As used in this article: “Acquiring person” means any person by whom or on whose behalf acquisition of control of any domestic insurer is to be effected. “Affiliate” of a specific person or a person “affiliated” with a specific person means a person that directly or indirectly through one or more intermediaries, controls, is controlled […]
A. No person other than the issuer shall make a tender offer or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, such person would, […]
A. The application filed with the Commission under § 38.2-1323 shall be made under oath or affirmation and shall contain the following information: 1. The name and address of each acquiring person including: a. If the acquiring person is a natural person, his principal occupation, all offices and positions held during the past five years, […]
If any acquisition referred to in § 38.2-1323 is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934, the person required by § 38.2-1323 to file an application may use these documents […]
The Commission shall approve the application required by § 38.2-1323 unless, after giving notice and opportunity to be heard, it determines that: 1. After the change of control, the insurer would not be able to satisfy the requirements for the issuance of a license to write the classes of insurance for which it is presently […]
A. Any hearing held pursuant to § 38.2-1326 shall begin within 40 days of the date the application is filed with the Commission. In approving any application filed pursuant to § 38.2-1323, the Commission may include in its order any conditions, stipulations, or provisions that the Commission determines to be necessary to protect the interests […]
The provisions of §§ 38.2-1323 through 38.2-1327 shall not apply to any acquisition that the Commission, by order, exempts from those sections. Acquisitions granted exemption shall include those which (i) have not been made or entered into for the purpose of and do not have the effect of changing or influencing the control of a […]
A. Each insurer licensed to do business in the Commonwealth that is a member of an insurance holding company system shall register with the Commission. B. 1. This section shall not apply to any foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile that are […]
A. Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: 1. The terms shall be fair and reasonable; 2. Agreements for cost-sharing services and management shall include such provisions as required by rule or regulation promulgated by the Commission; 3. […]
A. Except as otherwise provided by law, a domestic insurer shall not declare or pay a dividend or other distribution from any source other than earned surplus without the Commission’s prior written approval. For purposes of this section, “earned surplus” means an amount equal to the unassigned funds (surplus) of an insurer as set forth […]
Repealed by Acts 2014, c. 309, cl. 2. For applicability, see Editor’s note.
A. In addition to the powers the Commission has under Article 4 (§ 38.2-1317 et seq.), the Commission shall have the power to examine any insurer registered under § 38.2-1329 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, or by […]
A. With respect to any insurer registered under § 38.2-1329, and in accordance with subsection C, the Commission shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this […]
A. The Commission is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commission may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group: 1. Does not have substantial insurance operations in the United States; […]
A. All documents, materials, or other information obtained by or disclosed to the Commission or any other person in the course of an examination or investigation made pursuant to § 38.2-1332, and all information reported or provided to the Commission pursuant to subdivisions A 12 and 13 of § 38.2-1324 and §§ 38.2-1329, 38.2-1330, 38.2-1330.1, […]
Whenever it appears to the Commission that any person has committed a violation of this article that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commission after giving notice and an opportunity to be heard, may suspend, revoke or refuse to renew the insurer’s license to […]
A. No security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of the provisions of this article or of any rule, regulation, or order issued by the Commission hereunder, may be voted at any shareholders’ meeting, or may be counted for quorum […]
The Commission may adopt rules and regulations implementing the provisions of this article. 2014, c. 309.
Whenever it appears to the Commission that any person has committed a violation of §§ 38.2-1323 through 38.2-1328 and the violation prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and […]
Provisions of this title, insofar as they are not inconsistent with this article, shall be applicable to any insurer subject to registration under this article. 2014, c. 309.
