Terms Used In Virginia Code > Title 8.9A > Part 5 > Part 1 - Filing Office, Contents and Effectiveness of Financing Statement

• Accident and health insurance: means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Virginia Code 38.2-1365
• Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
• Account: means any one of the three accounts created by § 38. See Virginia Code 38.2-1603
• Account: means any one of the two accounts created under § 38. See Virginia Code 38.2-1701
• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Virginia Code 64.2-1033
• Accredited reinsurer: means an assuming insurer accredited pursuant to the provisions of subdivision C 2 of § 38. See Virginia Code 38.2-1316.1
• Accredited state: means a state in which the insurance department or regulatory agency responsible for administering the insurance laws of said state has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. See Virginia Code 38.2-1341
• Acquiring person: means any person by whom or on whose behalf acquisition of control of any domestic insurer is to be effected. See Virginia Code 38.2-1322
• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Virginia Code 38.2-1358
• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Virginia Code 38.2-1347
• Admitted assets: means , for purposes of the limitations and standards imposed by Articles 1 and 2 of this chapter, the amount thereof as permitted to be reported on the statutory financial statement of the insurer most recently required to be filed with the Commission pursuant to §§ 38. See Virginia Code 38.2-1401
• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December 31 of the year next preceding the date the insurer becomes an insolvent insurer. See Virginia Code 38.2-1603
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuities: means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. See Virginia Code 38.2-106
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
• Applicable value: means the amount of the net fair market value of a trust taken into account under § Virginia Code 64.2-701
• Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Virginia Code 64.2-1033
• Association: means the Virginia Property and Casualty Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1603
• Association: means the Virginia Life, Accident and Sickness Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1701
• association captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards and liabilities of the members of an insurance association comprised of any group of individuals, corporations, partnerships, associations, or governmental units or agencies whose members collectively own, control, or hold with power to vote, all of the outstanding voting securities of the association insurer. See Virginia Code 38.2-1341
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• authorized: when used in the context of assessments means that a resolution by the board of directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See Virginia Code 38.2-1701
• Authorized fiduciary: means (i) a trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the income or principal of the first trust to one or more current beneficiaries and that is not (a) a current beneficiary of the first trust or a beneficiary to which the net income or principal of the first trust would be distributed if the first trust were terminated, (b) a trustee of the first trust that may be removed and replaced by a current beneficiary who has the power to remove the existing trustee of the first trust and designate as successor trustee a person that may be a related or subordinate party, as defined in 26 U. See Virginia Code 64.2-701
• Beneficiary: means a person that receives property under a transfer on death deed. See Virginia Code 64.2-621
• Beneficiary: means a person that (i) has a present or future, vested or contingent, beneficial interest in a trust; (ii) holds a power of appointment over trust property; or (iii) is an identified charitable organization that will or may receive distributions under the terms of the trust. See Virginia Code 64.2-701
• Beneficiary: includes :

  1. See Virginia Code 64.2-1033

• Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See Virginia Code 64.2-612
• Benefit plan: means a specific employee, union, or association of natural persons benefit plan. See Virginia Code 38.2-1701
• Bona fide purchaser: means a purchaser of property for value who has acted in the transaction in good faith. See Virginia Code 64.2-100
• Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
• Breach of trust: includes a violation by a trust director or trustee of a duty imposed on that trust director or trustee by the terms of the trust, this article, or law of the Commonwealth other than this article pertaining to trusts. See Virginia Code 64.2-779.26
• Bureau of Insurance: means the division of the Commission established to administer the insurance laws of the Commonwealth. See Virginia Code 38.2-100
• Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1358
• Business entity: means a corporation, association, partnership, joint venture, trust, church, or religious body. See Virginia Code 38.2-1401
• Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1347
• business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
• called: when used in the context of assessments means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See Virginia Code 38.2-1701
• Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See Virginia Code 38.2-1401
• Certified reinsurer: means an insurer certified by the Commission pursuant to subsection D of § 38. See Virginia Code 38.2-1316.1
• CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this article. See Virginia Code 38.2-1334.11
• Charitable interest: means an interest in a trust that (i) is held by an identified charitable organization and makes the organization a qualified beneficiary; (ii) benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; or (iii) is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary. See Virginia Code 64.2-701
• Charitable organization: means (i) a person, other than an individual, organized and operated exclusively for charitable purposes or (ii) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose. See Virginia Code 64.2-701
• Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community. See Virginia Code 64.2-701
• Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in § 64. See Virginia Code 64.2-701
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Claimant: means any insured making a first party claim or any person instituting a liability claim; provided that no person who is an affiliate of the insolvent insurer may be a claimant. See Virginia Code 38.2-1603
• Claimants: means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy, annuity contract, benefit contract, or subscription contract. See Virginia Code 38.2-1401
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commissioner: means the chief insurance regulatory official of a state, however designated. See Virginia Code 38.2-1334.11
• Commissioner of Insurance: means the administrative or executive officer of the Bureau. See Virginia Code 38.2-100
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Company: means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who, pursuant to the provisions of this title, Title 58. See Virginia Code 38.2-1317.1
• Conservator: means a person appointed by the court to administer the estate of an adult individual. See Virginia Code 64.2-701
• Continuance: Putting off of a hearing ot trial until a later time.
• contract owner: means the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner on the books of the member insurer. See Virginia Code 38.2-1701
• Contractual obligation: means an obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under § 38. See Virginia Code 38.2-1701
• Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See Virginia Code 38.2-1603
• controlled: has the meaning ascribed in § 38. See Virginia Code 38.2-1341
• Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a producer. See Virginia Code 38.2-1341
• Controlling document: means the will, agreement, power of attorney, court order, or other instrument creating the fiduciary powers. See Virginia Code 64.2-780
• Controlling producer: means a producer who, directly or indirectly, controls an insurer. See Virginia Code 38.2-1341
• Counterparty exposure amount: means the amount of credit risk attributable to an over-the-counter derivative instrument, which amount of credit risk is equal to (i) the market value of the over-the-counter derivative instrument if the liquidation of the derivative instrument would result in a final cash payment to the insurer or (ii) zero if the liquidation of the derivative instrument would not result in a final cash payment to the insurer. See Virginia Code 38.2-1401
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Court: means the court in the Commonwealth having jurisdiction relating to a trust, estate, or life estate or other term interest described in subdivision 2 of § Virginia Code 64.2-701
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Virginia Code 64.2-1033
• Domestic governmental entity: means the United States, any state, or any municipality or district in any such state, or any political subdivision, civil division, agency or instrumentality of one or more of the foregoing. See Virginia Code 38.2-1401
• Donor: The person who makes a gift.
• Enterprise risk: means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as set forth in § 38. See Virginia Code 38.2-1322
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Environmental law: means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. See Virginia Code 64.2-701
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
• Executor: A male person named in a will to carry out the decedent
• Expanded distributive discretion: means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. See Virginia Code 64.2-701
• Express unitrust: means a trust for which, under the terms of the trust without regard to this article, income or net income must or may be calculated as a unitrust amount. See Virginia Code 64.2-1039
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fair market value: means the price that property will bring when (i) offered for sale by one who desires, but who is not obligated, to sell it; (ii) bought by one who is under no necessity of having it; and (iii) sufficient time has elapsed to allow interested buyers the opportunity to become informed of the offer for sale. See Virginia Code 38.2-1401
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ 64. See Virginia Code 64.2-1033
• First trust: means a trust over which an authorized fiduciary may exercise the decanting power. See Virginia Code 64.2-701
• First-trust instrument: means the trust instrument for a first trust. See Virginia Code 64.2-701
• fixed charges: includes contingent interest payments. See Virginia Code 38.2-1401
• Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, a level, or the performance or value of one or more underlying interests. See Virginia Code 38.2-1401
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign insurer: means any foreign or alien insurer licensed to transact the business of insurance in this Commonwealth pursuant to § 38. See Virginia Code 38.2-1341
• Framework: means an NAIC publication that includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, as adopted by the NAIC and amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Virginia Code 38.2-1322
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance or value of, one or more underlying interests and includes an insurance future. See Virginia Code 38.2-1401
• General power of appointment: means a power of appointment exercisable in favor of a powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Virginia Code 64.2-701
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
• Grantor: The person who establishes a trust and places property into it.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Group-wide supervisor: means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the Commission under § 38. See Virginia Code 38.2-1322
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: means a person appointed by the court to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. See Virginia Code 64.2-701
• Guardian of the estate: means a person appointed by the court to administer the estate of a minor. See Virginia Code 64.2-701
• Hedging transaction: means :

  1. See Virginia Code 38.2-1401

• Heirs: means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent. See Virginia Code 64.2-612
• High grade obligations: means obligations which (i) are rated one or two by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation Office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
• Impaired insurer: means a member insurer considered by the Commission to be potentially unable to fulfill its contractual obligations. See Virginia Code 38.2-1701
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ 38. See Virginia Code 38.2-1603
• Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Virginia Code 38.2-1701
• Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
• Insurance department: means the supervising regulatory officials of a given state who are responsible for administering the insurance laws of said state. See Virginia Code 38.2-1317.1
• Insurance future: means a future relating to an index or pool that is based on insurance-related items. See Virginia Code 38.2-1401
• Insurance futures option: means an option on an insurance future. See Virginia Code 38.2-1401
• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.3
• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.11
• Insurance holding company system: means two or more affiliated persons, one or more of which is an insurer. See Virginia Code 38.2-1322
• insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
• Insurer: means any person, duly licensed in the Commonwealth pursuant to Chapters 10 (§ 38. See Virginia Code 38.2-1358
• insurer: means an entity that (i) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in the Commonwealth and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in the Commonwealth. See Virginia Code 38.2-1365
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Insurer: means a company licensed pursuant to Chapter 10 (§ 38. See Virginia Code 38.2-1401
• Insurer: means an insurance institution as defined by § 38. See Virginia Code 38.2-1317.1
• Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1322
• Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.3
• Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.11
• Insurer: means any person duly licensed in this Commonwealth pursuant to Chapters 10 (§ 38. See Virginia Code 38.2-1347
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Virginia Code 64.2-701
• Internationally active insurance group: means an insurance holding company system that includes an insurer registered under § 38. See Virginia Code 38.2-1322
• Intestate: Dying without leaving a will.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint owner: includes a joint tenant with the right of survivorship and tenant by the entirety with the right of survivorship. See Virginia Code 64.2-621
• Lead state commissioner: means the insurance commissioner, director, or superintendent of the lead state of the insurance holding company system as determined by the Financial Analysis Handbook adopted by the NAIC. See Virginia Code 38.2-1322
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensed reinsurance intermediary: means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article. See Virginia Code 38.2-1347
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Virginia Code 38.2-1365
• Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
• Life insurer: means any insurer authorized to transact life insurance or to grant annuities as defined in §§ 38. See Virginia Code 38.2-1401
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Lower grade obligations: means obligations which (i) are rated four, five, or six by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation Office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
• Managing general agent: means any person who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; and who acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or exceeding five percent of the surplus to policyholders of the insurer as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the Commission or (ii) negotiates reinsurance on behalf of the insurer. See Virginia Code 38.2-1358
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Material transaction: means (i) any sale, purchase, exchange, loan or extension of credit, or investment; (ii) any dividend or distribution; (iii) any reinsurance treaty or risk-sharing arrangement; (iv) any management contract, service contract or cost-sharing arrangement; (v) any merger with or acquisition of control of any corporation; or (vi) any other transaction or agreement that the Commission by order, rule or regulation determines to be material. See Virginia Code 38.2-1322
• Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendment of 1965, as amended. See Virginia Code 38.2-100
• Medium grade obligations: means obligations which (i) are rated three by the Securities Valuation Office of the National Association of Insurance Commissioners or (ii) if not rated by the Securities Valuation office, are rated in an equivalent grade by a national rating agency recognized by the Commission. See Virginia Code 38.2-1401
• Member insurer: means any person who (i) writes any class of insurance to which this chapter applies under § 38. See Virginia Code 38.2-1603
• Member insurer: means an insurer or health maintenance organization licensed to transact in the Commonwealth any class of insurance or health maintenance organization business to which this chapter applies under § 38. See Virginia Code 38.2-1701
• Minimum capital and surplus: means the minimum surplus to policyholders, or minimum net worth, a particular insurer must have to obtain and maintain its license to transact business in this Commonwealth pursuant to the applicable provisions of this title. See Virginia Code 38.2-1401
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1365
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1316.1
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1317.1
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1322
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1334.3
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1334.11
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Net direct written premiums: means direct gross premiums written in the Commonwealth on insurance policies applicable to this chapter, less return premiums and dividends paid or credited to policyholders on direct business. See Virginia Code 38.2-1603
• Net income: includes an adjustment from principal to income under § Virginia Code 38.2-1334.3
• ORSA Guidance Manual: means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC and as amended from time to time. See Virginia Code 38.2-1334.3
• ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Virginia Code 38.2-1334.3
• Over-the-counter derivative instrument: means a derivative instrument that is entered into with a business entity other than through a qualified exchange or qualified foreign exchange or that is cleared other than through a qualified clearinghouse. See Virginia Code 38.2-1401
• Oversight: Committee review of the activities of a Federal agency or program.
• Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Virginia Code 64.2-1033
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Virginia Code 64.2-621
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society, or any affiliate thereof. See Virginia Code 38.2-1317.1
• Person: means an individual; estate; business or nonprofit entity; government; governmental subdivision, agency, or instrumentality; public corporation; or other legal entity. See Virginia Code 64.2-701
• Personal property: All property that is not real property.
• Personal representative: means an executor, administrator, successor personal representative, special administrator, or person that performs substantially the same function with respect to an estate under the law governing the person's status. See Virginia Code 64.2-1033
• Personal representative: includes an executor, administrator, successor, personal representative, special administrator, and a person who performs substantially the same function under the law governing his status. See Virginia Code 64.2-612
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan sponsor: means (i) the employer, in the case of a benefit plan established or maintained by a single employer; (ii) the employee organization in the case of a benefit plan established or maintained by an employee organization; or (iii) in the case of a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan. See Virginia Code 38.2-1701
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Policyholder behavior: means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this article, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. See Virginia Code 38.2-1365
• Potential exposure: means the amount determined in accordance with the National Association of Insurance Commissioners Annual Statement Instructions. See Virginia Code 38.2-1401
• Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Virginia Code 64.2-701
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Power of direction: means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
• Power of withdrawal: means a presently exercisable general power of appointment other than a power exercisable by a trustee that is limited by an ascertainable standard, or that is exercisable by another person only upon consent of the trustee or a person holding an adverse interest. See Virginia Code 64.2-701
• Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-701
• Premiums: means amounts or considerations, by whatever name called, received on covered policies or contracts, less any returned premiums, considerations, and deposits and less dividends and experience credits. See Virginia Code 38.2-1701
• Presently exercisable power of appointment: includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time, only after (i) the occurrence of the specified event, (ii) the satisfaction of the ascertainable standard, or (iii) the passage of the specified time. See Virginia Code 64.2-701
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
• Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with § 38. See Virginia Code 38.2-1365
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Producer: means :

  1. See Virginia Code 38.2-1341

• Prohibited investment: means any investment prohibited by § 38. See Virginia Code 38.2-1401
• Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Virginia Code 64.2-612
• Property: means an interest in real property located in the Commonwealth that is transferable on the death of the owner. See Virginia Code 64.2-621
• Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Virginia Code 64.2-701
• Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
• pure captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards, and liabilities of its parent, subsidiary companies of its parent, and associated and affiliated companies. See Virginia Code 38.2-1341
• Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual. See Virginia Code 38.2-1365
• Qualified beneficiary: means a beneficiary who, on the date the beneficiary's qualification is determined, (i) is a distributee or permissible distributee of trust income or principal; (ii) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in clause (i) terminated on that date without causing the trust to terminate; or (iii) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. See Virginia Code 64.2-701
• Qualified clearinghouse: means a clearinghouse for, and that is subject to the rules of, a qualified exchange or a qualified foreign exchange, which clearinghouse provides clearing services, including acting as a counterparty to each of the parties to a transaction such that the parties no longer have credit risk as to each other. See Virginia Code 38.2-1401
• Qualified exchange: means :

  1. See Virginia Code 38.2-1401

• Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States:

  1. See Virginia Code 38.2-1401

• Qualified interest: means a settlor's interest in a qualified self-settled spendthrift trust, to the extent that such interest entitles the settlor to receive distributions of income, principal, or both, in the sole discretion of an independent qualified trustee. See Virginia Code 64.2-745.2
• Qualified self-settled spendthrift trust: means a trust if:

  1. See Virginia Code 64.2-745.2

• Qualified trustee: means any person who is a natural person residing within the Commonwealth or a legal entity authorized to engage in trust business within the Commonwealth and who maintains or arranges for custody within the Commonwealth of some or all of the property that has been transferred to the trust by the settlor, maintains records within the Commonwealth for the trust on an exclusive or nonexclusive basis, prepares or arranges for the preparation within the Commonwealth of fiduciary income tax returns for the trust, or otherwise materially participates within the Commonwealth in the administration of the trust. See Virginia Code 64.2-745.2
• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reasonably definite standard: means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of § 674(b)(5)(A) of the Internal Revenue Code of 1986 and any applicable regulations. See Virginia Code 64.2-701
• Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See Virginia Code 38.2-1701
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• Reciprocal jurisdiction: means (i) a non-United States jurisdiction that is subject to an in-force covered agreement with the United States, each within its legal authority, or, in the case of a covered agreement between the United States and the European Union, is a member state of the European Union; (ii) a United States jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program; or (iii) a qualified jurisdiction, as determined by the Commission pursuant to subdivision D 3 of § 38. See Virginia Code 38.2-1316.1
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-1033
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-701
• Registering entity: means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Virginia Code 64.2-612
• Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article. See Virginia Code 38.2-1347
• Reinsurance intermediary broker: means any person, other than an officer or employee of the ceding insurer, who, without the power to bind the ceding insurer, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer or otherwise negotiates with a ceding insurer concerning reinsurance cessions or retrocessions. See Virginia Code 38.2-1347
• Reinsurance intermediary manager: means any person who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary manager or other similar term. See Virginia Code 38.2-1347
• Reinsurer: means any insurer licensed in this Commonwealth with the authority to cede or accept from any insurer reinsurance pursuant to § 38. See Virginia Code 38.2-1347
• Replication transaction: means a derivative transaction that is intended to replicate the performance of one or more assets that an insurer is authorized to acquire under this chapter. See Virginia Code 38.2-1401
• Reserve liabilities: means those liabilities which are required to be established by an insurer for all of its outstanding insurance policies, annuity contracts, benefit contracts and subscription contracts, in accordance with this title, as amended or as hereafter amended. See Virginia Code 38.2-1401
• Resident: means a person to whom a contractual obligation is owed and who resides in the Commonwealth on the date a member insurer becomes an impaired insurer or a court order is entered that determines a member insurer to be an insolvent insurer. See Virginia Code 38.2-1701
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Scope criteria: means the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the NAIC Liquidity Stress Test Framework for that data year. See Virginia Code 38.2-1322
• SEC: means the U. See Virginia Code 38.2-1322
• Second trust: means (i) a first trust after modification, including a restatement of the first trust, under the Uniform Trust Decanting Act (§ 64. See Virginia Code 64.2-701
• Second-trust instrument: means the trust instrument for a second trust. See Virginia Code 64.2-701
• Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account. See Virginia Code 64.2-612
• Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
• Sign: means , with present intent to authenticate or adopt a record, (i) to execute or adopt a tangible symbol or (ii) to attach to or logically associate with the record an electronic symbol, sound, or process. See Virginia Code 64.2-701
• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• Special tax benefit: means :

  1. See Virginia Code 64.2-1033

• Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Virginia Code 64.2-701
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Virginia Code 64.2-701
• Statement value: means the amount determined in accordance with the National Association of Insurance Commissioners Annual Statement Instructions. See Virginia Code 38.2-1401
• Statute: A law passed by a legislature.
• Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury or sickness suffered by the plaintiff or other claimant. See Virginia Code 38.2-1701
• Subpoena: A command to a witness to appear and give testimony.
• Subscriber: means a person obligated under a reciprocal insurance agreement. See Virginia Code 38.2-1201
• Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Virginia Code 64.2-1033
• Summons: Another word for subpoena used by the criminal justice system.
• Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100
• sworn: means "affirm" or "affirmed. See Virginia Code 1-250
• Tail risk: means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. See Virginia Code 38.2-1365
• Terms of a trust: means :

  1. See Virginia Code 64.2-1033

• Terms of a trust: means :

  1. See Virginia Code 64.2-701

• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Transfer on death deed: means a deed or conveyance of a cooperative interest authorized under this article. See Virginia Code 64.2-621
• Transferor: means an individual who makes a transfer on death deed. See Virginia Code 64.2-621
• Trust: includes the assets under the control or management of the trustee. See Virginia Code 64.2-780
• Trust: includes all trusts described in § 64. See Virginia Code 64.2-1033
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. See Virginia Code 64.2-701
• Trust instrument: means a record executed by the settlor to create a trust or by any person to create a second trust that contains some or all of the terms of the trust, including any amendments. See Virginia Code 64.2-701
• Trustee: includes any fiduciary as defined in § 8. See Virginia Code 64.2-780
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Virginia Code 64.2-1033
• Ultimate controlling person: means the person that is not controlled by any other person. See Virginia Code 38.2-1322
• Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual or a trust created by an individual for the benefit of one or more individuals, except to the extent of any annuity benefits guaranteed to an individual or such a trust by an insurer under the contract or certificate. See Virginia Code 38.2-1701
• under common control with: means direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through (i) the ownership of voting securities, (ii) by contract other than a commercial contract for goods or nonmanagement services, or (iii) otherwise, unless the power is the result of an official position with or corporate office held by the person. See Virginia Code 38.2-1322
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Unitrust: includes an express unitrust. See Virginia Code 64.2-1039
• Unitrust amount: means an amount computed by multiplying a determined value of a trust by a determined percentage. See Virginia Code 64.2-1039
• Unitrust policy: means a policy described in §§