                                 CODE OF VIRGINIA

PHASE-IN PROVISION (§ 38.2-5514)

For RBC Reports required to be filed by insurers with respect to 1994, the
following requirements shall apply in lieu of the provisions of §§ 38.2-5503,
38.2-5504, 38.2-5505 and 38.2-5506:

1. In the event of a Company Action Level Event with respect to a domestic
insurer, the Commission shall take no regulatory action hereunder.

2. In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or
A 3 of &#xA7; 38.2-5504, the Commission shall take the actions required under
&#xA7; 38.2-5503.

3. In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7,
8 or 9 of subsection A of &#xA7; 38.2-5504 or an Authorized Control Level Event,
the Commission shall take the actions required under &#xA7; 38.2-5504 with
respect to the insurer.

4. In the event of a Mandatory Control Level Event with respect to an insurer,
the Commission shall take the actions required under &#xA7; 38.2-5505 with
respect to the insurer.

HISTORY: 1995, c. 789.