38.2-1300 - Annual statements.
§ 38.2-1300. Annual statements.
A. Each domestic, foreign, and alien insurer licensed to transact thebusiness of insurance in this Commonwealth shall file with the Commissionannually, on or before March 1, an annual statement showing its financialcondition on December 31 of the previous year. The annual statement shall beconsidered filed on the date the statement was sent by mail as shown by thepostmark or on the date it is received electronically by the NationalAssociation of Insurance Commissioners (NAIC) in accordance with subsectionD. The Commission shall prescribe the type of filing required for each typeof insurer. The annual statement shall contain a detailed report of theinsurer's assets and liabilities, the investment of its assets, its incomeand disbursements during the previous year, and all other information whichthe Commission considers necessary to secure a full and accurate knowledge ofthe affairs and condition of the insurer. The annual statement of everydomestic or foreign insurer shall be signed by at least two of its principalofficers subject to § 38.2-1304. No publication of the annual statement shallbe required.
B. The annual statement of an alien insurer shall relate only to itstransactions and affairs in the United States unless the Commission requiresotherwise. The annual statement shall be verified by the alien insurer'sUnited States manager, assistant manager, or by any of its duly authorizedofficers.
C. The Commission may prescribe the form of the annual statement andsupplemental schedules and exhibits to include additional copies inmachine-readable format, and may vary the form for different types ofinsurers. However, as far as practicable, the form for annual statements,supplementary schedules, and exhibits shall be the same as other such formsin general use in the United States. Unless otherwise prescribed by theCommission, such annual statements shall be prepared using an annualstatement convention blank developed by the NAIC. The annual statement, andsupplementary schedules and exhibits required by this section, shall beprepared in accordance with the appropriate annual statement instructions andthe accounting practices and procedures manuals adopted by the NAIC, or anyother successor publications.
D. Each insurer that is authorized to transact insurance in this Commonwealthshall annually on or before March 1 of each year, file electronically withthe NAIC a copy of its annual statement convention blank, along with suchadditional filings as prescribed by the Commission for the preceding year.The information filed with the NAIC shall be in the same format and scope asthat required by the Commission and shall include any actuarial certificationrequired by the Commission. Any amendments and addenda to the annualstatement filing subsequently filed with the Commission shall also be filedwith the NAIC. However, an insurer may apply to the Commission for anexemption from this subsection.
E. Foreign insurers that are domiciled in a state, which has a lawsubstantially similar to subsection D of this section, shall be deemed to bein 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.)