Code of Virginia §38.2-1317 authorizes the Commission to examine any person licensed to transact any insurance business in the Commonwealth or any other person subject to the jurisdiction of the Commission pursuant to the provisions of Title 38.2. The Commission shall examine or cause to be examined every insurer licensed in this Commonwealth at least once in every five years. The examination of any foreign or alien insurer shall be made to the extent practicable in cooperation with the insurance departments of other states.

The Financial Examination staff performs field examinations on domestic insurers at the insurers' home offices in Virginia or in other jurisdictions. The scope and conduct of the examinations, to the extent practicable, are in accordance with the guidelines and procedures set forth in the NAIC Examiners Handbook and such other guidelines and procedures as the Commission deems appropriate. The Commission's examiners shall make a true report of every examination. The report shall include only facts appearing on the books, records or other documents of the person examined or as ascertained from the sworn testimony of its directors, officers, employees, agents or other persons examined concerning its affairs and any conclusions and recommendations reasonably warranted from such facts. The examination report becomes a public document ten days after a certified copy of the report has been served upon the company by certified mail.