{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1337.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1337.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1337.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1337.html"}],"law_id":79125,"edition_id":1,"section_id":79125,"structure_id":14592,"section_number":"38.2-1337","catch_line":"Disclaimer of control","history":"1977, c. 414, \u00a7 38.1-178.13; 1986, c. 562.","full_text":"1\n\nA domestic insurer may acquire voting securities of any company in an amount sufficient to presume control without the company’s being considered a subsidiary if the domestic insurer files a disclaimer of affiliation with the Commission. The disclaimer shall disclose fully (i) the nature and purpose of the investment, (ii) all material transactions and relationships between the domestic insurer and the company, and (iii) the basis for the disclaimer. The Commission may disallow the disclaimer only after giving the domestic insurer and the company notice and an opportunity to be heard. Any disallowance shall be supported by specific findings of fact.2\n\nIf the Commission disallows the disclaimer, the domestic insurer shall immediately take action sufficient to satisfy the Commission that the domestic insurer does not control the company.","order_by":null,"text":{"0":{"id":283388,"text":"A domestic insurer may acquire voting securities of any company in an amount sufficient to presume control without the company’s being considered a subsidiary if the domestic insurer files a disclaimer of affiliation with the Commission. The disclaimer shall disclose fully (i) the nature and purpose of the investment, (ii) all material transactions and relationships between the domestic insurer and the company, and (iii) the basis for the disclaimer. The Commission may disallow the disclaimer only after giving the domestic insurer and the company notice and an opportunity to be heard. Any disallowance shall be supported by specific findings of fact.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"next_prefix":"2"},"1":{"id":283389,"text":"If the Commission disallows the disclaimer, the domestic insurer shall immediately take action sufficient to satisfy the Commission that the domestic insurer does not control the company.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":14592,"edition_id":1,"name":"Subsidiaries of Insurance Companies","identifier":"6","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:48:48","date_modified":"2026-06-26 03:48:48","permalink":{"id":211759,"object_type":"structure","relational_id":14592,"identifier":"6","token":"38.2\/13\/6","url":"\/38.2\/13\/6\/","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":85446,"structure_id":14592,"section_number":"38.2-1335","catch_line":"Definitions","url":"\/38.2-1335\/","token":"38.2\/13\/6\/38.2-1335","metadata":false},{"id":84008,"structure_id":14592,"section_number":"38.2-1336","catch_line":"Subsidiaries of insurers","url":"\/38.2-1336\/","token":"38.2\/13\/6\/38.2-1336","metadata":false},{"id":79125,"structure_id":14592,"section_number":"38.2-1337","catch_line":"Disclaimer of control","url":"\/38.2-1337\/","token":"38.2\/13\/6\/38.2-1337","metadata":false},{"id":56094,"structure_id":14592,"section_number":"38.2-1338","catch_line":"Applicability","url":"\/38.2-1338\/","token":"38.2\/13\/6\/38.2-1338","metadata":false},{"id":57950,"structure_id":14592,"section_number":"38.2-1339","catch_line":"Exemptions","url":"\/38.2-1339\/","token":"38.2\/13\/6\/38.2-1339","metadata":false},{"id":71810,"structure_id":14592,"section_number":"38.2-1340","catch_line":"Revocation, suspension, or nonrenewal of insurer's license","url":"\/38.2-1340\/","token":"38.2\/13\/6\/38.2-1340","metadata":false}],"previous_section":{"id":84008,"structure_id":14592,"section_number":"38.2-1336","catch_line":"Subsidiaries of insurers","url":"\/38.2-1336\/","token":"38.2\/13\/6\/38.2-1336","metadata":false},"next_section":{"id":56094,"structure_id":14592,"section_number":"38.2-1338","catch_line":"Applicability","url":"\/38.2-1338\/","token":"38.2\/13\/6\/38.2-1338","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1337\/","history_text":"

This law was first created in 1977. The record of its establishment is cataloged in chapter 414 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. Unfortunately, the 1977 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":211769,"object_type":"law","relational_id":79125,"identifier":"38.2-1337","token":"38.2\/13\/6\/38.2-1337","url":"\/38.2-1337\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1337\/","token":"38.2\/13\/6\/38.2-1337","dublin_core":{"Title":"Disclaimer of control","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1337","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

1.<\/span> A domestic insurer<\/span> may acquire voting securities of any company<\/span> in an amount sufficient to presume control without the company<\/span>’s being considered a subsidiary if the domestic insurer<\/span> files a disclaimer of affiliation with the Commission<\/span>. The disclaimer shall disclose fully (i) the nature and purpose of the investment, (ii) all material<\/span> transactions and relationships between the domestic insurer<\/span> and the company<\/span>, and (iii) the basis for the disclaimer. The Commission<\/span> may disallow the disclaimer only after giving the domestic insurer<\/span> and the company<\/span> notice and an opportunity to be heard. Any disallowance shall be supported by specific findings<\/span> of fact<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If the Commission<\/span> disallows the disclaimer, the domestic insurer<\/span> shall immediately take action sufficient to satisfy the Commission<\/span> that the domestic insurer<\/span> does not control the company<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLAIMER OF CONTROL (\u00a7 38.2-1337)\n\n1. A domestic insurer may acquire voting securities of any company in an amount\nsufficient to presume control without the company’s being considered a\nsubsidiary if the domestic insurer files a disclaimer of affiliation with the\nCommission. The disclaimer shall disclose fully (i) the nature and purpose of\nthe investment, (ii) all material transactions and relationships between the\ndomestic insurer and the company, and (iii) the basis for the disclaimer. The\nCommission may disallow the disclaimer only after giving the domestic insurer\nand the company notice and an opportunity to be heard. Any disallowance shall be\nsupported by specific findings of fact.\n\n2. If the Commission disallows the disclaimer, the domestic insurer shall\nimmediately take action sufficient to satisfy the Commission that the domestic\ninsurer does not control the company.\n\nHISTORY: 1977, c. 414, \u00a7 38.1-178.13; 1986, c. 562.","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}}