{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1332.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1332.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1332.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1332.2.html"}],"law_id":62040,"edition_id":1,"section_id":62040,"structure_id":13290,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","history":"2019, c. 692.","full_text":"A\n\nThe Commission is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commission may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group:1\n\nDoes not have substantial insurance operations in the United States;2\n\nHas substantial insurance operations in the United States but not in the Commonwealth; or3\n\nHas substantial insurance operations in the United States and the Commonwealth, but the Commission has determined pursuant to the factors set forth in subsections B and F that the other regulatory official is the appropriate group-wide supervisor.\n\t\t\t\tAn insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the Commission make a determination or acknowledgment as to a group-wide supervisor pursuant to this section.B\n\nIn cooperation with other state, federal, and international regulatory agencies, the Commission shall identify a single group-wide supervisor for an internationally active insurance group. The Commission may determine that the Commission is the appropriate group-wide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in the Commonwealth. However, the Commission may acknowledge that a regulatory official from another jurisdiction is the appropriate group-wide supervisor for the internationally active insurance group. The Commission shall consider the following factors when making a determination or acknowledgment under this subsection:1\n\nThe place of domicile of the insurers within the internationally active insurance group that holds the largest share of the internationally active insurance group’s written premiums, assets, or liabilities;2\n\nThe place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group;3\n\nThe location of the executive offices or largest operational offices of the internationally active insurance group;4\n\nWhether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the Commission determines to be:\n\t\t\t\ta. Substantially similar to the system of regulation provided under the laws of the Commonwealth; or\n\t\t\t\tb. Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and5\n\nWhether another regulatory official acting or seeking to act as the group-wide supervisor provides the Commission with reasonably reciprocal recognition and cooperation.\n\t\t\t\tHowever, a regulatory official identified under this section as the group-wide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor. The acknowledgment of the group-wide supervisor shall be made after consideration of the factors listed in subdivisions 1 through 5, and shall be made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group and in consultation with the internationally active insurance group.C\n\nNotwithstanding any other provision of this section, the Commission’s regulatory authority under this section shall not be impaired. To the extent that the Commission acknowledges a regulatory official from another jurisdiction as a group-wide supervisor and in the event of a material change in the internationally active insurance group that results in (i) the internationally active insurance group’s insurers domiciled in the Commonwealth holding the largest share of the group’s premiums, assets, or liabilities or (ii) the Commonwealth being the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group, the Commission may make a determination or acknowledgment as to the appropriate group-wide supervisor for such an internationally active insurance group pursuant to subsection B.D\n\nPursuant to § 38.2-1332, the Commission is authorized to collect from any insurer registered pursuant to § 38.2-1329 all information necessary to determine whether the Commission may act as the group-wide supervisor of an internationally active insurance group or if the Commission may acknowledge another regulatory official to act as the group-wide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to group-wide supervision by the Commission, the Commission shall notify the insurer registered pursuant to § 38.2-1329 and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have not less than 30 days to provide the Commission with additional information pertinent to the pending determination. The Commission shall publish in any manner it considers appropriate and on its website the identity of internationally active insurance groups that the Commission has determined are subject to group-wide supervision by the Commission.E\n\nIf the Commission is the group-wide supervisor for an internationally active insurance group, the Commission is authorized to engage in any of the following group-wide supervision activities:1\n\nAssess the enterprise risks within the internationally active insurance group to ensure that:\n\t\t\t\ta. The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and\n\t\t\t\tb. Reasonable and effective mitigation measures are in place;2\n\nRequest, from any member of an internationally active insurance group subject to the Commission’s supervision, information necessary and appropriate to assess enterprise risk, including information about the members of the internationally active insurance group regarding:\n\t\t\t\ta. Governance, risk assessment, and management;\n\t\t\t\tb. Capital adequacy; and\n\t\t\t\tc. Material intercompany transactions;3\n\nCoordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of such internationally active insurance group that are engaged in the business of insurance;4\n\nCommunicate with other state, federal, and international regulatory agencies for members within the internationally active insurance group and share relevant information, subject to the confidentiality provisions of § 38.2-1333, through supervisory colleges as set forth in § 38.2-1332.1 or otherwise;5\n\nEnter into agreements with or obtain documentation from any insurer registered under § 38.2-1329, any member of the internationally active insurance group, and any other state, federal, or international regulatory agencies for members of the internationally active insurance group, providing the basis for or otherwise clarifying the Commission’s role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation shall not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in the Commonwealth is doing business in the Commonwealth or is otherwise subject to jurisdiction in the Commonwealth; and6\n\nEngage in other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the Commission.F\n\nIf the Commission acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the Commission is authorized to reasonably cooperate, through supervisory colleges or otherwise, with group-wide supervision undertaken by the group-wide supervisor, provided that:1\n\nThe Commission’s cooperation is in compliance with the laws of the Commonwealth; and2\n\nThe regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the Commission’s activities as a group-wide supervisor for other internationally active insurance groups where applicable. Where such recognition and cooperation is not reasonably reciprocal, the Commission is authorized to refuse recognition and cooperation.G\n\nThe Commission is authorized to enter into agreements with or obtain documentation from any insurer registered under § 38.2-1329, any affiliate of the insurer, and other state, federal, or international regulatory agencies for members of the internationally active insurance group that provide the basis for or otherwise clarify a regulatory official’s role as group-wide supervisor.H\n\nEach registered insurer subject to this section shall be liable for and shall pay the necessary traveling and other expenses incurred by the Commission for its participation in the administration of this section. The Commission may retain at the registered insurer’s expense any attorneys, actuaries, accountants, and other experts reasonably necessary to assist in the administration of this section. Any persons so retained shall be under the direction and control of the Commission and shall act in a purely advisory capacity. 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.","order_by":null,"text":{"0":{"id":226394,"text":"The Commission is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commission may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":226395,"text":"Does not have substantial insurance operations in the United States;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":226396,"text":"Has substantial insurance operations in the United States but not in the Commonwealth; or","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":226397,"text":"Has substantial insurance operations in the United States and the Commonwealth, but the Commission has determined pursuant to the factors set forth in subsections B and F that the other regulatory official is the appropriate group-wide supervisor.\n\t\t\t\tAn insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the Commission make a determination or acknowledgment as to a group-wide supervisor pursuant to this section.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":226398,"text":"In cooperation with other state, federal, and international regulatory agencies, the Commission shall identify a single group-wide supervisor for an internationally active insurance group. The Commission may determine that the Commission is the appropriate group-wide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in the Commonwealth. However, the Commission may acknowledge that a regulatory official from another jurisdiction is the appropriate group-wide supervisor for the internationally active insurance group. The Commission shall consider the following factors when making a determination or acknowledgment under this subsection:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"B1"},"5":{"id":226399,"text":"The place of domicile of the insurers within the internationally active insurance group that holds the largest share of the internationally active insurance group’s written premiums, assets, or liabilities;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"6":{"id":226400,"text":"The place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"7":{"id":226401,"text":"The location of the executive offices or largest operational offices of the internationally active insurance group;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"8":{"id":226402,"text":"Whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the Commission determines to be:\n\t\t\t\ta. Substantially similar to the system of regulation provided under the laws of the Commonwealth; or\n\t\t\t\tb. Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"9":{"id":226403,"text":"Whether another regulatory official acting or seeking to act as the group-wide supervisor provides the Commission with reasonably reciprocal recognition and cooperation.\n\t\t\t\tHowever, a regulatory official identified under this section as the group-wide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor. The acknowledgment of the group-wide supervisor shall be made after consideration of the factors listed in subdivisions 1 through 5, and shall be made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group and in consultation with the internationally active insurance group.","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"C"},"10":{"id":226404,"text":"Notwithstanding any other provision of this section, the Commission’s regulatory authority under this section shall not be impaired. To the extent that the Commission acknowledges a regulatory official from another jurisdiction as a group-wide supervisor and in the event of a material change in the internationally active insurance group that results in (i) the internationally active insurance group’s insurers domiciled in the Commonwealth holding the largest share of the group’s premiums, assets, or liabilities or (ii) the Commonwealth being the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group, the Commission may make a determination or acknowledgment as to the appropriate group-wide supervisor for such an internationally active insurance group pursuant to subsection B.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B5","next_prefix":"D"},"11":{"id":226405,"text":"Pursuant to § 38.2-1332, the Commission is authorized to collect from any insurer registered pursuant to § 38.2-1329 all information necessary to determine whether the Commission may act as the group-wide supervisor of an internationally active insurance group or if the Commission may acknowledge another regulatory official to act as the group-wide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to group-wide supervision by the Commission, the Commission shall notify the insurer registered pursuant to § 38.2-1329 and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have not less than 30 days to provide the Commission with additional information pertinent to the pending determination. The Commission shall publish in any manner it considers appropriate and on its website the identity of internationally active insurance groups that the Commission has determined are subject to group-wide supervision by the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"12":{"id":226406,"text":"If the Commission is the group-wide supervisor for an internationally active insurance group, the Commission is authorized to engage in any of the following group-wide supervision activities:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"13":{"id":226407,"text":"Assess the enterprise risks within the internationally active insurance group to ensure that:\n\t\t\t\ta. The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and\n\t\t\t\tb. Reasonable and effective mitigation measures are in place;","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"14":{"id":226408,"text":"Request, from any member of an internationally active insurance group subject to the Commission’s supervision, information necessary and appropriate to assess enterprise risk, including information about the members of the internationally active insurance group regarding:\n\t\t\t\ta. Governance, risk assessment, and management;\n\t\t\t\tb. Capital adequacy; and\n\t\t\t\tc. Material intercompany transactions;","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"E3"},"15":{"id":226409,"text":"Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of such internationally active insurance group that are engaged in the business of insurance;","type":"section","prefixes":["E","3"],"prefix":"3","entire_prefix":"E3","prefix_anchor":"E3","level":2,"prior_prefix":"E2","next_prefix":"E4"},"16":{"id":226410,"text":"Communicate with other state, federal, and international regulatory agencies for members within the internationally active insurance group and share relevant information, subject to the confidentiality provisions of § 38.2-1333, through supervisory colleges as set forth in § 38.2-1332.1 or otherwise;","type":"section","prefixes":["E","4"],"prefix":"4","entire_prefix":"E4","prefix_anchor":"E4","level":2,"prior_prefix":"E3","next_prefix":"E5"},"17":{"id":226411,"text":"Enter into agreements with or obtain documentation from any insurer registered under § 38.2-1329, any member of the internationally active insurance group, and any other state, federal, or international regulatory agencies for members of the internationally active insurance group, providing the basis for or otherwise clarifying the Commission’s role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation shall not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in the Commonwealth is doing business in the Commonwealth or is otherwise subject to jurisdiction in the Commonwealth; and","type":"section","prefixes":["E","5"],"prefix":"5","entire_prefix":"E5","prefix_anchor":"E5","level":2,"prior_prefix":"E4","next_prefix":"E6"},"18":{"id":226412,"text":"Engage in other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the Commission.","type":"section","prefixes":["E","6"],"prefix":"6","entire_prefix":"E6","prefix_anchor":"E6","level":2,"prior_prefix":"E5","next_prefix":"F"},"19":{"id":226413,"text":"If the Commission acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the Commission is authorized to reasonably cooperate, through supervisory colleges or otherwise, with group-wide supervision undertaken by the group-wide supervisor, provided that:","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E6","next_prefix":"F1"},"20":{"id":226414,"text":"The Commission’s cooperation is in compliance with the laws of the Commonwealth; and","type":"section","prefixes":["F","1"],"prefix":"1","entire_prefix":"F1","prefix_anchor":"F1","level":2,"prior_prefix":"F","next_prefix":"F2"},"21":{"id":226415,"text":"The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the Commission’s activities as a group-wide supervisor for other internationally active insurance groups where applicable. Where such recognition and cooperation is not reasonably reciprocal, the Commission is authorized to refuse recognition and cooperation.","type":"section","prefixes":["F","2"],"prefix":"2","entire_prefix":"F2","prefix_anchor":"F2","level":2,"prior_prefix":"F1","next_prefix":"G"},"22":{"id":226416,"text":"The Commission is authorized to enter into agreements with or obtain documentation from any insurer registered under § 38.2-1329, any affiliate of the insurer, and other state, federal, or international regulatory agencies for members of the internationally active insurance group that provide the basis for or otherwise clarify a regulatory official’s role as group-wide supervisor.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F2","next_prefix":"H"},"23":{"id":226417,"text":"Each registered insurer subject to this section shall be liable for and shall pay the necessary traveling and other expenses incurred by the Commission for its participation in the administration of this section. The Commission may retain at the registered insurer’s expense any attorneys, actuaries, accountants, and other experts reasonably necessary to assist in the administration of this section. Any persons so retained shall be under the direction and control of the Commission and shall act in a purely advisory capacity. 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":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1332.2\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapter 692<\/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":66587,"section_number":"38.2-1322","catch_line":"Definitions","order_by":null,"url":"\/38.2-1322\/"},{"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":57304,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","order_by":null,"url":"\/38.2-1332.1\/"},{"id":68581,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","order_by":null,"url":"\/38.2-1333\/"},{"id":57860,"section_number":"38.2-400","catch_line":"Expense of administration of insurance laws borne by licensees; minimum contribution","order_by":null,"url":"\/38.2-400\/"}],"permalink":{"id":211663,"object_type":"law","relational_id":62040,"identifier":"38.2-1332.2","token":"38.2\/13\/5\/38.2-1332.2","url":"\/38.2-1332.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1332.2\/","token":"38.2\/13\/5\/38.2-1332.2","dublin_core":{"Title":"Group-wide supervision of internationally active insurance groups","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1332.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> is authorized to act as the group-wide supervisor<\/span> for any internationally active insurance group<\/span> in accordance with the provisions of this section. However, the Commission<\/span> may otherwise acknowledge another regulatory official as the group-wide supervisor<\/span> where the internationally active insurance group<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Does not have substantial insurance operations in the United States<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has substantial insurance operations in the United States<\/span> but not in the Commonwealth; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has substantial insurance operations in the United States<\/span> and the Commonwealth, but the Commission<\/span> has determined pursuant to the factors set forth in subsections B and F that the other regulatory official is the appropriate group-wide supervisor<\/span>.\n\t\t\t\tAn insurance holding company system<\/span> that does not otherwise qualify as an internationally active insurance group<\/span> may request that the Commission<\/span> make a determination or acknowledgment as to a group-wide supervisor<\/span> pursuant to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In cooperation with other state<\/span>, federal, and international regulatory agencies, the Commission<\/span> shall identify a single group-wide supervisor<\/span> for an internationally active insurance group<\/span>. The Commission<\/span> may determine that the Commission<\/span> is the appropriate group-wide supervisor<\/span> for an internationally active insurance group<\/span> that conducts substantial insurance operations concentrated in the Commonwealth. However, the Commission<\/span> may acknowledge that a regulatory official from another jurisdiction<\/span> is the appropriate group-wide supervisor<\/span> for the internationally active insurance group<\/span>. The Commission<\/span> shall consider the following factors when making a determination or acknowledgment under this subsection: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The place of domicile of the insurers<\/span> within the internationally active insurance group<\/span> that holds the largest share of the internationally active insurance group<\/span>’s written premiums, assets<\/span>, or liabilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The place of domicile of the top-tiered insurer<\/span> or insurers<\/span> in the insurance holding company system<\/span> of the internationally active insurance group<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The location of the executive offices or largest operational offices of the internationally active insurance group<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Whether another regulatory official is acting or is seeking to act as the group-wide supervisor<\/span> under a regulatory system that the Commission<\/span> determines to be:\n\t\t\t\ta. Substantially similar to the system of regulation provided under the laws<\/span> of the Commonwealth; or\n\t\t\t\tb. Otherwise sufficient in terms of providing for group-wide supervision, enterprise risk<\/span> analysis, and cooperation with other regulatory officials; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Whether another regulatory official acting or seeking to act as the group-wide supervisor<\/span> provides the Commission<\/span> with reasonably reciprocal recognition and cooperation.\n\t\t\t\tHowever, a regulatory official identified under this section as the group-wide supervisor<\/span> may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor<\/span>. The acknowledgment of the group-wide supervisor<\/span> shall be made after consideration of the factors listed in subdivisions 1 through 5, and shall be made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group<\/span> and in consultation with the internationally active insurance group<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding any other provision of this section, the Commission<\/span>’s regulatory authority under this section shall not be impaired. To the extent that the Commission<\/span> acknowledges a regulatory official from another jurisdiction<\/span> as a group-wide supervisor<\/span> and in the event of a material<\/span> change in the internationally active insurance group<\/span> that results in (i) the internationally active insurance group<\/span>’s insurers<\/span> domiciled in the Commonwealth holding the largest share of the group’s premiums, assets<\/span>, or liabilities or (ii) the Commonwealth being the place of domicile of the top-tiered insurer<\/span> or insurers<\/span> in the insurance holding company system<\/span> of the internationally active insurance group<\/span>, the Commission<\/span> may make a determination or acknowledgment as to the appropriate group-wide supervisor<\/span> for such an internationally active insurance group<\/span> pursuant to subsection B. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Pursuant to § 38.2-1332<\/a>, the Commission<\/span> is authorized to collect from any insurer<\/span> registered pursuant to § 38.2-1329<\/a> all information necessary to determine whether the Commission<\/span> may act as the group-wide supervisor<\/span> of an internationally active insurance group<\/span> or if the Commission<\/span> may acknowledge another regulatory official to act as the group-wide supervisor<\/span>. Prior to issuing a determination that an internationally active insurance group<\/span> is subject to group-wide supervision by the Commission<\/span>, the Commission<\/span> shall notify the insurer<\/span> registered pursuant to § 38.2-1329<\/a> and the ultimate controlling person<\/span> within the internationally active insurance group<\/span>. The internationally active insurance group<\/span> shall have not less than 30 days to provide the Commission<\/span> with additional information pertinent to the pending determination. The Commission<\/span> shall publish in any manner it considers appropriate and on its website the identity of internationally active insurance groups<\/span> that the Commission<\/span> has determined are subject to group-wide supervision by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If the Commission<\/span> is the group-wide supervisor<\/span> for an internationally active insurance group<\/span>, the Commission<\/span> is authorized to engage in any of the following group-wide supervision activities: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Assess the enterprise risks<\/span> within the internationally active insurance group<\/span> to ensure that:\n\t\t\t\ta. The material<\/span> financial condition and liquidity risks to the members of the internationally active insurance group<\/span> that are engaged in the business of insurance are identified by management; and\n\t\t\t\tb. Reasonable and effective mitigation measures are in place; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Request, from any member of an internationally active insurance group<\/span> subject to the Commission<\/span>’s supervision, information necessary and appropriate to assess enterprise risk<\/span>, including information about the members of the internationally active insurance group<\/span> regarding:\n\t\t\t\ta. Governance, risk assessment, and management;\n\t\t\t\tb. Capital adequacy; and\n\t\t\t\tc. Material<\/span> intercompany transactions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Coordinate and, through the authority of the regulatory officials of the jurisdictions<\/span> where members of the internationally active insurance group<\/span> are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group<\/span> is able to timely recognize and mitigate enterprise risks<\/span> to members of such internationally active insurance group<\/span> that are engaged in the business of insurance; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Communicate with other state<\/span>, federal, and international regulatory agencies for members within the internationally active insurance group<\/span> and share relevant information, subject to the confidentiality provisions of § 38.2-1333<\/a>, through supervisory colleges as set forth in § 38.2-1332.1<\/a> or otherwise; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Enter into agreements with or obtain documentation from any insurer<\/span> registered under § 38.2-1329<\/a>, any member of the internationally active insurance group<\/span>, and any other state<\/span>, federal, or international regulatory agencies for members of the internationally active insurance group<\/span>, providing the basis for or otherwise clarifying the Commission<\/span>’s role as group-wide supervisor<\/span>, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation shall not serve as evidence<\/span> in any proceeding that any insurer<\/span> or person within an insurance holding company system<\/span> not domiciled or incorporated in the Commonwealth is doing business in the Commonwealth or is otherwise subject to jurisdiction<\/span> in the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Engage in other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> If the Commission<\/span> acknowledges that another regulatory official from a jurisdiction<\/span> that is not accredited by the NAIC<\/span> is the group-wide supervisor<\/span>, the Commission<\/span> is authorized to reasonably cooperate, through supervisory colleges or otherwise, with group-wide supervision undertaken by the group-wide supervisor<\/span>, provided that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Commission<\/span>’s cooperation is in compliance with the laws<\/span> of the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The regulatory official acknowledged as the group-wide supervisor<\/span> also recognizes and cooperates with the Commission<\/span>’s activities as a group-wide supervisor<\/span> for other internationally active insurance groups<\/span> where applicable. Where such recognition and cooperation is not reasonably reciprocal, the Commission<\/span> is authorized to refuse recognition and cooperation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The Commission<\/span> is authorized to enter into agreements with or obtain documentation from any insurer<\/span> registered under § 38.2-1329<\/a>, any affiliate<\/span> of the insurer<\/span>, and other state<\/span>, federal, or international regulatory agencies for members of the internationally active insurance group<\/span> that provide the basis for or otherwise clarify a regulatory official’s role as group-wide supervisor<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Each registered insurer<\/span> subject to this section shall be liable for and shall pay the necessary traveling and other expenses incurred by the Commission<\/span> for its participation in the administration of this section. The Commission<\/span> may retain at the registered insurer<\/span>’s expense any attorneys, actuaries, accountants, and other experts reasonably necessary to assist in the administration of this section. Any persons<\/span> so retained shall be under the direction and control of the Commission<\/span> and shall act in a purely advisory capacity. 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>","plain_text":" CODE OF VIRGINIA\n\nGROUP-WIDE SUPERVISION OF INTERNATIONALLY ACTIVE INSURANCE GROUPS (\u00a7\n38.2-1332.2)\n\nA. The Commission is authorized to act as the group-wide supervisor for any\ninternationally active insurance group in accordance with the provisions of this\nsection. However, the Commission may otherwise acknowledge another regulatory\nofficial as the group-wide supervisor where the internationally active insurance\ngroup:\n\n 1. Does not have substantial insurance operations in the United States;\n\n 2. Has substantial insurance operations in the United States but not in the\n Commonwealth; or\n\n 3. Has substantial insurance operations in the United States and the\n Commonwealth, but the Commission has determined pursuant to the factors set\n forth in subsections B and F that the other regulatory official is the\n appropriate group-wide supervisor.\n \t\t\t\tAn insurance holding company system that does not otherwise qualify as an\n internationally active insurance group may request that the Commission make a\n determination or acknowledgment as to a group-wide supervisor pursuant to this\n section.\n\nB. In cooperation with other state, federal, and international regulatory\nagencies, the Commission shall identify a single group-wide supervisor for an\ninternationally active insurance group. The Commission may determine that the\nCommission is the appropriate group-wide supervisor for an internationally\nactive insurance group that conducts substantial insurance operations\nconcentrated in the Commonwealth. However, the Commission may acknowledge that a\nregulatory official from another jurisdiction is the appropriate group-wide\nsupervisor for the internationally active insurance group. The Commission shall\nconsider the following factors when making a determination or acknowledgment\nunder this subsection:\n\n 1. The place of domicile of the insurers within the internationally active\n insurance group that holds the largest share of the internationally active\n insurance group’s written premiums, assets, or liabilities;\n\n 2. The place of domicile of the top-tiered insurer or insurers in the\n insurance holding company system of the internationally active insurance\n group;\n\n 3. The location of the executive offices or largest operational offices of the\n internationally active insurance group;\n\n 4. Whether another regulatory official is acting or is seeking to act as the\n group-wide supervisor under a regulatory system that the Commission determines\n to be:\n \t\t\t\ta. Substantially similar to the system of regulation provided under the\n laws of the Commonwealth; or\n \t\t\t\tb. Otherwise sufficient in terms of providing for group-wide supervision,\n enterprise risk analysis, and cooperation with other regulatory officials; and\n\n 5. Whether another regulatory official acting or seeking to act as the\n group-wide supervisor provides the Commission with reasonably reciprocal\n recognition and cooperation.\n \t\t\t\tHowever, a regulatory official identified under this section as the\n group-wide supervisor may determine that it is appropriate to acknowledge\n another supervisor to serve as the group-wide supervisor. The acknowledgment\n of the group-wide supervisor shall be made after consideration of the factors\n listed in subdivisions 1 through 5, and shall be made in cooperation with and\n subject to the acknowledgment of other regulatory officials involved with\n supervision of members of the internationally active insurance group and in\n consultation with the internationally active insurance group.\n\nC. Notwithstanding any other provision of this section, the Commission’s\nregulatory authority under this section shall not be impaired. To the extent\nthat the Commission acknowledges a regulatory official from another jurisdiction\nas a group-wide supervisor and in the event of a material change in the\ninternationally active insurance group that results in (i) the internationally\nactive insurance group’s insurers domiciled in the Commonwealth holding\nthe largest share of the group’s premiums, assets, or liabilities or (ii)\nthe Commonwealth being the place of domicile of the top-tiered insurer or\ninsurers in the insurance holding company system of the internationally active\ninsurance group, the Commission may make a determination or acknowledgment as to\nthe appropriate group-wide supervisor for such an internationally active\ninsurance group pursuant to subsection B.\n\nD. Pursuant to § 38.2-1332, the Commission is authorized to collect from\nany insurer registered pursuant to § 38.2-1329 all information necessary to\ndetermine whether the Commission may act as the group-wide supervisor of an\ninternationally active insurance group or if the Commission may acknowledge\nanother regulatory official to act as the group-wide supervisor. Prior to\nissuing a determination that an internationally active insurance group is\nsubject to group-wide supervision by the Commission, the Commission shall notify\nthe insurer registered pursuant to § 38.2-1329 and the ultimate controlling\nperson within the internationally active insurance group. The internationally\nactive insurance group shall have not less than 30 days to provide the\nCommission with additional information pertinent to the pending determination.\nThe Commission shall publish in any manner it considers appropriate and on its\nwebsite the identity of internationally active insurance groups that the\nCommission has determined are subject to group-wide supervision by the\nCommission.\n\nE. If the Commission is the group-wide supervisor for an internationally active\ninsurance group, the Commission is authorized to engage in any of the following\ngroup-wide supervision activities:\n\n 1. Assess the enterprise risks within the internationally active insurance\n group to ensure that:\n \t\t\t\ta. The material financial condition and liquidity risks to the members of\n the internationally active insurance group that are engaged in the business of\n insurance are identified by management; and\n \t\t\t\tb. Reasonable and effective mitigation measures are in place;\n\n 2. Request, from any member of an internationally active insurance group\n subject to the Commission’s supervision, information necessary and\n appropriate to assess enterprise risk, including information about the members\n of the internationally active insurance group regarding:\n \t\t\t\ta. Governance, risk assessment, and management;\n \t\t\t\tb. Capital adequacy; and\n \t\t\t\tc. Material intercompany transactions;\n\n 3. Coordinate and, through the authority of the regulatory officials of the\n jurisdictions where members of the internationally active insurance group are\n domiciled, compel development and implementation of reasonable measures\n designed to ensure that the internationally active insurance group is able to\n timely recognize and mitigate enterprise risks to members of such\n internationally active insurance group that are engaged in the business of\n insurance;\n\n 4. Communicate with other state, federal, and international regulatory\n agencies for members within the internationally active insurance group and\n share relevant information, subject to the confidentiality provisions of\n § 38.2-1333, through supervisory colleges as set forth in §\n 38.2-1332.1 or otherwise;\n\n 5. Enter into agreements with or obtain documentation from any insurer\n registered under § 38.2-1329, any member of the internationally active\n insurance group, and any other state, federal, or international regulatory\n agencies for members of the internationally active insurance group, providing\n the basis for or otherwise clarifying the Commission’s role as\n group-wide supervisor, including provisions for resolving disputes with other\n regulatory officials. Such agreements or documentation shall not serve as\n evidence in any proceeding that any insurer or person within an insurance\n holding company system not domiciled or incorporated in the Commonwealth is\n doing business in the Commonwealth or is otherwise subject to jurisdiction in\n the Commonwealth; and\n\n 6. Engage in other group-wide supervision activities, consistent with the\n authorities and purposes enumerated above, as considered necessary by the\n Commission.\n\nF. If the Commission acknowledges that another regulatory official from a\njurisdiction that is not accredited by the NAIC is the group-wide supervisor,\nthe Commission is authorized to reasonably cooperate, through supervisory\ncolleges or otherwise, with group-wide supervision undertaken by the group-wide\nsupervisor, provided that:\n\n 1. The Commission’s cooperation is in compliance with the laws of the\n Commonwealth; and\n\n 2. The regulatory official acknowledged as the group-wide supervisor also\n recognizes and cooperates with the Commission’s activities as a\n group-wide supervisor for other internationally active insurance groups where\n applicable. Where such recognition and cooperation is not reasonably\n reciprocal, the Commission is authorized to refuse recognition and\n cooperation.\n\nG. The Commission is authorized to enter into agreements with or obtain\ndocumentation from any insurer registered under § 38.2-1329, any affiliate\nof the insurer, and other state, federal, or international regulatory agencies\nfor members of the internationally active insurance group that provide the basis\nfor or otherwise clarify a regulatory official’s role as group-wide\nsupervisor.\n\nH. Each registered insurer subject to this section shall be liable for and shall\npay the necessary traveling and other expenses incurred by the Commission for\nits participation in the administration of this section. The Commission may\nretain at the registered insurer’s expense any attorneys, actuaries,\naccountants, and other experts reasonably necessary to assist in the\nadministration of this section. Any persons so retained shall be under the\ndirection and control of the Commission and shall act in a purely advisory\ncapacity. The Commission may establish a regular assessment to the insurer for\nthe payment of these expenses. If an assessment is required by this subsection,\nit shall be collected by the Commission and paid directly into the state\ntreasury and credited to the “Bureau of Insurance Special Fund —\nState Corporation Commission” for the maintenance of the Bureau of\nInsurance as provided in subsection B of § 38.2-400.\n\nHISTORY: 2019, c. 692.","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}}