{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-5510.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-5510.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-5510.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-5510.html"}],"law_id":80850,"edition_id":1,"section_id":80850,"structure_id":14894,"section_number":"38.2-5510","catch_line":"Foreign licensees","history":"1995, c. 789; 2000, c. 47; 2018, c. 706.","full_text":"A\n\nAny foreign licensee shall, upon the written request of the Commission, submit to the Commission an RBC Report as of the end of the calendar year just ended not later than the later of:1\n\nThe date an RBC Report would be required to be filed by a domestic licensee under this Act; or2\n\nFifteen days after the request is received by the foreign licensee.\n\t\t\t\tAny foreign licensee shall, at the written request of the Commission, promptly submit to the Commission a copy of any RBC Plan that is filed with the insurance commissioner of any other state.B\n\nIn the event of a Company Action Level Event, Regulatory Action Level Event or Authorized Control Level Event with respect to any foreign licensee as determined under the RBC statute applicable in the state of domicile of the licensee, or, if no RBC provision is in force in that state, under the provisions of this Act, if the insurance commissioner of the state of domicile of the foreign licensee fails to require the foreign licensee to file an RBC Plan in the manner specified under the RBC statute, or, if no RBC provision is in force in the state, under § 38.2-5503 hereof, the Commission may require the foreign licensee to file an RBC Plan with the Commission. In such event, the failure of the foreign licensee to file an RBC Plan with the Commission shall be grounds to order the licensee to cease writing new insurance business in this Commonwealth or to suspend, revoke or refuse to issue a license pursuant to § 38.2-1040.C\n\nIn the event of a Mandatory Control Level Event with respect to any foreign licensee, if no domiciliary receiver has been appointed with respect to the foreign licensee under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign licensee, the Commission may deem such licensee in a condition where any further transaction of business will be hazardous to its policyholders, creditors, members, subscribers, stockholders, or to the public, and an action may be instituted and conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.) and, if applicable, § 38.2-4214.1 or 38.2-4509.1, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application for such action.","order_by":null,"text":{"0":{"id":289807,"text":"Any foreign licensee shall, upon the written request of the Commission, submit to the Commission an RBC Report as of the end of the calendar year just ended not later than the later of:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":289808,"text":"The date an RBC Report would be required to be filed by a domestic licensee under this Act; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":289809,"text":"Fifteen days after the request is received by the foreign licensee.\n\t\t\t\tAny foreign licensee shall, at the written request of the Commission, promptly submit to the Commission a copy of any RBC Plan that is filed with the insurance commissioner of any other state.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":289810,"text":"In the event of a Company Action Level Event, Regulatory Action Level Event or Authorized Control Level Event with respect to any foreign licensee as determined under the RBC statute applicable in the state of domicile of the licensee, or, if no RBC provision is in force in that state, under the provisions of this Act, if the insurance commissioner of the state of domicile of the foreign licensee fails to require the foreign licensee to file an RBC Plan in the manner specified under the RBC statute, or, if no RBC provision is in force in the state, under § 38.2-5503 hereof, the Commission may require the foreign licensee to file an RBC Plan with the Commission. In such event, the failure of the foreign licensee to file an RBC Plan with the Commission shall be grounds to order the licensee to cease writing new insurance business in this Commonwealth or to suspend, revoke or refuse to issue a license pursuant to § 38.2-1040.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":289811,"text":"In the event of a Mandatory Control Level Event with respect to any foreign licensee, if no domiciliary receiver has been appointed with respect to the foreign licensee under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign licensee, the Commission may deem such licensee in a condition where any further transaction of business will be hazardous to its policyholders, creditors, members, subscribers, stockholders, or to the public, and an action may be instituted and conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.) and, if applicable, § 38.2-4214.1 or 38.2-4509.1, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application for such action.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14894,"edition_id":1,"name":"Risk-Based Capital Act","identifier":"55","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:50:37","date_modified":"2026-06-26 03:50:37","permalink":{"id":217847,"object_type":"structure","relational_id":14894,"identifier":"55","token":"38.2\/55","url":"\/38.2\/55\/","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":68244,"structure_id":14894,"section_number":"38.2-5500","catch_line":"Applicability","url":"\/38.2-5500\/","token":"38.2\/55\/38.2-5500","metadata":false},{"id":67232,"structure_id":14894,"section_number":"38.2-5501","catch_line":"Definitions","url":"\/38.2-5501\/","token":"38.2\/55\/38.2-5501","metadata":false},{"id":68713,"structure_id":14894,"section_number":"38.2-5502","catch_line":"RBC Reports","url":"\/38.2-5502\/","token":"38.2\/55\/38.2-5502","metadata":false},{"id":72298,"structure_id":14894,"section_number":"38.2-5503","catch_line":"Company Action Level Event","url":"\/38.2-5503\/","token":"38.2\/55\/38.2-5503","metadata":false},{"id":86775,"structure_id":14894,"section_number":"38.2-5504","catch_line":"Regulatory Action Level Event","url":"\/38.2-5504\/","token":"38.2\/55\/38.2-5504","metadata":false},{"id":85425,"structure_id":14894,"section_number":"38.2-5505","catch_line":"Authorized Control Level Event","url":"\/38.2-5505\/","token":"38.2\/55\/38.2-5505","metadata":false},{"id":69962,"structure_id":14894,"section_number":"38.2-5506","catch_line":"Mandatory Control Level Event","url":"\/38.2-5506\/","token":"38.2\/55\/38.2-5506","metadata":false},{"id":81704,"structure_id":14894,"section_number":"38.2-5507","catch_line":"Hearings","url":"\/38.2-5507\/","token":"38.2\/55\/38.2-5507","metadata":false},{"id":61072,"structure_id":14894,"section_number":"38.2-5508","catch_line":"Confidentiality; prohibition on announcements; prohibition on use in ratemaking","url":"\/38.2-5508\/","token":"38.2\/55\/38.2-5508","metadata":false},{"id":67266,"structure_id":14894,"section_number":"38.2-5509","catch_line":"Supplemental provisions; rules; exemption","url":"\/38.2-5509\/","token":"38.2\/55\/38.2-5509","metadata":false},{"id":80850,"structure_id":14894,"section_number":"38.2-5510","catch_line":"Foreign licensees","url":"\/38.2-5510\/","token":"38.2\/55\/38.2-5510","metadata":false},{"id":61601,"structure_id":14894,"section_number":"38.2-5511","catch_line":"Immunity","url":"\/38.2-5511\/","token":"38.2\/55\/38.2-5511","metadata":false},{"id":56865,"structure_id":14894,"section_number":"38.2-5512","catch_line":"Repealed","url":"\/38.2-5512\/","token":"38.2\/55\/38.2-5512","metadata":false},{"id":83503,"structure_id":14894,"section_number":"38.2-5513","catch_line":"Notices","url":"\/38.2-5513\/","token":"38.2\/55\/38.2-5513","metadata":false},{"id":69834,"structure_id":14894,"section_number":"38.2-5514","catch_line":"Phase-in provision","url":"\/38.2-5514\/","token":"38.2\/55\/38.2-5514","metadata":false},{"id":67792,"structure_id":14894,"section_number":"38.2-5515","catch_line":"Expired","url":"\/38.2-5515\/","token":"38.2\/55\/38.2-5515","metadata":false}],"previous_section":{"id":67266,"structure_id":14894,"section_number":"38.2-5509","catch_line":"Supplemental provisions; rules; exemption","url":"\/38.2-5509\/","token":"38.2\/55\/38.2-5509","metadata":false},"next_section":{"id":61601,"structure_id":14894,"section_number":"38.2-5511","catch_line":"Immunity","url":"\/38.2-5511\/","token":"38.2\/55\/38.2-5511","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-5510\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 789<\/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. It has been modified 2 times. 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. Those modifications are as follows: in 2000, chapter 47<\/a>; in 2018, chapter 706<\/a>.<\/p>","references":false,"refers_to":[{"id":66658,"section_number":"38.2-1500","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-1500\/"},{"id":70935,"section_number":"38.2-4214.1","catch_line":"Rehabilitation, liquidation, conservation","order_by":null,"url":"\/38.2-4214.1\/"},{"id":85127,"section_number":"38.2-4509.1","catch_line":"Rehabilitation, liquidation, conservation","order_by":null,"url":"\/38.2-4509.1\/"},{"id":72298,"section_number":"38.2-5503","catch_line":"Company Action Level Event","order_by":null,"url":"\/38.2-5503\/"}],"permalink":{"id":217889,"object_type":"law","relational_id":80850,"identifier":"38.2-5510","token":"38.2\/55\/38.2-5510","url":"\/38.2-5510\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-5510\/","token":"38.2\/55\/38.2-5510","dublin_core":{"Title":"Foreign licensees","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-5510","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any foreign licensee<\/span> shall, upon the written request of the Commission<\/span>, submit to the Commission<\/span> an RBC Report<\/span> as of the end of the calendar year just ended not later than the later of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The date an RBC Report<\/span> would be required to be filed by a domestic licensee<\/span> under this Act; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Fifteen days after the request is received by the foreign licensee<\/span>.\n\t\t\t\tAny foreign licensee<\/span> shall, at the written request of the Commission<\/span>, promptly submit to the Commission<\/span> a copy of any RBC Plan<\/span> that is filed with the insurance<\/span> commissioner<\/span> of any other state<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In the event of a Company<\/span> Action Level Event, Regulatory Action Level Event or Authorized Control Level Event with respect to any foreign licensee<\/span> as determined under the RBC statute<\/span> applicable in the state<\/span> of domicile of the licensee, or, if no RBC provision is in force in that state<\/span>, under the provisions of this Act, if the insurance<\/span> commissioner<\/span> of the state<\/span> of domicile of the foreign licensee<\/span> fails to require the foreign licensee<\/span> to file an RBC Plan<\/span> in the manner specified under the RBC statute<\/span>, or, if no RBC provision is in force in the state<\/span>, under § 38.2-5503<\/a> hereof, the Commission<\/span> may require the foreign licensee<\/span> to file an RBC Plan<\/span> with the Commission<\/span>. In such event, the failure of the foreign licensee<\/span> to file an RBC Plan<\/span> with the Commission<\/span> shall be grounds to order<\/span> the licensee to cease writing new insurance<\/span> business in this Commonwealth or to suspend, revoke or refuse to issue<\/span> a license pursuant to § 38.2-1040<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In the event of a Mandatory Control Level Event with respect to any foreign licensee<\/span>, if no domiciliary receiver has been appointed with respect to the foreign licensee<\/span> under the rehabilitation and liquidation<\/span> statute<\/span> applicable in the state<\/span> of domicile of the foreign licensee<\/span>, the Commission<\/span> may deem such licensee in a condition where any further transaction of business will be hazardous to its policyholders, creditors<\/span>, members, subscribers, stockholders, or to the public, and an action may be instituted and conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500<\/a> et seq.) and, if applicable, § 38.2-4214.1<\/a> or 38.2-4509.1<\/a>, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application for such action. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFOREIGN LICENSEES (\u00a7 38.2-5510)\n\nA. Any foreign licensee shall, upon the written request of the Commission,\nsubmit to the Commission an RBC Report as of the end of the calendar year just\nended not later than the later of:\n\n 1. The date an RBC Report would be required to be filed by a domestic licensee\n under this Act; or\n\n 2. Fifteen days after the request is received by the foreign licensee.\n \t\t\t\tAny foreign licensee shall, at the written request of the Commission,\n promptly submit to the Commission a copy of any RBC Plan that is filed with\n the insurance commissioner of any other state.\n\nB. In the event of a Company Action Level Event, Regulatory Action Level Event\nor Authorized Control Level Event with respect to any foreign licensee as\ndetermined under the RBC statute applicable in the state of domicile of the\nlicensee, or, if no RBC provision is in force in that state, under the\nprovisions of this Act, if the insurance commissioner of the state of domicile\nof the foreign licensee fails to require the foreign licensee to file an RBC\nPlan in the manner specified under the RBC statute, or, if no RBC provision is\nin force in the state, under § 38.2-5503 hereof, the Commission may require\nthe foreign licensee to file an RBC Plan with the Commission. In such event, the\nfailure of the foreign licensee to file an RBC Plan with the Commission shall be\ngrounds to order the licensee to cease writing new insurance business in this\nCommonwealth or to suspend, revoke or refuse to issue a license pursuant to\n§ 38.2-1040.\n\nC. In the event of a Mandatory Control Level Event with respect to any foreign\nlicensee, if no domiciliary receiver has been appointed with respect to the\nforeign licensee under the rehabilitation and liquidation statute applicable in\nthe state of domicile of the foreign licensee, the Commission may deem such\nlicensee in a condition where any further transaction of business will be\nhazardous to its policyholders, creditors, members, subscribers, stockholders,\nor to the public, and an action may be instituted and conducted pursuant to the\nprovisions of Chapter 15 (§ 38.2-1500 et seq.) and, if applicable, §\n38.2-4214.1 or 38.2-4509.1, and the occurrence of the Mandatory Control Level\nEvent shall be considered adequate grounds for the application for such action.\n\nHISTORY: 1995, c. 789; 2000, c. 47; 2018, c. 706.","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}}