Virginia Code 38.2-2710: Supervision and regulation by Commission
The residual market facility, any inspection service, and any joint underwriting association shall at all times be subject to the supervision and regulation of the Commission. The Commission, or any person designated by it, shall have the power:
Terms Used In Virginia Code 38.2-2710
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Inspection service: means any organization designated or approved by the Commission to determine the insurability and conditions of the properties for which basic property insurance is sought. See Virginia Code 38.2-2701
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Residual market facility: means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component. See Virginia Code 38.2-2701
1. To visit and examine the operations of the residual market facility, any inspection service, and any joint underwriting association;
2. To examine directors, officers, agents, employees, or any other person having 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 that relate to those operations; and
4. To require that the association file annually a financial report that is approved by the board of directors and prepared in a form prescribed by the Commission. Unless the Commission provides otherwise, the report shall be filed within 120 days after the end of each fiscal year and shall be for the preceding twelve months.
1968, c. 559, § 38.1-752; 1986, c. 562; 1995, c. 60.