2006 Code of Virginia § 38.2-1332 - Examinations

38.2-1332. Examinations.

A. In addition to the powers the Commission has under Article 4 ( 38.2-1317et seq.) of this chapter, the Commission shall also have the power to orderany insurer registered under 38.2-1329 to produce any records, books, orother information papers in the possession of the insurer or its affiliatesnecessary to determine the financial condition or legality of conduct of theinsurer. If the insurer fails to comply with the order, the Commission shallhave the power to examine its affiliates to obtain the information.

B. The Commission shall exercise its power under subsection A of this sectiononly if the examination of the insurer under Article 4 of this chapter isinadequate or the interests of the policyholders of the insurer may beadversely affected.

C. The Commission may retain at the registered insurer's expense anyattorneys, actuaries, accountants and other experts reasonably necessary toassist in the conduct of the examination under subsection A of this section.Any persons so retained shall be under the direction and control of theCommission and shall act in a purely advisory capacity.

D. Each insurer producing books and papers for examination records pursuantto subsection A of this section shall be liable for and shall pay the expenseof the examination in accordance with the provisions of Article 4 of thischapter.

E. The Commission may retain at the acquiring person's expense any attorneys,actuaries, accountants and other experts reasonably necessary to assist inthe review of the contents of any application filed pursuant to 38.2-1323.

(1973, c. 505, 38.1-178.4; 1986, c. 562; 1992, c. 588.)