38.2-1337 - Disclaimer of control. - Virginia Statutes

§ 38.2-1337. Disclaimer of control.

1. A domestic insurer may acquire voting securities of any company in anamount sufficient to presume control without the company's being considered asubsidiary if the domestic insurer files a disclaimer of affiliation with theCommission. The disclaimer shall disclose fully (i) the nature and purpose ofthe investment, (ii) all material transactions and relationships between thedomestic insurer and the company, and (iii) the basis for the disclaimer. TheCommission may disallow the disclaimer only after giving the domestic insurerand the company notice and an opportunity to be heard. Any disallowance shallbe supported by specific findings of fact.

2. If the Commission disallows the disclaimer, the domestic insurer shallimmediately take action sufficient to satisfy the Commission that thedomestic insurer does not control the company.

(1977, c. 414, § 38.1-178.13; 1986, c. 562.)