§ 38.2-1708. Detection and prevention of insolvencies.
A. To aid in the detection and prevention of insurer insolvencies, theCommission shall have the duty to:
1. Notify the insurance departments of all of the other states within 30 daysfollowing the action taken or the date the action occurs, when the Commissiontakes any of the following actions against a member insurer:
a. Revocation of license;
b. Suspension of license; or
c. Enters a formal order that the company restrict its premium writing,obtain additional contributions to surplus, withdraw from the Commonwealth,reinsure all or any part of its business, or increase capital, surplus, orany other account for the security of policy owners or creditors;
2. Report to the board of directors when the Commission has taken any of theactions set forth in subdivision 1 or has received a report from any otherinsurance department indicating that any such action has been taken inanother state. The report to the board of directors shall contain allsignificant details of the action taken or the report received from anotherinsurance department;
3. Report to the board of directors when the Commission has reasonable causeto believe from an examination, whether completed or in process, of anymember insurer that the insurer may be an impaired or insolvent insurer; and
4. Furnish to the board of directors the National Association of InsuranceCommissioners (NAIC) Insurance Regulatory Information System (IRIS) ratiosand listings of companies not included in the ratios developed by the NAIC,and the board may use the information contained therein in carrying out itsduties and responsibilities under this section. The report and theinformation contained therein shall be kept confidential by the board ofdirectors until such time as made public by the Commission or other lawfulauthority.
B. The Commission may seek the advice and recommendations of the board ofdirectors concerning any matter affecting its duties and responsibilitiesregarding the financial condition of member insurers and insurers seekingadmission to transact the business of insurance in the Commonwealth.
C. The board of directors may, upon majority vote, make reports andrecommendations to the Commission upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer or germaneto the solvency of any insurer seeking to transact the business of insurancein this Commonwealth. These reports and recommendations shall not beconsidered public documents.
D. The board of directors, upon majority vote, may notify the Commission ofany information indicating a member insurer may be an impaired or insolventinsurer.
E. The board of directors, upon majority vote, may make recommendations tothe Commission for the detection and prevention of insurer insolvencies.
(1976, c. 330, § 38.1-482.26; 1986, c. 562; 2010, c. 510.)
§ 38.2-1708. Detection and prevention of insolvencies.
A. To aid in the detection and prevention of insurer insolvencies, theCommission shall have the duty to:
1. Notify the insurance departments of all of the other states within 30 daysfollowing the action taken or the date the action occurs, when the Commissiontakes any of the following actions against a member insurer:
a. Revocation of license;
b. Suspension of license; or
c. Enters a formal order that the company restrict its premium writing,obtain additional contributions to surplus, withdraw from the Commonwealth,reinsure all or any part of its business, or increase capital, surplus, orany other account for the security of policy owners or creditors;
2. Report to the board of directors when the Commission has taken any of theactions set forth in subdivision 1 or has received a report from any otherinsurance department indicating that any such action has been taken inanother state. The report to the board of directors shall contain allsignificant details of the action taken or the report received from anotherinsurance department;
3. Report to the board of directors when the Commission has reasonable causeto believe from an examination, whether completed or in process, of anymember insurer that the insurer may be an impaired or insolvent insurer; and
4. Furnish to the board of directors the National Association of InsuranceCommissioners (NAIC) Insurance Regulatory Information System (IRIS) ratiosand listings of companies not included in the ratios developed by the NAIC,and the board may use the information contained therein in carrying out itsduties and responsibilities under this section. The report and theinformation contained therein shall be kept confidential by the board ofdirectors until such time as made public by the Commission or other lawfulauthority.
B. The Commission may seek the advice and recommendations of the board ofdirectors concerning any matter affecting its duties and responsibilitiesregarding the financial condition of member insurers and insurers seekingadmission to transact the business of insurance in the Commonwealth.
C. The board of directors may, upon majority vote, make reports andrecommendations to the Commission upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer or germaneto the solvency of any insurer seeking to transact the business of insurancein this Commonwealth. These reports and recommendations shall not beconsidered public documents.
D. The board of directors, upon majority vote, may notify the Commission ofany information indicating a member insurer may be an impaired or insolventinsurer.
E. The board of directors, upon majority vote, may make recommendations tothe Commission for the detection and prevention of insurer insolvencies.
(1976, c. 330, § 38.1-482.26; 1986, c. 562; 2010, c. 510.)
§ 38.2-1708. Detection and prevention of insolvencies.
A. To aid in the detection and prevention of insurer insolvencies, theCommission shall have the duty to:
1. Notify the insurance departments of all of the other states within 30 daysfollowing the action taken or the date the action occurs, when the Commissiontakes any of the following actions against a member insurer:
a. Revocation of license;
b. Suspension of license; or
c. Enters a formal order that the company restrict its premium writing,obtain additional contributions to surplus, withdraw from the Commonwealth,reinsure all or any part of its business, or increase capital, surplus, orany other account for the security of policy owners or creditors;
2. Report to the board of directors when the Commission has taken any of theactions set forth in subdivision 1 or has received a report from any otherinsurance department indicating that any such action has been taken inanother state. The report to the board of directors shall contain allsignificant details of the action taken or the report received from anotherinsurance department;
3. Report to the board of directors when the Commission has reasonable causeto believe from an examination, whether completed or in process, of anymember insurer that the insurer may be an impaired or insolvent insurer; and
4. Furnish to the board of directors the National Association of InsuranceCommissioners (NAIC) Insurance Regulatory Information System (IRIS) ratiosand listings of companies not included in the ratios developed by the NAIC,and the board may use the information contained therein in carrying out itsduties and responsibilities under this section. The report and theinformation contained therein shall be kept confidential by the board ofdirectors until such time as made public by the Commission or other lawfulauthority.
B. The Commission may seek the advice and recommendations of the board ofdirectors concerning any matter affecting its duties and responsibilitiesregarding the financial condition of member insurers and insurers seekingadmission to transact the business of insurance in the Commonwealth.
C. The board of directors may, upon majority vote, make reports andrecommendations to the Commission upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer or germaneto the solvency of any insurer seeking to transact the business of insurancein this Commonwealth. These reports and recommendations shall not beconsidered public documents.
D. The board of directors, upon majority vote, may notify the Commission ofany information indicating a member insurer may be an impaired or insolventinsurer.
E. The board of directors, upon majority vote, may make recommendations tothe Commission for the detection and prevention of insurer insolvencies.
(1976, c. 330, § 38.1-482.26; 1986, c. 562; 2010, c. 510.)
