Section 10. Application of regulation

Latest version.

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.

Historical Notes

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

Statutory Authority

§ 38.2-202 of the Code of Virginia.

                    
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