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:
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.
Structure Code of Virginia
Chapter 27 - Basic Property Insurance Residual Market Facility and Joint Underwriting Association
§ 38.2-2700. Purposes of chapter
§ 38.2-2702. Establishment of residual market facility
§ 38.2-2703. Rules, rates, policy forms and endorsements subject to the approval of Commission
§ 38.2-2704. Inspection of property
§ 38.2-2705. Operation of inspection service
§ 38.2-2706. Service of process
§ 38.2-2707. When Commission may order implementation of §§ 38.2-2708 and 38.2-2709
§ 38.2-2708. Creation and plan of operation of joint underwriting association
§ 38.2-2710. Supervision and regulation by Commission
§ 38.2-2711. Immunity from liability; reports, etc., not public documents
§ 38.2-2713. Obligations not to be impaired in event of repeal of chapter