A. Each domestic, foreign, and alien insurer licensed to transact the business of insurance in this Commonwealth shall file with the Commission annually, on or before March 1, an annual statement showing its financial condition on December 31 of the previous year. The annual statement shall be considered filed on the date the statement was sent by mail as shown by the postmark or on the date it is received electronically by the National Association of Insurance Commissioners (NAIC) in accordance with subsection D. The Commission shall prescribe the type of filing required for each type of insurer. The annual statement shall contain a detailed report of the insurer's assets and liabilities, the investment of its assets, its income and disbursements during the previous year, and all other information which the Commission considers necessary to secure a full and accurate knowledge of the affairs and condition of the insurer. The annual statement of every domestic or foreign insurer shall be signed by at least two of its principal officers subject to § 38.2-1304. No publication of the annual statement shall be required.
B. The annual statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the Commission requires otherwise. The annual statement shall be verified by the alien insurer's United States manager, assistant manager, or by any of its duly authorized officers.
C. The Commission may prescribe the form of the annual statement and supplemental schedules and exhibits to include additional copies in machine-readable format, and may vary the form for different types of insurers. However, as far as practicable, the form for annual statements, supplementary schedules, and exhibits shall be the same as other such forms in general use in the United States. Unless otherwise prescribed by the Commission, such annual statements shall be prepared using an annual statement convention blank developed by the NAIC. The annual statement, and supplementary schedules and exhibits required by this section, shall be prepared in accordance with the appropriate annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications.
D. Each insurer that is authorized to transact insurance in this Commonwealth shall annually on or before March 1 of each year, file electronically with the NAIC a copy of its annual statement convention blank, along with such additional filings as prescribed by the Commission for the preceding year. The information filed with the NAIC shall be in the same format and scope as that required by the Commission and shall include any actuarial certification required by the Commission. Any amendments and addenda to the annual statement filing subsequently filed with the Commission shall also be filed with the NAIC. However, an insurer may apply to the Commission for an exemption from this subsection.
E. Foreign insurers that are domiciled in a state, which has a law substantially similar to subsection D of this section, shall be deemed to be in compliance with subsection D of this section.
Code 1950, §§ 38-122, 38-516; 1952, c. 317, § 38.1-159; 1986, c. 562; 1990, c. 240; 1991, c. 312; 1992, c. 588; 1994, c. 308; 2009, c. 602.
Structure Code of Virginia
§ 38.2-1300. Annual statements
§ 38.2-1301. Additional reports
§ 38.2-1301.1. Material transaction disclosures
§ 38.2-1302. Extension of filing time
§ 38.2-1303. Printed forms to be filed by insurers; certificates to domestic insurers
§ 38.2-1304. False statements, reports, etc., deemed a Class 5 felony
§ 38.2-1305. Voluntary reports
§ 38.2-1306. Reports to be open to public inspection
§ 38.2-1306.1. Insurance companies' analyses confidential
§ 38.2-1306.2. Valuation of investments and other assets
§ 38.2-1306.3. Nonadmitted assets
§ 38.2-1311. Valuation reserves
§ 38.2-1312. Unearned premium reserves
§ 38.2-1314. Loss or claim reserves
§ 38.2-1315. Mortgage guaranty insurance contingency reserve
§ 38.2-1315.1. Actuarial statements of opinion, reports, memoranda, and summaries
§ 38.2-1316.2. Credit allowed a domestic ceding insurer
§ 38.2-1316.4. Credit allowed any ceding insurer
§ 38.2-1316.7. Rules and regulations
§ 38.2-1316.8. Reinsurance agreements affected
§ 38.2-1317. Examinations; when authorized or required
§ 38.2-1317.1. Examinations; nature and scope
§ 38.2-1317.2. Market analyses confidential
§ 38.2-1318. Examinations; how conducted
§ 38.2-1319. Expense of examination
§ 38.2-1320. Examination reports; general description
§ 38.2-1320.1. Submission of examination report
§ 38.2-1320.2. Filing of report on examination
§ 38.2-1320.3. Examination reports; orders and procedures
§ 38.2-1320.4. Publication and use of examination reports
§ 38.2-1320.5. Confidentiality of ancillary information
§ 38.2-1321. Records of examination preserved
§ 38.2-1321.1. Immunity from liability
§ 38.2-1323. Acquisition of control of insurers
§ 38.2-1324. Contents of application
§ 38.2-1325. Alternate filing materials
§ 38.2-1326. Approval by Commission
§ 38.2-1327. Time for hearing; order of Commission
§ 38.2-1329. Registration of insurers that are members of holding company system
§ 38.2-1330.1. Dividends and other distributions
§ 38.2-1332.1. Supervisory colleges
§ 38.2-1332.2. Group-wide supervision of internationally active insurance groups
§ 38.2-1333. Confidential treatment of information and documents
§ 38.2-1334. Revocation, suspension, or nonrenewal of insurer's license
§ 38.2-1334.1. Voting of securities, injunctions, and sequestration of voting securities
§ 38.2-1334.2:1. Rules and regulations
§ 38.2-1334.2:3. Statutory construction and relationship to other laws
§ 38.2-1334.4. Risk management framework
§ 38.2-1334.5. ORSA requirement
§ 38.2-1334.6. ORSA summary report
§ 38.2-1334.7. Scope of article; exemption
§ 38.2-1334.8. Contents of ORSA summary report
§ 38.2-1334.9. Confidentiality
§ 38.2-1334.12. Disclosure requirement
§ 38.2-1334.13. Contents of Corporate Governance Annual Disclosure
§ 38.2-1334.14. Confidentiality
§ 38.2-1334.15. NAIC and third-party consultants
§ 38.2-1334.16. Rules and regulations
§ 38.2-1336. Subsidiaries of insurers
§ 38.2-1337. Disclaimer of control
§ 38.2-1340. Revocation, suspension, or nonrenewal of insurer's license
§ 38.2-1343. Minimum standards
§ 38.2-1348. License requirements
§ 38.2-1349. Required contract provisions; reinsurance intermediary brokers
§ 38.2-1350. Books and records; reinsurance intermediary brokers
§ 38.2-1351. Duties of insurers utilizing the services of a reinsurance intermediary broker
§ 38.2-1352. Required contract provisions; reinsurance intermediary managers
§ 38.2-1354. Duties of reinsurers utilizing the services of a reinsurance intermediary manager
§ 38.2-1355. Examination authority
§ 38.2-1357. Requirement to report to Commission
§ 38.2-1360. Required contract provisions
§ 38.2-1361. Duties of insurers utilizing managing general agents
§ 38.2-1362. Examination authority
§ 38.2-1364. Requirement to report to Commission
§ 38.2-1366. Reserve valuation
§ 38.2-1367. Actuarial opinion of reserves
§ 38.2-1368. Minimum valuation standard for policies issued prior to certain dates
§ 38.2-1369. Computation of minimum standard
§ 38.2-1370. Computation of minimum standard for annuities
§ 38.2-1371. Computation of minimum standard by calendar year of issue
§ 38.2-1372. Reserve valuation method; life insurance and endowment benefits
§ 38.2-1373. Reserve valuation method; annuity and pure endowment benefits
§ 38.2-1375. Optional reserve calculation
§ 38.2-1376. Reserve calculation; valuation net premium exceeding the gross premium charged
§ 38.2-1377. Reserve calculation; indeterminate premium plans
§ 38.2-1378. Minimum standard for accident and health insurance contracts
§ 38.2-1380. Requirements of a principle-based valuation
§ 38.2-1383. Single state exemption
§ 38.2-1384. Assessment against insurers whose policies are valued