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2009 SESSION

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090135228
SENATE BILL NO. 1486 Offered January 22, 2009 A BILL to amend and reenact §§ 38.2-1400 and 38.2-1403 of the Code of Virginia, relating to investments of domestic insurers. ---------- Patron-- Edwards ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1.  That §§ 38.2-1400 and 38.2-1403 of the Code of Virginia are amended and reenacted as follows:

§ 38.2-1400. Scope and purpose of chapter.

This chapter applies to and regulates the investments of all domestic insurers as defined in this chapter. Upon petition to, and approval by, the Commission, any one or more provisions of this chapter shall not apply to a domestic insurer in receivership in this Commonwealth pursuant to Chapter 15 (§ 38.2-1500 et seq.) of this title. Upon petition by a domestic insurer to, and approval by, the Commission, application of any one or more of the provisions of this chapter may be delayed if the Commission finds that such delay may be beneficial to the policyholders of the domestic insurer. A foreign or alien insurer may invest its funds and assets in any investments that are permitted by the laws of its state or country of domicile and are of the same general character and quality as those authorized under this chapter. A foreign or alien insurer whose domiciliary jurisdiction does not regulate the investments of its insurers shall be subject to the provisions of this chapter.

§ 38.2-1403. Category 2 investments limits.

The value of Category 2 investments shall be excluded from the value of admitted assets to the extent the value of Category 2 investments exceeds seventy-five 75 percent of the amount by which an insurer's surplus to policyholders exceeds its minimum capital and surplus. Upon petition of a domestic insurer to, and approval by, the Commission, exclusion of Category 2 investments from the value of admitted assets pursuant to this section may be delayed if the Commission finds that such delay may be beneficial to the policyholders of the domestic insurer.