Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 260 - RULES GOVERNING INSURANCE HOLDING COMPANIES
Section 14VAC5-260-60 - Annual registration of insurers; registration statement filings and amendments
Universal Citation: 4 VA Admin Code 5-260-60
Current through Register Vol. 41, No. 3, September 23, 2024
A. An insurer required to file a registration statement pursuant to § 38.2-1329 of the Act shall furnish the required information in the format designated on Form B.
1. The initial registration statement
shall be filed with the commission within 15 days after the insurer becomes
subject to registration under § 38.2-1329 of the Act.
2. Annually thereafter by April 30 of each
year, for the previous calendar year, the registrant shall file a completely
restated up-to-date registration statement in the format designated on Form B,
with amendments consolidated therein. Each registration statement shall contain
a summary outlining all items in the current registration statement
representing changes from the prior registration statement. The summary shall
be prepared in the format designated on Form C, as specified in the
instructions of that form, which is a part of this chapter.
B. An insurer shall file a copy of its most current registration statement and the Form C filing, also known as a Summary of Registration Filing, in each state in which the insurer is authorized to do business, if requested by the insurance commissioner of that state.
C. Amendments to Form B.
1. An amendment to Form B shall be filed
under the following conditions:
a. Within 15
days after the end of any month in which there is a material change to the
information provided in the annual registration statement;
b. Within 15 days after the end of any month
in which the registrant or insurer learns there is a change in control of the
registrant, in which case all of Form B and Form C shall be made
current;
c. Within 15 days after
the end of any month in which the registrant or insurer learns there is a
material change in information given in Item 5 of Form B;
d. Within 30 days after the investment in any
one corporation, if the total investment in that corporation, by the insurance
holding company system, exceeds 10% of that corporation's voting
securities;
e. Within 15 days after
the end of any month in which there is a material change in any portion of the
information given in Item 6 of Form B;
f. Within 15 days after the end of any month
in which there is a change of the chief executive officer, president, or more
than 1/3 of the directors reported in Item 4 of Form B;
g. Within five business days following the
declaration of any dividend or other distribution to an insurer's shareholder;
and
h. Within 120 days after the
end of each fiscal year of the ultimate controlling person of the insurance
holding company system.
2. Amendments shall be filed in the Form B
format. Subject to the provisions of subdivision A 2 of this section, only
those items which are being amended need be reported. Each amendment shall
include at the top of the cover page "Amendment No. (insert number) to
Registrant Statement, brought current from (insert year)" and shall indicate as
its "Date," the date of the change and not the date of the original filings.
Filings made in the format of Forms A, D, E, or F may be deemed amendments
filed in the Form B format when accompanied by certification under oath or
affirmation that the transaction reported on Form A, D, E, or F has been
consummated. If the commission's approval of the transaction is required by the
Act, the certification shall state also that consummation was pursuant to terms
and agreements approved by the commission.
3. As used in this section, "material
transaction" has the meaning set forth in § 38.2-1322 of the Act except
that, unless the commission by rule, order or regulation prescribes otherwise,
no sale, purchase, exchange, loan, or extension of credit or investment shall
be considered "material" unless it involves at least 0.5% of an insurer's
admitted assets or 5.0% of the insurer's surplus to policyholders, as of the
immediately preceding December 31. Any sale or other transaction which is one
of a series of transactions occurring within a 12-month period that are
sufficiently similar in nature as to be reasonably construed as a single
transaction and that in the aggregate exceed the minimum limits herein provided
shall be deemed a material transaction.
D. Exemptions and alternative and consolidated registrations.
1. Any insurer
which is authorized to do business in this Commonwealth may file a registration
statement on behalf of any affiliated insurer or insurers which are required to
register under § 38.2-1329 of the Act. A registration statement may
include information not required by the Act regarding any insurer in the
insurance holding company system even if the insurer is not authorized to do
business in this Commonwealth. In lieu of filing a registration statement on
Form B, the authorized insurer may file a copy of the registration statement or
similar report which it is required to file in its state of domicile, provided:
a. The statement or report contains
substantially similar information required to be furnished on Form B;
and
b. The filing insurer is the
principal insurance company in the insurance holding company system.
2. The question of whether the
filing insurer is the principal insurance company in the insurance holding
company system is a question of fact and an insurer filing a registration
statement or report in lieu of Form B on behalf of an affiliated insurer, shall
set forth a brief statement of facts which will substantiate the filing
insurer's claim that it, in fact, is the principal insurer in the insurance
holding company system.
3. With the
prior approval of the commission, an insurer not licensed to transact the
business of insurance in this Commonwealth may follow any of the procedures
which could be done by an authorized insurer under subdivision 1 of this
subsection.
4. Any insurer may take
advantage of the provisions of § 38.2-1329G or § 38.2-1329H of the
Act without obtaining the prior approval of the commission. The commission,
however, reserves the right to require individual filings if it deems the
filings necessary in the interest of clarity, ease of administration or the
public good.
5. The state of entry
of an alien insurer shall be deemed to be its state of domicile for the purpose
of this chapter.
6. Any foreign
insurer subject to disclosure requirements and standards adopted by statute or
regulation in the jurisdiction of its domicile that are substantially similar
to those contained in § 38.2-1329 of the Act, shall be exempted and
excepted from registration in this Commonwealth pursuant to this section and
§ 38.2-1329A of the Act; however, if requested by the commission, the
insurer shall furnish to the commission a copy of the registration statement or
other information filed with its state of domicile. The information shall be
filed with the commission within 15 days after the commission makes its
request.
7. Any insurer not
otherwise exempt or excepted from § 38.2-1329 of the Code of Virginia may
apply for an exemption from the requirements of § 38.2-1329 of the Code of
Virginia by submitting a statement to the commission setting forth its reasons
for being exempt.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
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