Code of Virginia § 38.2-5514. Phase-in provision.

171 words·~1 min read·/va/title-38-2/chapter-55/38-2-5514

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For RBC Reports required to be filed by insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of §§ 38.2-5503 , 38.2-5504 , 38.2-5505 and 38.2-5506 :

1. In the event of a Company Action Level Event with respect to a domestic insurer, the Commission shall take no regulatory action hereunder.

2. In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or A 3 of § 38.2-5504 , the Commission shall take the actions required under § 38.2-5503 .

3. In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7, 8 or 9 of subsection A of § 38.2-5504 or an Authorized Control Level Event, the Commission shall take the actions required under § 38.2-5504 with respect to the insurer.

4. In the event of a Mandatory Control Level Event with respect to an insurer, the Commission shall take the actions required under § 38.2-5505 with respect to the insurer.

1995, c. 789 .