                                 CODE OF VIRGINIA

EXAMINATIONS; NATURE AND SCOPE (§ 38.2-1317.1)

A. In scheduling and determining the nature, scope and frequency of
examinations, the Commission shall consider such matters as the conduct of
business in the marketplace, results of financial statement analyses and ratios,
results of market analyses, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants and other criteria
as set forth in any Examiners&#8217; Handbook, or any successor publications,
adopted by the NAIC and in effect when the Commission exercises discretion under
this article.
			Procedures for examinations concerning the conduct of business in the
marketplace shall be exclusively subject to the provisions of &#xA7;&#xA7;
38.2-218 through 38.2-222 and &#xA7;&#xA7; 38.2-1318, 38.2-1319, 38.2-1320.5,
and 38.2-1321.1.

B. For purposes of completing an examination of any company under this article,
the Commission may examine or investigate any person, or the business of any
person, in so far as such examination or investigation is, in the sole
discretion of the Commission, necessary or material to the examination of the
company.

C. The examination of any alien insurer or person shall be limited to its
insurance transactions in the United States unless the Commission considers a
complete examination of the alien insurer or person to be necessary.

D. As used in this article:
			&#8220;Company&#8221; means any person engaging in or proposing or attempting
to engage in any transaction or kind of insurance or surety business and any
person or group of persons who, pursuant to the provisions of this title, Title
58.1, or any rule or regulation promulgated by the Commission, may otherwise be
subject to the administrative or regulatory authority of the Commission as set
forth in the provisions of this title.
			&#8220;Insurance department&#8221; means the supervising regulatory officials
of a given state who are responsible for administering the insurance laws of
said state.
			&#8220;Insurer&#8221; means an insurance institution as defined by &#xA7;
38.2-602.
			&#8220;NAIC&#8221; means the National Association of Insurance Commissioners.
			&#8220;Person&#8221; means any association, aggregate of individuals,
business, company, corporation, individual, joint-stock company, Lloyds type of
organization, organization, partnership, receiver, reciprocal or interinsurance
exchange, trustee or society, or any affiliate thereof.

HISTORY: 1992, c. 588; 2008, c. 249.