38.2-3127 - Acceptance of valuation of another state. - Virginia Statutes

§ 38.2-3127. Acceptance of valuation of another state.

A. Instead of the valuation of the reserves required of any foreign or alieninsurer under § 38.2-3126, the Commission may accept any valuation made, orcaused to be made, by the insurance supervisory official of any state orother jurisdiction if (i) the valuation complies with the minimum standardsof this article and (ii) the official of the jurisdiction accepts, assufficient and valid for all legal purposes, the certificate of valuation ofthe Commission when that certificate states the valuation to have been madein a specified manner according to which the aggregate reserves would be atleast as large as if they had been computed in the manner prescribed by thelaw of that state or jurisdiction.

B. Each foreign or alien insurer shall annually furnish to the Commission acertificate from the insurance supervisory official of its state of domicileor entry into the United States that he has made a valuation of the insurer'spolicies in force on December 31, and that he finds the value of the policiesto be as reported in the insurer's annual statement. Any insurer failing tofurnish this certificate shall have its policies valued by the Commission asprovided in § 38.2-3126.

(Code 1950, § 38-391; 1952, c. 317, § 38.1-453; 1986, c. 562; 1990, c. 333.)