§ 38.2-2529 Unearned premium reserves required
A. Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of this title.
B. The amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows:
1. For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and
2. For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order that the full amount of unearned premium reserves shall be established by December 31, 1996.
History
This law was first created in 1986. The record of its establishment is cataloged in chapter 562 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1986 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 1994, chapter 316.
1986, c. 562; 1994, c. 316.