                                 CODE OF VIRGINIA

SUPERVISORY COLLEGES (§ 38.2-1332.1)

A. With respect to any insurer registered under § 38.2-1329, and in accordance
with subsection C, the Commission shall also have the power to participate in a
supervisory college for any domestic insurer that is part of an insurance
holding company system with international operations in order to determine
compliance by the insurer with this article. The powers of the Commission with
respect to supervisory colleges include the following:

   1. Initiating the establishment of a supervisory college;

   2. Clarifying the membership and participation of other supervisors in the
   supervisory college;

   3. Clarifying the functions of the supervisory college and the role of other
   regulators, including the establishment of a group-wide supervisor;

   4. Coordinating the ongoing activities of the supervisory college, including
   planning meetings, supervisory activities, and processes for information
   sharing; and

   5. Establishing a crisis management plan.

B. Each registered insurer subject to this section shall be liable for and shall
pay the necessary traveling and other expenses reasonably attributable to other
regulators or incurred by the Commission for its participation in a supervisory
college in accordance with subsection C. For purposes of this section, a
supervisory college may be convened as either a temporary or permanent forum for
communication and cooperation between the regulators charged with the
supervision of the insurer or its affiliates, and the Commission may establish a
regular assessment to the insurer for the payment of these expenses. If an
assessment is required by this subsection, it shall be collected by the
Commission and paid directly into the state treasury and credited to the
&#8220;Bureau of Insurance Special Fund &#8212; State Corporation
Commission&#8221; for the maintenance of the Bureau of Insurance as provided in
subsection B of &#xA7; 38.2-400.

C. In order to assess the business strategy, financial position, legal and
regulatory position, risk exposure, risk management, and governance processes,
and as part of the examination of individual insurers in accordance with &#xA7;
38.2-1332, the Commission may participate in a supervisory college with other
regulators charged with supervision of the insurer or its affiliates, including
other state, federal, and international regulatory agencies. The Commission may
enter into agreements in accordance with subsection C of &#xA7; 38.2-1333
providing the basis for cooperation between the Commission and the other
regulatory agencies and the activities of the supervisory college. Nothing in
this section shall delegate to the supervisory college the authority of the
Commission to regulate or supervise the insurer or its affiliates within its
jurisdiction.

HISTORY: 2014, c. 309.