38.2-6006 - Examinations; record retention; investigations. - Virginia Statutes

§ 38.2-6006. Examinations; record retention; investigations.

A. Viatical settlement providers, viatical settlement brokers, and personsseeking a license under this title to transact the business of viaticalsettlements in this Commonwealth shall be subject to examination by theCommission pursuant to Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of thistitle. For purposes of completing such examination, the Commission mayexamine or investigate any person, or the business of any person, insofar asthe examination or investigation is, in the sole discretion of theCommission, necessary or material to the examination of a licensee.

B. A person required to be licensed by this chapter shall for five yearsretain copies of (i) all proposed, offered or executed contracts, purchaseagreements, underwriting documents, policy forms, and applications from thedate of the proposal, offer or execution of the contract or purchaseagreement, whichever is later; (ii) all checks, drafts or other evidence anddocumentation related to the payment, transfer, deposit, or release of fundsfrom the date of the transaction; and (iii) all other records and documentsrelated to the requirements of this chapter or Article 6.1 (§ 38.2-1865.1 etseq.) of Chapter 18 of this title. This section does not relieve a person ofthe obligation to produce these documents to the Commission after theretention period has expired if the person has retained the documents.Records required to be retained by this section must be legible and completeand may be retained in paper, photograph, microprocess, magnetic, mechanical,or electronic media, or by any process that accurately reproduces or forms adurable medium for the reproduction of a record.

C. The Commission may investigate suspected fraudulent viatical settlementacts and persons engaged or alleged to be engaged in the business of viaticalsettlements.

(2003, c. 717.)