                                 CODE OF VIRGINIA

FINANCIAL REPORTS (§ 38.2-4410)

On or before March 1 of each year, each legal services organization shall file
with the Commission a financial statement in accordance with § 38.2-1300. In
lieu of a financial statement filed in accordance with § 38.2-1300, a foreign
legal services organization may file a financial statement that is (i) prepared
using an annual statement convention blank developed by the National Association
of Insurance Commissioners (NAIC); (ii) prepared in accordance with the annual
statement instructions and the accounting practices and procedures manuals
adopted by the NAIC, or any other successor publications; and (iii) filed by the
foreign legal services organization in its state of domicile.
		On or before May 15, August 15, and November 15 of each year, each legal
services organization shall file with the Commission a financial statement in
accordance with § 38.2-1301. In lieu of a financial statement filed in
accordance with § 38.2-1301, a foreign legal services organization, may file a
financial statement that is (i) prepared using a quarterly statement convention
blank developed by the NAIC; (ii) prepared in accordance with the quarterly
statement instructions and the accounting practices and procedures manuals
adopted by the NAIC, or any other successor publications; and (iii) filed by the
foreign legal services organization in its state of domicile.
		On or before June 1 of each year, each legal services organization shall file
with the Commission an audited financial statement. The Commission may request
supplemental financial information to ensure a legal services
organization&#8217;s financial stability.
		A legal services organization operating, conducting, or administering a legal
services plan shall not be required to file with the Commission any management
discussion and analysis of financial condition and results of operations.

HISTORY: 1978, c. 658, § 38.1-799; 1986, c. 562; 2020, c. 408.