2006 Code of Virginia § 38.2-1317.1 - Examinations; nature and scope

38.2-1317.1. Examinations; nature and scope.

A. In scheduling and determining the nature, scope and frequency ofexaminations, the Commission shall consider such matters as the conduct ofbusiness in the marketplace, results of financial statement analyses andratios, changes in management or ownership, actuarial opinions, reports ofindependent certified public accountants and other criteria as set forth inany Examiners' Handbook, or any successor publications, adopted by the NAICand in effect when the Commission exercises discretion under this article.

Procedures for examinations concerning the conduct of business in themarketplace shall be exclusively subject to the provisions of 38.2-218through 38.2-222 and 38.2-1318 and 38.2-1319.

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

C. The examination of any alien insurer or person shall be limited to itsinsurance transactions in the United States unless the Commission considers acomplete 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 engagein any transaction or kind of insurance or surety business and any person orgroup of persons who, pursuant to the provisions of this title, Title 58.1,or any rule or regulation promulgated by the Commission, may otherwise besubject to the administrative or regulatory authority of the Commission asset forth in the provisions of this title.

"Insurance department" means the supervising regulatory officials of agiven state who are responsible for administering the insurance laws of saidstate.

"Insurer" means an insurance institution as defined by 38.2-602.

"Person" means any association, aggregate of individuals, business,company, corporation, individual, joint-stock company, Lloyds type oforganization, organization, partnership, receiver, reciprocal orinterinsurance exchange, trustee or society, or any affiliate thereof.

(1992, c. 588.)