REGISTRAR'S NOTICE: The State Corporation Commission is claiming an exemption from the Administrative Process Act in accordance with § 2.2-4002 A 2 of the Code of Virginia, which exempts courts, any agency of the Supreme Court, and any agency that by the Constitution is expressly granted any of the powers of a court of record.

AT RICHMOND, JUNE 1, 2026

COMMONWEALTH OF VIRGINIA, ex rel.

STATE CORPORATION COMMISSION

CASE NO. INS-2026-00045

Ex Parte: In the matter of Repealing the Rules

Governing Actuarial Opinions and Memoranda

ORDER ESTABLISHING PROCEEDING

Section 12.1-13 of the Code of Virginia (Code) provides, in relevant part, that "[i]n the administration and enforcement of all laws within its jurisdiction, the [State Corporation Commission (Commission)] shall have the power to promulgate rules and regulations[.]" Section 38.2-223 of the Code provides that the Commission may issue any rules and regulations necessary or appropriate for the administration and enforcement of Title 38.2 of the Code. Section 38.2-1367 of the Code provides the requirements for actuarial opinions of reserves. The regulations issued by the Commission pursuant to §§ 38.2-223 and 38.2-1367 of the Code are set forth in Chapter 310 of Title 14 of the Virginia Administrative Code (Chapter 310).¹

The Bureau of Insurance (Bureau) has submitted to the Commission a proposal to repeal Chapter 310. The Bureau proposes repealing Chapter 310 because the regulations have effectively been replaced by the National Association of Insurance Commissioners (NAIC) Valuation Manual (Valuation Manual).² Section 38.2-1367 A of the Code provides the requirements for actuarial opinions "prior to the operative date of the valuation manual [,]" and the regulations for that section are found in Chapter 310. Section 38.2-1367 B of the Code provides the requirements for actuarial opinions "after the operative date of the valuation manual [,]" and provides that "[t]he valuation manual will prescribe the specifics of th[ese] opinion[s], including any items deemed to be necessary to [their] scope." The operative date for the Valuation Manual was January 1, 2017.³ The Bureau therefore proposes repealing Chapter 310 because it has been rendered obsolete.

NOW THE COMMISSION, upon consideration of this matter, is of the opinion and finds that a proceeding should be established to consider repealing Chapter 310. To initiate this proceeding, the Bureau has prepared the proposal that Chapter 310 be repealed which is appended to this Order Establishing Proceeding (Order). The Commission finds that notice of the proposal to repeal Chapter 310 should be given to the public, and that interested persons should be provided an opportunity to file written comments on or request a hearing on the proposal.

Accordingly, IT IS ORDERED THAT:

(1) This case is docketed and assigned Case No. INS-2026-00045.

(2) All comments and other documents and pleadings filed in this matter shall be submitted electronically to the extent authorized by 5VAC5-20-150, Copies and format, of the Commission's Rules of Practice and Procedure (Rules of Practice).⁴ Confidential and Extraordinarily Sensitive Information shall not be submitted electronically and shall comply with 5VAC5-20-170, Confidential information, of the Rules of Practice. Any person seeking to hand deliver and physically file or submit any pleading or other document shall contact the Clerk’s Office Document Control Center at (804) 371-9838 to arrange the delivery.

(3) On or before August 12, 2026, any interested person may comment on, or request a hearing on, the proposal to repeal Chapter 310 by following the instructions on the Commission’s website: scc.virginia.gov/case-information/submit-public-comments. Those unable, as a practical matter, to submit such documents electronically may file such comments by U.S. mail to the Clerk of the State Corporation Commission, c/o Document Control Center, P.O. Box 2118, Richmond, Virginia 23218-2118. All documents shall refer to Case No.

INS-2026-00045. Any request for hearing shall state why a hearing is necessary and why the issues raised in the request for hearing cannot be addressed adequately in written comments.

(4) The Bureau shall file its response to any comments or requests for hearing filed pursuant to Ordering Paragraph (3) on or before September 11, 2026.

(5) If a sufficient request for hearing is not received, the Commission may consider the matter and enter an order based upon the comments, documents or other pleadings filed in this proceeding.

(6) The Bureau shall provide notice of this Order to any interested persons as the Bureau may designate.

(7) The Commission's Office of General Counsel shall provide a copy of this Order, together with the proposal to repeal Chapter 310, to the Virginia Registrar of Regulations for publication in the Virginia Register of Regulations.

(8) Interested persons may download unofficial copies of the Order and the proposal to repeal Chapter 310 from the Commission's website: scc.virginia.gov/case-information/.

(9) This matter is continued.

A COPY hereof shall be sent by the Clerk of the Commission to: John E. Farmer, Jr., Senior Assistant Attorney General, jfarmer@oag.state.va.us, Office of the Attorney General, Division of Consumer Counsel, 202 North 9th Street, 8th Floor, Richmond, Virginia 23219-3424; and the Commission's Office of General Counsel and the Bureau of Insurance in care of Deputy Commissioner Doug Stolte.