SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2009 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 38.2-1300 of the Code of Virginia is amended and reenacted as follows:
§ 38.2-1300. Annual statements.
A. Each domestic, foreign, and alien insurer licensed to transact the business of insurance in this Commonwealth shall file with the Commission annually, on or before March 1, an annual statement showing its financial condition on December 31 of the previous year. The annual statement shall be considered filed on the date the statement was sent by mail as shown by the postmark or on the date it is received electronically by the National Association of Insurance Commissioners (NAIC) in accordance with subsection D. The Commission shall prescribe the type of filing required for each type of insurer. The annual statement shall contain a detailed report of the insurer's assets and liabilities, the investment of its assets, its income and disbursements during the previous year, and all other information which the Commission considers necessary to secure a full and accurate knowledge of the affairs and condition of the insurer. The annual statement of every domestic or foreign insurer shall be signed by at least two of its principal officers subject to § 38.2-1304. No publication of the annual statement shall be required.
B. The annual statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the Commission requires otherwise. The annual statement shall be verified by the alien insurer's United States manager, assistant manager, or by any of its duly authorized officers.
C. The Commission may prescribe the form of the annual
statement and supplemental schedules and exhibits to include additional copies
in machine-readable format, and may vary the form for different types of
insurers. However, as far as practicable, the form for annual statements,
supplementary schedules, and exhibits shall be the same as other such forms in
general use in the United States. Unless otherwise prescribed by the
Commission, such annual statements shall be prepared using an annual statement
convention blank developed by the National Association of Insurance
Commissioners (NAIC). The annual statement, and supplementary
schedules and exhibits required by this section, shall be prepared in
accordance with the appropriate annual statement instructions and the
accounting practices and procedures manuals adopted by the NAIC, or any other
successor publications.
D. Each domestic, foreign and alien insurer that is
authorized to transact insurance in this Commonwealth shall annually on or
before March 1 of each year, file electronically with the NAIC a copy of
its annual statement convention blank, along with such additional filings as
prescribed by the Commission for the preceding year. The information filed with
the NAIC shall be in the same format and scope as that required by the
Commission and shall include the signed jurat page and any actuarial
certification required by the Commission. Any amendments and addenda to the
annual statement filing subsequently filed with the Commission shall also be
filed with the NAIC. However, an insurer may apply to the Commission for an
exemption from this subsection.
E. Foreign insurers that are domiciled in a state, which has a law substantially similar to subsection D of this section, shall be deemed to be in compliance with subsection D of this section.