Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 240. Rules and Regulations Regarding Proxies, Consents and Authorizations of Domestic Stock Insurers
9/21/2020

14VAC5-240-10. Application of Regulation.

This chapter is applicable to each domestic stock insurer which has any class of equity securities held of record by 100 or more persons; provided, however, that this chapter shall not apply to any insurer if 95% or more of its equity securities are owned or controlled by a parent or an affiliated insurer and the remaining securities are held of record by less than 500 persons. A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities and Exchange Act of 1934, 15 USC § 78a et seq., as amended, and the applicable regulations promulgated thereunder, shall be exempt from the provisions of this chapter with respect to any class of securities subject to SEC jurisdiction.

Statutory Authority

§ 38.2-202 of the Code of Virginia.

Historical Notes

Derived from Regulation 4, Case No. 18772, § 1, eff. April 1, 1970.

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