                                 CODE OF VIRGINIA

ATTORNEY&#8217;S FINANCIAL STATEMENT (§ 38.2-1231)

A. The subscribers&#8217; advisory committee of a domestic reciprocal shall
annually obtain from its attorney an audited financial report of the
attorney&#8217;s financial position and the results of its operations as related
to its management of the reciprocal. A copy of the report shall be filed with
the Commission.

B. Unless the Commission provides otherwise in writing, the report required by
this section shall be due within 120 days after the end of the attorney&#8217;s
fiscal year, shall be prepared in conformity with generally accepted accounting
practices, and shall be audited by an independent certified public accountant.

C. If the attorney obtains an independent audit on a consolidated basis, the
audited consolidated financial statements shall satisfy the requirements of this
section provided the attorney&#8217;s financial position and results of its
operation as related to its management of the reciprocal are separately
disclosed.

D. The report filed pursuant to this section and any information provided in
connection with the preparation of such report shall not be open to public
inspection and shall receive confidential treatment by the Commission.

HISTORY: 1996, c. 304.