38.2-1301 - Additional reports. - Virginia Statutes

§ 38.2-1301. Additional reports.

A. In addition to the annual statement, the Commission may require a licensedinsurer to file additional reports, exhibits or statements considerednecessary to secure complete information concerning the condition, solvency,experience, transactions or affairs of the insurer. The Commission shallestablish deadlines for filing these additional reports, exhibits orstatements and may require verification by any officers of the insurerdesignated by the Commission.

B. The Commission may require a domestic, foreign or alien insurer that isauthorized to transact insurance in this Commonwealth to file with theNational Association of Insurance Commissioners (NAIC) a copy of theinsurer's financial statement required to be filed pursuant to § 38.2-1301,on a quarterly basis. Unless otherwise prescribed by the Commission, all suchfinancial statements, whether filed with the Commission or the NAIC, shall beprepared in accordance with applicable provisions of the annual statementinstructions and the accounting practices and procedures manuals adopted bythe NAIC, or any successor publications. The Commission may prescribe thatadditional copies of financial statements and other reports be filed inmachine-readable format.

(Code 1950, § 38-122; 1952, c. 317, § 38.1-160; 1986, c. 562; 1991, c. 312;1992, c. 588; 1994, c. 308.)