                                 CODE OF VIRGINIA

EXAMINATIONS; RECORD RETENTION; INVESTIGATIONS (§ 38.2-6006)

A. Viatical settlement providers, viatical settlement brokers, and persons
seeking a license under this title to transact the business of viatical
settlements in this Commonwealth shall be subject to examination by the
Commission pursuant to Article 4 (&#xA7; 38.2-1317 et seq.) of Chapter 13 of
this title. For purposes of completing such examination, the Commission may
examine or investigate any person, or the business of any person, insofar as the
examination or investigation is, in the sole discretion of the Commission,
necessary or material to the examination of a licensee.

B. A person required to be licensed by this chapter shall for five years retain
copies of (i) all proposed, offered or executed contracts, purchase agreements,
underwriting documents, policy forms, and applications from the date of the
proposal, offer or execution of the contract or purchase agreement, whichever is
later; (ii) all checks, drafts or other evidence and documentation related to
the payment, transfer, deposit, or release of funds from the date of the
transaction; and (iii) all other records and documents related to the
requirements of this chapter or Article 6.1 (&#xA7; 38.2-1865.1 et seq.) of
Chapter 18 of this title. This section does not relieve a person of the
obligation to produce these documents to the Commission after the retention
period has expired if the person has retained the documents. Records required to
be retained by this section must be legible and complete and may be retained in
paper, photograph, microprocess, magnetic, mechanical, or electronic media, or
by any process that accurately reproduces or forms a durable medium for the
reproduction of a record.

C. The Commission may investigate suspected fraudulent viatical settlement acts
and persons engaged or alleged to be engaged in the business of viatical
settlements.

HISTORY: 2003, c. 717.