CHAPTER 263

An Act to amend the Code of Virginia by adding a section numbered
88.1-165.1, requiring that insurance companies and other insurers
report to the State Corporation Commission certain acts deemed
larceny under § 18.1-109 of the Code of Virginia, making such reports
privileged communications, and prescribing certain duties of the
Commission.

fH 525]

Approved March 14, 1962

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
38.1-165.1 as follows:

§ 38.1-165.1. Whenever any insurance company, authorized to trans-
act an insurance business in this State, knows or has reasonable cause to
believe that any licensed insurance agent or broker of such insurance com-
pany has committed any act or acts deemed larceny as prescribed in
§ 18.1-109 of the Code of Virginia with respect to any money, bill, note,
check, order, draft or other property of, or received by him for or on
behalf of, such insurance company, it shall be the duty of such insurance
company within sixty days after acquiring such knowledge to file with
the Commission a complete statement of the relevant facts and circum-
stances. Each such statement shall be a privileged communication, and
when made and filed shall not subject the insurance company, or any indi-
vidual representative of it making or filing the statement, to any liability
whatsoever.

The Commission shall, under such regulations as it may prescribe,
cause the Attorney for the Commonwealth of the appropriate county or
city to be informed of each such statement so filed with it.