                                 CODE OF VIRGINIA

FOREIGN LICENSEES (§ 38.2-5510)

A. Any foreign licensee shall, upon the written request of the Commission,
submit to the Commission an RBC Report as of the end of the calendar year just
ended not later than the later of:

   1. The date an RBC Report would be required to be filed by a domestic licensee
   under this Act; or

   2. Fifteen days after the request is received by the foreign licensee.
   				Any foreign licensee shall, at the written request of the Commission,
   promptly submit to the Commission a copy of any RBC Plan that is filed with
   the insurance commissioner of any other state.

B. In the event of a Company Action Level Event, Regulatory Action Level Event
or Authorized Control Level Event with respect to any foreign licensee as
determined under the RBC statute applicable in the state of domicile of the
licensee, or, if no RBC provision is in force in that state, under the
provisions of this Act, if the insurance commissioner of the state of domicile
of the foreign licensee fails to require the foreign licensee to file an RBC
Plan in the manner specified under the RBC statute, or, if no RBC provision is
in force in the state, under &#xA7; 38.2-5503 hereof, the Commission may require
the foreign licensee to file an RBC Plan with the Commission. In such event, the
failure of the foreign licensee to file an RBC Plan with the Commission shall be
grounds to order the licensee to cease writing new insurance business in this
Commonwealth or to suspend, revoke or refuse to issue a license pursuant to
&#xA7; 38.2-1040.

C. In the event of a Mandatory Control Level Event with respect to any foreign
licensee, if no domiciliary receiver has been appointed with respect to the
foreign licensee under the rehabilitation and liquidation statute applicable in
the state of domicile of the foreign licensee, the Commission may deem such
licensee in a condition where any further transaction of business will be
hazardous to its policyholders, creditors, members, subscribers, stockholders,
or to the public, and an action may be instituted and conducted pursuant to the
provisions of Chapter 15 (&#xA7; 38.2-1500 et seq.) and, if applicable, &#xA7;
38.2-4214.1 or 38.2-4509.1, and the occurrence of the Mandatory Control Level
Event shall be considered adequate grounds for the application for such action.

HISTORY: 1995, c. 789; 2000, c. 47; 2018, c. 706.