38.2-1809 - Power of Commission to investigate affairs of persons engaged in insurance business; penalties for refusal to permit investigation. - Virginia Statutes

§ 38.2-1809. Power of Commission to investigate affairs of persons engaged ininsurance business; penalties for refusal to permit investigation.

A. The Commission shall have power to examine and investigate the businessaffairs of any person engaged or alleged to be engaged in the business ofinsurance in this Commonwealth, including all agents, to determine whetherthe person has engaged or is engaging in any violation of this title. TheCommission shall have the right to examine all records relating to thewriting or alleged writing of insurance by any such person in thisCommonwealth to determine whether the person is now or has been violating anyof the provisions of this title. Any licensee under this title, or any personpurporting to be a licensee under this title, or any person whose actionshave led any person to believe that he is a licensee under this title, whorefuses to permit the Commission or any of its employees or agents, includingemployees of the Bureau of Insurance, to make an examination or who fails orrefuses to comply with the provisions of this section may, after notice andan opportunity to be heard, be subject to any of the penalties relating tolicensees under this title, as provided in this title, including the denial,suspension or revocation of his license.

B. Except as otherwise provided in this title, every licensee shall retainall of his records relative to insurance transactions for the three previouscalendar years except that records of premium quotations which are notaccepted by the insured or prospective insured need not be kept. Theserecords shall be made available promptly upon request for examination by theCommission or its employees without notice during normal business hours.

(Code 1950, § 38.1-295.1; 1968, c. 238; 1979, c. 513, § 38.1-327.9; 1985, c.3; 1986, c. 562; 1987, c. 521; 1990, c. 464; 1991, c. 417; 2001, c. 706.)