38.2-1342 - Applicability. - Virginia Statutes

§ 38.2-1342. Applicability.

A. All provisions of this article shall apply to domestic insurers.

B. Effective January 1, 1994, any foreign insurer not domiciled and licensedin an accredited state shall confirm, at least once every five years, as acondition of licensing and licensing renewal, its compliance with theprovisions of this article or those of a substantially similar law enacted byan accredited state in which the insurer is licensed. The method ofconfirmation shall be determined by the Commission and may includeexamination of such foreign insurer and its controlling producer pursuant toArticle 4 (§ 38.2-1317 et seq.) of Chapter 13. Any foreign insurer that isunable to confirm substantial compliance in a manner satisfactory to theCommission shall be subject to all of the provisions of this title.

C. All provisions of Article 5 (§ 38.2-1322 et seq.) of this chapter andArticle 2 (§ 38.2-4230 et seq.) of Chapter 42, to the extent they are notsuperseded by the provisions of this article, shall continue to apply to allparties within holding company systems subject to this article.

(1993, c. 158.)

Insurer Act