Source: https://www.richmondsunlight.com/bill/2019/hb1759/fulltext/
Timestamp: 2019-08-24 16:02:53
Document Index: 480301898

Matched Legal Cases: ['§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38', '§ 38']

HB1759ER
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend and reenact §§ 38.2-1322 and 38.2-1333 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 38.2-1332.2, relating to insurance holding companies; supervision of internationally active insurance groups. [H 1759] Approved
1. That §§ 38.2-1322 and 38.2-1333 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 38.2-1332.2 as follows:
C. Notwithstanding any other provision of this section, the Commission's regulatory authority under this section shall not be impaired. To the extent that the Commission acknowledges a regulatory official from another jurisdiction as a group-wide supervisor and in the event of a material change in the internationally active insurance group that results in (i) the internationally active insurance group's insurers domiciled in the Commonwealth holding the largest share of the group’s premiums, assets, or liabilities or (ii) the Commonwealth being the place of domicile of the top-tiered insurer or insurers in the insurance holding company system of the internationally active insurance group, the Commission may make a determination or acknowledgment as to the appropriate group-wide supervisor for such an internationally active insurance group pursuant to subsection B.
H. Each registered insurer subject to this section shall be liable for and shall pay the necessary traveling and other expenses incurred by the Commission for its participation in the administration of this section. The Commission may retain at the registered insurer's expense any attorneys, actuaries, accountants, and other experts reasonably necessary to assist in the administration of this section. Any persons so retained shall be under the direction and control of the Commission and shall act in a purely advisory capacity. The Commission may establish a regular assessment to the insurer for the payment of these expenses. If an assessment is required by this subsection, it shall be collected by the Commission and paid directly into the state treasury and credited to the "Bureau of Insurance Special Fund -- State Corporation Commission" for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.
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, and 38.2-1330.1, and 38.2-1332.2 shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the Commission is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the Commission's official duties. The Commission shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer to which they pertain. After an insurer and its affiliates have been given notice and opportunity to be heard, the Commission may publish all or any part of the documents, materials, or other information referred to in this section in any manner it considers appropriate if it determines that the interests of policyholders or the public will be served by the publication.
HOUSE BILL NO. 1759 Offered January 9, 2019 Prefiled December 21, 2018 A BILL to amend and reenact §§ 38.2-1322 and 38.2-1333 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 38.2-1332.2, relating to insurance holding companies; supervision of internationally active insurance groups.
For a plain English description of this bill, comments, voting, tagging, etc., return to the main page for HB1759.