38.2-1336 - Subsidiaries of insurers.
§ 38.2-1336. Subsidiaries of insurers.
Notwithstanding the provisions of any other law, a domestic insurer shall notorganize, acquire, or obtain control of any subsidiary, either by itself orin cooperation with one or more persons, unless the subsidiary is engaged inthe following kinds of business:
1. Transacting any kind of insurance business authorized by the jurisdictionin which the subsidiary is incorporated;
2. Acting as an insurance broker or as an insurance agent for its parent orfor any of its parent's insurer subsidiaries;
3. Investing, reinvesting or trading in securities for its own account, thatof its parent, any subsidiary of its parent, or any affiliate or subsidiary;
4. Managing any investment company subject to or registered pursuant to theInvestment Company Act of 1940, as amended, including related sales andservices;
5. Acting as a broker-dealer subject to or registered pursuant to theSecurities Exchange Act of 1934, as amended;
6. Rendering investment advice to governments, governmental agencies,corporations or other organizations or groups;
7. Rendering other services related to the operations of an insurancebusiness including, but not limited to, actuarial, loss prevention, safetyengineering, data processing, accounting, claims, appraisal and collectionservices;
8. Owning and managing assets that the domestic insurer could itself own ormanage;
9. Acting as administrative agent for a governmental instrumentality that isperforming an insurance function;
10. Financing of insurance premiums or agents;
11. Engaging in any other business activity the Commission determines to bereasonably ancillary to an insurance business; or
12. Owning a corporation or corporations engaged or organized to engageexclusively in one or more of the businesses specified in this section.
(1977, c. 414, § 38.1-178.12; 1986, c. 562.)