{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-6006.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-6006.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-6006.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-6006.html"}],"law_id":84374,"edition_id":1,"section_id":84374,"structure_id":15429,"section_number":"38.2-6006","catch_line":"Examinations; record retention; investigations","history":"2003, c. 717.","full_text":"A\n\nViatical settlement providers, viatical settlement brokers, and persons seeking a license under this title to transact the business of viatical settlements in this Commonwealth shall be subject to examination by the Commission pursuant to Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of this title. For purposes of completing such examination, the Commission may examine or investigate any person, or the business of any person, insofar as the examination or investigation is, in the sole discretion of the Commission, necessary or material to the examination of a licensee.B\n\nA person required to be licensed by this chapter shall for five years retain copies of (i) all proposed, offered or executed contracts, purchase agreements, underwriting documents, policy forms, and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later; (ii) all checks, drafts or other evidence and documentation related to the payment, transfer, deposit, or release of funds from the date of the transaction; and (iii) all other records and documents related to the requirements of this chapter or Article 6.1 (§ 38.2-1865.1 et seq.) of Chapter 18 of this title. This section does not relieve a person of the obligation to produce these documents to the Commission after the retention period has expired if the person has retained the documents. Records required to be retained by this section must be legible and complete and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.C\n\nThe Commission may investigate suspected fraudulent viatical settlement acts and persons engaged or alleged to be engaged in the business of viatical settlements.","order_by":null,"text":{"0":{"id":302376,"text":"Viatical settlement providers, viatical settlement brokers, and persons seeking a license under this title to transact the business of viatical settlements in this Commonwealth shall be subject to examination by the Commission pursuant to Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of this title. For purposes of completing such examination, the Commission may examine or investigate any person, or the business of any person, insofar as the examination or investigation is, in the sole discretion of the Commission, necessary or material to the examination of a licensee.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":302377,"text":"A person required to be licensed by this chapter shall for five years retain copies of (i) all proposed, offered or executed contracts, purchase agreements, underwriting documents, policy forms, and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later; (ii) all checks, drafts or other evidence and documentation related to the payment, transfer, deposit, or release of funds from the date of the transaction; and (iii) all other records and documents related to the requirements of this chapter or Article 6.1 (§ 38.2-1865.1 et seq.) of Chapter 18 of this title. This section does not relieve a person of the obligation to produce these documents to the Commission after the retention period has expired if the person has retained the documents. Records required to be retained by this section must be legible and complete and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":302378,"text":"The Commission may investigate suspected fraudulent viatical settlement acts and persons engaged or alleged to be engaged in the business of viatical settlements.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15429,"edition_id":1,"name":"Viatical Settlements Act","identifier":"60","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:54:55","date_modified":"2026-06-26 03:54:55","permalink":{"id":218163,"object_type":"structure","relational_id":15429,"identifier":"60","token":"38.2\/60","url":"\/38.2\/60\/","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":85466,"structure_id":15429,"section_number":"38.2-6000","catch_line":"Definitions","url":"\/38.2-6000\/","token":"38.2\/60\/38.2-6000","metadata":false},{"id":85657,"structure_id":15429,"section_number":"38.2-6001","catch_line":"Viatical settlement brokers","url":"\/38.2-6001\/","token":"38.2\/60\/38.2-6001","metadata":false},{"id":61028,"structure_id":15429,"section_number":"38.2-6002","catch_line":"Viatical settlement providers, license requirements","url":"\/38.2-6002\/","token":"38.2\/60\/38.2-6002","metadata":false},{"id":76487,"structure_id":15429,"section_number":"38.2-6003","catch_line":"Approval of viatical settlement contracts and disclosure statements","url":"\/38.2-6003\/","token":"38.2\/60\/38.2-6003","metadata":false},{"id":66010,"structure_id":15429,"section_number":"38.2-6004","catch_line":"Reporting requirements","url":"\/38.2-6004\/","token":"38.2\/60\/38.2-6004","metadata":false},{"id":72848,"structure_id":15429,"section_number":"38.2-6005","catch_line":"Privacy","url":"\/38.2-6005\/","token":"38.2\/60\/38.2-6005","metadata":false},{"id":84374,"structure_id":15429,"section_number":"38.2-6006","catch_line":"Examinations; record retention; investigations","url":"\/38.2-6006\/","token":"38.2\/60\/38.2-6006","metadata":false},{"id":83681,"structure_id":15429,"section_number":"38.2-6007","catch_line":"Disclosure","url":"\/38.2-6007\/","token":"38.2\/60\/38.2-6007","metadata":false},{"id":63520,"structure_id":15429,"section_number":"38.2-6008","catch_line":"General rules","url":"\/38.2-6008\/","token":"38.2\/60\/38.2-6008","metadata":false},{"id":73158,"structure_id":15429,"section_number":"38.2-6009","catch_line":"Prohibited practices","url":"\/38.2-6009\/","token":"38.2\/60\/38.2-6009","metadata":false},{"id":66115,"structure_id":15429,"section_number":"38.2-6010","catch_line":"Advertising for viatical settlements","url":"\/38.2-6010\/","token":"38.2\/60\/38.2-6010","metadata":false},{"id":84400,"structure_id":15429,"section_number":"38.2-6011","catch_line":"Fraud prevention and control","url":"\/38.2-6011\/","token":"38.2\/60\/38.2-6011","metadata":false},{"id":66961,"structure_id":15429,"section_number":"38.2-6012","catch_line":"Civil remedies","url":"\/38.2-6012\/","token":"38.2\/60\/38.2-6012","metadata":false},{"id":77614,"structure_id":15429,"section_number":"38.2-6013","catch_line":"Unfair trade practices","url":"\/38.2-6013\/","token":"38.2\/60\/38.2-6013","metadata":false},{"id":58773,"structure_id":15429,"section_number":"38.2-6014","catch_line":"Commission authority","url":"\/38.2-6014\/","token":"38.2\/60\/38.2-6014","metadata":false},{"id":70459,"structure_id":15429,"section_number":"38.2-6015","catch_line":"Immunity from liability","url":"\/38.2-6015\/","token":"38.2\/60\/38.2-6015","metadata":false},{"id":60651,"structure_id":15429,"section_number":"38.2-6016","catch_line":"Applicability of securities laws","url":"\/38.2-6016\/","token":"38.2\/60\/38.2-6016","metadata":false}],"previous_section":{"id":72848,"structure_id":15429,"section_number":"38.2-6005","catch_line":"Privacy","url":"\/38.2-6005\/","token":"38.2\/60\/38.2-6005","metadata":false},"next_section":{"id":83681,"structure_id":15429,"section_number":"38.2-6007","catch_line":"Disclosure","url":"\/38.2-6007\/","token":"38.2\/60\/38.2-6007","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-6006\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 717<\/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":false,"refers_to":[{"id":85909,"section_number":"38.2-1317","catch_line":"Examinations; when authorized or required","order_by":null,"url":"\/38.2-1317\/"},{"id":71463,"section_number":"38.2-1865.1","catch_line":"License required for viatical settlement brokers; Commission's authority; conditions; renewal application and fee; reinstatement; waiver; fingerprinting","order_by":null,"url":"\/38.2-1865.1\/"}],"permalink":{"id":218189,"object_type":"law","relational_id":84374,"identifier":"38.2-6006","token":"38.2\/60\/38.2-6006","url":"\/38.2-6006\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-6006\/","token":"38.2\/60\/38.2-6006","dublin_core":{"Title":"Examinations; record retention; investigations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-6006","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Viatical settlement providers<\/span>, viatical settlement brokers<\/span>, and persons<\/span> seeking a license under this title to transact the business of viatical settlements<\/span> in this Commonwealth shall be subject to examination by the Commission<\/span> pursuant to Article 4 (§ 38.2-1317<\/a> et seq.) of Chapter 13 of this title. For purposes of completing such examination, the Commission<\/span> may examine or investigate any person<\/span>, or the business of any person<\/span>, insofar as the examination or investigation is, in the sole discretion of the Commission<\/span>, necessary or material<\/span> to the examination of a licensee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A person<\/span> required to be licensed by this chapter shall for five years retain copies of (i) all proposed, offered or executed contracts<\/span>, purchase agreements, underwriting documents, policy<\/span> forms, and applications from the date of the proposal, offer or execution of the contract<\/span> or purchase agreement, whichever is later; (ii) all checks, drafts or other evidence<\/span> and documentation related to the payment, transfer, deposit, or release of funds from the date of the transaction; and (iii) all other records and documents related to the requirements of this chapter or Article 6.1 (§ 38.2-1865.1<\/a> et seq.) of Chapter 18 of this title. This section does not relieve a person<\/span> of the obligation to produce these documents to the Commission<\/span> after the retention period has expired if the person<\/span> has retained the documents. Records required to be retained by this section must be legible and complete and may be retained in paper, photograph, microprocess, magnetic, mechanical, or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> may investigate suspected fraudulent viatical settlement acts and persons<\/span> engaged or alleged to be engaged in the business of viatical settlements<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXAMINATIONS; RECORD RETENTION; INVESTIGATIONS (\u00a7 38.2-6006)\n\nA. Viatical settlement providers, viatical settlement brokers, and persons\nseeking a license under this title to transact the business of viatical\nsettlements in this Commonwealth shall be subject to examination by the\nCommission pursuant to Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of\nthis title. For purposes of completing such examination, the Commission may\nexamine or investigate any person, or the business of any person, insofar as the\nexamination or investigation is, in the sole discretion of the Commission,\nnecessary or material to the examination of a licensee.\n\nB. A person required to be licensed by this chapter shall for five years retain\ncopies of (i) all proposed, offered or executed contracts, purchase agreements,\nunderwriting documents, policy forms, and applications from the date of the\nproposal, offer or execution of the contract or purchase agreement, whichever is\nlater; (ii) all checks, drafts or other evidence and documentation related to\nthe payment, transfer, deposit, or release of funds from the date of the\ntransaction; and (iii) all other records and documents related to the\nrequirements of this chapter or Article 6.1 (§ 38.2-1865.1 et seq.) of\nChapter 18 of this title. This section does not relieve a person of the\nobligation to produce these documents to the Commission after the retention\nperiod has expired if the person has retained the documents. Records required to\nbe retained by this section must be legible and complete and may be retained in\npaper, photograph, microprocess, magnetic, mechanical, or electronic media, or\nby any process that accurately reproduces or forms a durable medium for the\nreproduction of a record.\n\nC. The Commission may investigate suspected fraudulent viatical settlement acts\nand persons engaged or alleged to be engaged in the business of viatical\nsettlements.\n\nHISTORY: 2003, c. 717.","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}}