association of InsuranceCommissioners (NAIC). The annual statement, and supplementary schedules andexhibits required by this section, shall be prepared in accordance with theappropriate annual statement instructions and the accounting practices andprocedures manuals adopted by the NAIC, or any other successor publications.

D. Each domestic, foreign and alien insurer that is authorized to transactinsurance in this Commonwealth shall annually on or before March 1 of eachyear, file with the NAIC a copy of its annual statement convention blank,along with such additional filings as prescribed by the Commission for thepreceding year. The information filed with the NAIC shall be in the sameformat and scope as that required by the Commission and shall include thesigned jurat page and any actuarial certification required by the Commission.Any amendments and addenda to the annual statement filing subsequently filedwith the Commission shall also be filed with the NAIC. However, an insurermay apply to the Commission for an exemption from this subsection.

E. Foreign insurers that are domiciled in a state, which has a lawsubstantially similar to subsection D of this section, shall be deemed to bein compliance with subsection D of this section.

(Code 1950, 38-122, 38-516; 1952, c. 317, 38.1-159; 1986, c. 562; 1990,c. 240; 1991, c. 312; 1992, c. 588; 1994, c. 308.)