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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 385. Rules Governing Aboveground Storage Tank and Pipeline Operators Group Self-Insurance Pools
11/21/2024

14VAC5-385-60. Filing of reports; examination by the commission.

A. Each pool shall file annually with the commission on or before each March 1, an annual statement showing its financial operations and condition for the preceding calendar year. The commission, for good cause, may extend the time for filing the annual statement by not more than 60 days. A copy of the pool's annual statement also shall be provided to each pool member at the same time it is filed with the commission. In addition, each pool shall file a copy of an audited statement of its financial operations and condition prepared by an independent certified public accountant within six months of the end of the pool's fiscal period.

1. The annual statement shall contain a report in detail of the pool's assets, outstanding liabilities, including the amount of claims paid to date and current reserves for losses, revenues and disbursements during the year, the investments of the pool's assets and all other information that the commission may deem necessary to secure a full and accurate knowledge of the financial affairs and condition of the pool.

2. In addition to the annual statement and audited financial statement, the commission may require any pool to file additional financial information, including interim financial reports and additional reports, exhibits or statements considered necessary to secure complete information concerning the condition, solvency, experience, transactions or affairs of the pool. The commission shall establish reasonable deadlines for filing these additional reports, exhibits or statements and may require verification as the commission may designate.

3. The working papers of the certified public accountant and other records pertaining to the preparation of the audited financial statements may be reviewed by the commission.

B. The pool shall retain and have available for examination by the commission all executed copies of the application of each operator for membership in the pool.

C. Any person who knowingly or willfully makes or files any false or fraudulent statement, report or other instrument shall be charged with a Class 5 felony. If convicted, such person shall be guilty of a Class 5 felony.

D. The commission may examine the affairs, transactions, accounts, records, and assets of the pool as often as it deems necessary. The manner and frequency in which the examination of financial condition shall be conducted and the release of any reports of financial condition shall be as provided in Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of Title 38.2 of the Code of Virginia.

Statutory Authority

§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 19, Issue 2, eff. October 1, 2002.

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