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2009 SESSION
090041864Be 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.