38.2-2710 - Supervision and regulation by Commission. - Virginia Statutes

§ 38.2-2710. Supervision and regulation by Commission.

The residual market facility, any inspection service, and any jointunderwriting association shall at all times be subject to the supervision andregulation of the Commission. The Commission, or any person designated by it,shall have the power:

1. To visit and examine the operations of the residual market facility, anyinspection service, and any joint underwriting association;

2. To examine directors, officers, agents, employees, or any other personhaving knowledge of those operations;

3. To summon and qualify witnesses under oath and, pursuant to these powers,to have free access to all books, records, files, papers and documents thatrelate to those operations; and

4. To require that the association file annually a financial report that isapproved by the board of directors and prepared in a form prescribed by theCommission. Unless the Commission provides otherwise, the report shall befiled within 120 days after the end of each fiscal year and shall be for thepreceding twelve months.

(1968, c. 559, § 38.1-752; 1986, c. 562; 1995, c. 60.)