{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1332.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1332.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1332.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1332.1.html"}],"law_id":57304,"edition_id":1,"section_id":57304,"structure_id":13290,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","history":"2014, c. 309.","full_text":"A\n\nWith respect to any insurer registered under \u00a7 38.2-1329, and in accordance with subsection C, the Commission shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this article. The powers of the Commission with respect to supervisory colleges include the following:1\n\nInitiating the establishment of a supervisory college;2\n\nClarifying the membership and participation of other supervisors in the supervisory college;3\n\nClarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;4\n\nCoordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and5\n\nEstablishing a crisis management plan.B\n\nEach registered insurer subject to this section shall be liable for and shall pay the necessary traveling and other expenses reasonably attributable to other regulators or incurred by the Commission for its participation in a supervisory college in accordance with subsection C. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commission may establish a regular assessment to the insurer for the payment of these expenses. If an assessment is required by this subsection, it shall be collected by the Commission and paid directly into the state treasury and credited to the “Bureau of Insurance Special Fund — State Corporation Commission” for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.C\n\nIn order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with § 38.2-1332, the Commission may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The Commission may enter into agreements in accordance with subsection C of § 38.2-1333 providing the basis for cooperation between the Commission and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commission to regulate or supervise the insurer or its affiliates within its jurisdiction.","order_by":null,"text":{"0":{"id":209876,"text":"With respect to any insurer registered under \u00a7 38.2-1329, and in accordance with subsection C, the Commission shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this article. The powers of the Commission with respect to supervisory colleges include the following:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":209877,"text":"Initiating the establishment of a supervisory college;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":209878,"text":"Clarifying the membership and participation of other supervisors in the supervisory college;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":209879,"text":"Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":209880,"text":"Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":209881,"text":"Establishing a crisis management plan.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":209882,"text":"Each registered insurer subject to this section shall be liable for and shall pay the necessary traveling and other expenses reasonably attributable to other regulators or incurred by the Commission for its participation in a supervisory college in accordance with subsection C. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commission may establish a regular assessment to the insurer for the payment of these expenses. If an assessment is required by this subsection, it shall be collected by the Commission and paid directly into the state treasury and credited to the “Bureau of Insurance Special Fund — State Corporation Commission” for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"C"},"7":{"id":209883,"text":"In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with § 38.2-1332, the Commission may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The Commission may enter into agreements in accordance with subsection C of § 38.2-1333 providing the basis for cooperation between the Commission and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commission to regulate or supervise the insurer or its affiliates within its jurisdiction.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13290,"edition_id":1,"name":"Insurance Holding Companies","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211609,"object_type":"structure","relational_id":13290,"identifier":"5","token":"38.2\/13\/5","url":"\/38.2\/13\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66587,"structure_id":13290,"section_number":"38.2-1322","catch_line":"Definitions","url":"\/38.2-1322\/","token":"38.2\/13\/5\/38.2-1322","metadata":false},{"id":84939,"structure_id":13290,"section_number":"38.2-1323","catch_line":"Acquisition of control of insurers","url":"\/38.2-1323\/","token":"38.2\/13\/5\/38.2-1323","metadata":false},{"id":72444,"structure_id":13290,"section_number":"38.2-1324","catch_line":"Contents of application","url":"\/38.2-1324\/","token":"38.2\/13\/5\/38.2-1324","metadata":false},{"id":77095,"structure_id":13290,"section_number":"38.2-1325","catch_line":"Alternate filing materials","url":"\/38.2-1325\/","token":"38.2\/13\/5\/38.2-1325","metadata":false},{"id":54281,"structure_id":13290,"section_number":"38.2-1326","catch_line":"Approval by Commission","url":"\/38.2-1326\/","token":"38.2\/13\/5\/38.2-1326","metadata":false},{"id":82872,"structure_id":13290,"section_number":"38.2-1327","catch_line":"Time for hearing; order of Commission","url":"\/38.2-1327\/","token":"38.2\/13\/5\/38.2-1327","metadata":false},{"id":65563,"structure_id":13290,"section_number":"38.2-1328","catch_line":"Exemption","url":"\/38.2-1328\/","token":"38.2\/13\/5\/38.2-1328","metadata":false},{"id":71281,"structure_id":13290,"section_number":"38.2-1329","catch_line":"Registration of insurers that are members of holding company system","url":"\/38.2-1329\/","token":"38.2\/13\/5\/38.2-1329","metadata":false},{"id":77796,"structure_id":13290,"section_number":"38.2-1330","catch_line":"Standards for transactions within an insurance holding company system; adequacy of surplus","url":"\/38.2-1330\/","token":"38.2\/13\/5\/38.2-1330","metadata":false},{"id":71817,"structure_id":13290,"section_number":"38.2-1330.1","catch_line":"Dividends and other distributions","url":"\/38.2-1330.1\/","token":"38.2\/13\/5\/38.2-1330.1","metadata":false},{"id":70122,"structure_id":13290,"section_number":"38.2-1331","catch_line":"Repealed","url":"\/38.2-1331\/","token":"38.2\/13\/5\/38.2-1331","metadata":false},{"id":84275,"structure_id":13290,"section_number":"38.2-1332","catch_line":"Examinations","url":"\/38.2-1332\/","token":"38.2\/13\/5\/38.2-1332","metadata":false},{"id":57304,"structure_id":13290,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","url":"\/38.2-1332.1\/","token":"38.2\/13\/5\/38.2-1332.1","metadata":false},{"id":62040,"structure_id":13290,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","url":"\/38.2-1332.2\/","token":"38.2\/13\/5\/38.2-1332.2","metadata":false},{"id":68581,"structure_id":13290,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","url":"\/38.2-1333\/","token":"38.2\/13\/5\/38.2-1333","metadata":false},{"id":56656,"structure_id":13290,"section_number":"38.2-1334","catch_line":"Revocation, suspension, or nonrenewal of insurer's license","url":"\/38.2-1334\/","token":"38.2\/13\/5\/38.2-1334","metadata":false},{"id":76185,"structure_id":13290,"section_number":"38.2-1334.1","catch_line":"Voting of securities, injunctions, and sequestration of voting securities","url":"\/38.2-1334.1\/","token":"38.2\/13\/5\/38.2-1334.1","metadata":false},{"id":57406,"structure_id":13290,"section_number":"38.2-1334.2","catch_line":"Recovery","url":"\/38.2-1334.2\/","token":"38.2\/13\/5\/38.2-1334.2","metadata":false},{"id":60684,"structure_id":13290,"section_number":"38.2-1334.2:1","catch_line":"Rules and regulations","url":"\/38.2-1334.2_1\/","token":"38.2\/13\/5\/38.2-1334.2_1","metadata":false},{"id":78719,"structure_id":13290,"section_number":"38.2-1334.2:2","catch_line":"Sanctions","url":"\/38.2-1334.2_2\/","token":"38.2\/13\/5\/38.2-1334.2_2","metadata":false},{"id":56478,"structure_id":13290,"section_number":"38.2-1334.2:3","catch_line":"Statutory construction and relationship to other laws","url":"\/38.2-1334.2_3\/","token":"38.2\/13\/5\/38.2-1334.2_3","metadata":false}],"previous_section":{"id":84275,"structure_id":13290,"section_number":"38.2-1332","catch_line":"Examinations","url":"\/38.2-1332\/","token":"38.2\/13\/5\/38.2-1332","metadata":false},"next_section":{"id":62040,"structure_id":13290,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","url":"\/38.2-1332.2\/","token":"38.2\/13\/5\/38.2-1332.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1332.1\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 309<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":62040,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","order_by":null,"url":"\/38.2-1332.2\/"},{"id":68581,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","order_by":null,"url":"\/38.2-1333\/"}],"refers_to":[{"id":71281,"section_number":"38.2-1329","catch_line":"Registration of insurers that are members of holding company system","order_by":null,"url":"\/38.2-1329\/"},{"id":84275,"section_number":"38.2-1332","catch_line":"Examinations","order_by":null,"url":"\/38.2-1332\/"},{"id":68581,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","order_by":null,"url":"\/38.2-1333\/"}],"permalink":{"id":211659,"object_type":"law","relational_id":57304,"identifier":"38.2-1332.1","token":"38.2\/13\/5\/38.2-1332.1","url":"\/38.2-1332.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1332.1\/","token":"38.2\/13\/5\/38.2-1332.1","dublin_core":{"Title":"Supervisory colleges","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1332.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> With respect to any insurer<\/span> registered under \u00a7 38.2-1329<\/a>, and in accordance with subsection C, the Commission<\/span> shall also have the power to participate in a supervisory college for any domestic insurer<\/span> that is part of an insurance holding company system<\/span> with international operations in order<\/span> to determine compliance by the insurer<\/span> with this article. The powers of the Commission<\/span> with respect to supervisory colleges include the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Initiating the establishment of a supervisory college; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Clarifying the membership and participation of other supervisors in the supervisory college; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Establishing a crisis management plan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each registered insurer<\/span> subject to this section shall be liable for and shall pay the necessary traveling and other expenses reasonably attributable to other regulators or incurred by the Commission<\/span> for its participation in a supervisory college in accordance with subsection C. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer<\/span> or its affiliates<\/span>, and the Commission<\/span> may establish a regular assessment to the insurer<\/span> for the payment of these expenses. If an assessment is required by this subsection, it shall be collected by the Commission<\/span> and paid directly into the state<\/span> treasury and credited to the “Bureau of Insurance<\/span> Special Fund — State<\/span> Corporation Commission<\/span>” for the maintenance of the Bureau of Insurance<\/span> as provided in subsection B of § 38.2-400<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In order<\/span> to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers<\/span> in accordance with § 38.2-1332<\/a>, the Commission<\/span> may participate in a supervisory college with other regulators charged with supervision of the insurer<\/span> or its affiliates<\/span>, including other state<\/span>, federal, and international regulatory agencies. The Commission<\/span> may enter into agreements in accordance with subsection C of § 38.2-1333<\/a> providing the basis for cooperation between the Commission<\/span> and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commission<\/span> to regulate or supervise the insurer<\/span> or its affiliates<\/span> within its jurisdiction<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSUPERVISORY COLLEGES (\u00a7 38.2-1332.1)\n\nA. With respect to any insurer registered under \u00a7 38.2-1329, and in accordance\nwith subsection C, the Commission shall also have the power to participate in a\nsupervisory college for any domestic insurer that is part of an insurance\nholding company system with international operations in order to determine\ncompliance by the insurer with this article. The powers of the Commission with\nrespect to supervisory colleges include the following:\n\n 1. Initiating the establishment of a supervisory college;\n\n 2. Clarifying the membership and participation of other supervisors in the\n supervisory college;\n\n 3. Clarifying the functions of the supervisory college and the role of other\n regulators, including the establishment of a group-wide supervisor;\n\n 4. Coordinating the ongoing activities of the supervisory college, including\n planning meetings, supervisory activities, and processes for information\n sharing; and\n\n 5. Establishing a crisis management plan.\n\nB. Each registered insurer subject to this section shall be liable for and shall\npay the necessary traveling and other expenses reasonably attributable to other\nregulators or incurred by the Commission for its participation in a supervisory\ncollege in accordance with subsection C. For purposes of this section, a\nsupervisory college may be convened as either a temporary or permanent forum for\ncommunication and cooperation between the regulators charged with the\nsupervision of the insurer or its affiliates, and the Commission may establish a\nregular assessment to the insurer for the payment of these expenses. If an\nassessment is required by this subsection, it shall be collected by the\nCommission and paid directly into the state treasury and credited to the\n“Bureau of Insurance Special Fund — State Corporation\nCommission” for the maintenance of the Bureau of Insurance as provided in\nsubsection B of § 38.2-400.\n\nC. In order to assess the business strategy, financial position, legal and\nregulatory position, risk exposure, risk management, and governance processes,\nand as part of the examination of individual insurers in accordance with §\n38.2-1332, the Commission may participate in a supervisory college with other\nregulators charged with supervision of the insurer or its affiliates, including\nother state, federal, and international regulatory agencies. The Commission may\nenter into agreements in accordance with subsection C of § 38.2-1333\nproviding the basis for cooperation between the Commission and the other\nregulatory agencies and the activities of the supervisory college. Nothing in\nthis section shall delegate to the supervisory college the authority of the\nCommission to regulate or supervise the insurer or its affiliates within its\njurisdiction.\n\nHISTORY: 2014, c. 309.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}