38.2-1400 - Scope and purpose of chapter. - Virginia Statutes

§ 38.2-1400. Scope and purpose of chapter.

This chapter applies to and regulates the investments of all domesticinsurers as defined in this chapter. Upon petition to, and approval by, theCommission, any one or more provisions of this chapter shall not apply to adomestic insurer in receivership in this Commonwealth pursuant to Chapter 15(§ 38.2-1500 et seq.) of this title. A foreign or alien insurer may investits funds and assets in any investments that are permitted by the laws of itsstate or country of domicile and are of the same general character andquality as those authorized under this chapter. A foreign or alien insurerwhose domiciliary jurisdiction does not regulate the investments of itsinsurers shall be subject to the provisions of this chapter.

(1983, c. 457, § 38.1-217.1; 1986, c. 562; 1990, c. 893; 1992, c. 588; 1993,c. 55.)