Virginia Code 38.2-627: Powers and duties of the Commission; exclusive state standards
A. The Commissioner may examine and investigate the affairs of any licensee to determine whether a licensee has been or is engaged in any conduct in violation of this article. This power is in addition to the powers that the Commissioner has under Article 4 of Chapter 13 (38.2-1300 et seq.) and Chapter 18 (38.2-1800 et seq.). Any such investigation or examination shall be conducted pursuant to Chapters 13 and 18.
Terms Used In Virginia Code 38.2-627
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Licensee: means any person licensed, authorized to operate, or registered, or required to be licensed, authorized, or registered pursuant to the insurance laws of the Commonwealth. See Virginia Code 38.2-621
- Nonpublic information: means information that is not publicly available information and is:
1. See Virginia Code 38.2-621
- Person: means any individual or any nongovernmental entity, including any nongovernmental partnership, corporation, branch, agency, or association. See Virginia Code 38.2-621
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
B. Whenever the Commissioner has reason to believe that a licensee has been or is engaged in conduct in the Commonwealth that violates this article, the Commissioner may take action that is necessary or appropriate to enforce the provisions of this article.
C. The Commission may examine and investigate the affairs of any insurance-support organization that acts on behalf of an insurance institution or agent as defined in § 38.2-602 and that either (i) transacts business in the Commonwealth or (ii) transacts business outside the Commonwealth and has an effect on a person residing in the Commonwealth, in order to determine whether the insurance-support organization has been or is engaged in any conduct in violation of this article.
D. The Commission shall adopt rules and regulations implementing the provisions of this article.
E. This article and any rules adopted pursuant to this article establish the exclusive state standards applicable to licensees for data security, the security of nonpublic information, the investigation of cybersecurity events, and notification of cybersecurity events for those individuals and entities subject to this article.
2020, c. 264.