                                 CODE OF VIRGINIA

PROHIBITED CONFLICTS OF INTERESTS (§ 12.1-10)

A. As used in this section, &#8220;member of the immediate family of a member,
subordinate, or employee of the Commission&#8221; means (i) a spouse of a
member, subordinate, or employee of the Commission or (ii) any other person who
resides in the same household as a member, subordinate, or employee of the
Commission and (a) who is a dependent of a member, subordinate, or employee of
the Commission or (b) of whom a member, subordinate, or employee of the
Commission is a dependent.

B. The members of the Commission and its subordinates and employees shall not,
directly or indirectly, own any securities of, have any pecuniary interest in,
or hold any position with any entity whose rates, services, or financial ability
to meet its obligations to the public are subject to supervision or regulation
by the Commission; nor shall any such person having a license or certificate to
practice law engage in the private practice of law except by approval of the
Commission on a pro bono publico basis. If a member of the immediate family of a
member, subordinate, or employee of the Commission is employed by any entity
whose rates, services, or financial ability to meet its obligations to the
public is subject to supervision or regulation by the Commission, the member,
subordinate, or employee of the Commission shall recuse himself from and not
participate in any regulatory matter at the Commission in which such entity is a
party.

C. This section shall not prevent any such person from being a policyholder in
any insurance company; from being a depositor in any bank, savings institution,
or similar institution; or from being a holder of a security issued by a unit
investment trust or management company as those terms are defined in the
Investment Company Act of 1940 and in accordance with such rules as the
Commission may adopt.

D. Any member of the Commission who violates this section may be censured or
removed from office in the manner provided by Article VI, Section 10 of the
Constitution of Virginia. Any subordinate or employee of the Commission who
violates this section may be removed from office by the Commission.

HISTORY: Code 1950, § 12-13; 1971, Ex. Sess., c. 157; 1994, c. 181; 1996, c.
77; 2011, c. 163; 2013, c. 94.