Section 38.2-1342 Report - Commonwealth Of Virginia
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COMMONWEALTH OF VIRGINIA
STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
SECTION 38.2-1342 REPORT For
the year ended December 31, 2016
This Report should be filed in accordance with Administrative Letter 2003-8.
Business Transacted with Producer-Controlled Property and Casualty Insurer Act
(§§ 38.2-1341 through 38.2-1346 of the Code of Virginia) (the Act)
INSTRUCTIONS: Each domestic "insurer" licensed to write any form of property or casualty insurance
in the Commonwealth of Virginia is required to file this form. Each foreign and alien "insurer" that is
not domiciled and licensed in an accredited state, and is licensed to write any form of property or
casualty insurance in the Commonwealth of Virginia
, is required to file this
[Link to NAIC list of accredited
states]
form. An "accredited state" means a state in which the insurance department or regulatory agency
responsible for administering the insurance laws of that state has qualified as meeting the minimum
financial regulatory standards promulgated and established from time to time by the National
Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program.
All such insurers, as defined by the Act,
shall complete Section I and the Certification. Any insurer
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which is "controlled" by a "producer" shall complete Section II. All other insurers shall complete Section
III indicating that the requirements of the Act have been reviewed and there is no controlling producer
information to be reported.
SECTION I
To be Completed by Each Licensed Property and/or Casualty Insurer
Insurer's Group No./NAIC Co. Code:________/___________
State of Domicile:_______________
Reporting Insurer's Name: ___________________________________________________________________
Address: ______________________________________________________________
City, State, ZIP: _________________________________________________________
This form was completed by:
_______________________________________________________
Telephone:
_______________________________________________________
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The Act defines key terms, including "insurer," "producer" and "control." Generally, "insurer" means any insurer licensed in
Virginia to write any form of property or casualty insurance. As defined by the Act, the term "insurer" does not include risk
retention groups (as defined by § 38.2-5101 of the Code of Virginia), residual market and joint underwriting authorities and
associations, and certain captive insurers. As used in the Act, a "producer" is any person subject to licensure in Virginia as an
insurance agent, managing general agent or reinsurance intermediary; and, as such, the term includes also surplus lines
brokers. Persons subject to substantially similar licensure provisions of another state also qualify as "producers" subject to the
Act when acting on behalf of an insurer. "Control" has the meaning found in § 38.2-1322 of the Code of Virginia, a section
in Virginia's Insurance Holding Company Act.
Section 38.2-1342 Report
Page 1 of 3
R08 (10/16)
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