{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2707.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2707.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2707.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2707.html"}],"law_id":81139,"edition_id":1,"section_id":81139,"structure_id":15499,"section_number":"15.2-2707","catch_line":"Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required","history":"1986, cc. 520, 556, \u00a7 15.1-503.4:7; 1997, c. 587.","full_text":"Each group self-insurance pool created in the Commonwealth shall file with the State Corporation Commission and with the members of the pool audited financial statements certified by an independent certified public accountant within 120 days after the end of the pool’s fiscal year. If a group self-insurance pool fails to file the audited financial statements as required, the Commission may perform the audit and the group self-insurance pool shall reimburse the Commission for the cost of the audit.\n\t\tThe Commission shall prescribe a uniform reporting format for the preparation of pool-audited financial statements and shall also devise a uniform accounting system to be used by group self-insurance pools. The working papers of the certified public accountant and other records pertaining to the preparation of the audited financial statements may be reviewed by the Commission.\n\t\tIf a group self-insurance pool is in a deficit condition, the group self-insurance pool shall promptly file with the Commission a financial plan to correct the deficit condition. If the plan is found to be unacceptable by the Commission and written notice thereof is given to the governing authority of the pool, delinquency proceedings may be commenced and conducted by the Commission in accordance with the provisions of Chapter 15 (\u00a7 38.2-1500 et seq.) of Title 38.2.","order_by":null,"text":{"0":{"id":290810,"text":"Each group self-insurance pool created in the Commonwealth shall file with the State Corporation Commission and with the members of the pool audited financial statements certified by an independent certified public accountant within 120 days after the end of the pool’s fiscal year. If a group self-insurance pool fails to file the audited financial statements as required, the Commission may perform the audit and the group self-insurance pool shall reimburse the Commission for the cost of the audit.\n\t\tThe Commission shall prescribe a uniform reporting format for the preparation of pool-audited financial statements and shall also devise a uniform accounting system to be used by group self-insurance pools. The working papers of the certified public accountant and other records pertaining to the preparation of the audited financial statements may be reviewed by the Commission.\n\t\tIf a group self-insurance pool is in a deficit condition, the group self-insurance pool shall promptly file with the Commission a financial plan to correct the deficit condition. If the plan is found to be unacceptable by the Commission and written notice thereof is given to the governing authority of the pool, delinquency proceedings may be commenced and conducted by the Commission in accordance with the provisions of Chapter 15 (\u00a7 38.2-1500 et seq.) of Title 38.2.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15499,"edition_id":1,"name":"Local Government Group Self-Insurance Pools","identifier":"27","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:55:35","date_modified":"2026-06-26 03:55:35","permalink":{"id":156215,"object_type":"structure","relational_id":15499,"identifier":"27","token":"15.2\/II\/27","url":"\/15.2\/II\/27\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":74035,"structure_id":15499,"section_number":"15.2-2700","catch_line":"Declaration of policy, findings and purpose","url":"\/15.2-2700\/","token":"15.2\/II\/27\/15.2-2700","metadata":false},{"id":59067,"structure_id":15499,"section_number":"15.2-2701","catch_line":"Definition","url":"\/15.2-2701\/","token":"15.2\/II\/27\/15.2-2701","metadata":false},{"id":78613,"structure_id":15499,"section_number":"15.2-2702","catch_line":"Commonwealth and agencies thereof authorized to exercise powers under this chapter","url":"\/15.2-2702\/","token":"15.2\/II\/27\/15.2-2702","metadata":false},{"id":81205,"structure_id":15499,"section_number":"15.2-2703","catch_line":"Group self-insurance pools authorized","url":"\/15.2-2703\/","token":"15.2\/II\/27\/15.2-2703","metadata":false},{"id":77220,"structure_id":15499,"section_number":"15.2-2704","catch_line":"Powers of group self-insurance pool; self-insurer for motor vehicle security; surety","url":"\/15.2-2704\/","token":"15.2\/II\/27\/15.2-2704","metadata":false},{"id":66419,"structure_id":15499,"section_number":"15.2-2705","catch_line":"Required provisions in contract; election of governing authority; financial plan; management plan","url":"\/15.2-2705\/","token":"15.2\/II\/27\/15.2-2705","metadata":false},{"id":72261,"structure_id":15499,"section_number":"15.2-2706","catch_line":"State Corporation Commission approval required","url":"\/15.2-2706\/","token":"15.2\/II\/27\/15.2-2706","metadata":false},{"id":81139,"structure_id":15499,"section_number":"15.2-2707","catch_line":"Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required","url":"\/15.2-2707\/","token":"15.2\/II\/27\/15.2-2707","metadata":false},{"id":84013,"structure_id":15499,"section_number":"15.2-2708","catch_line":"Exemptions from disclosure","url":"\/15.2-2708\/","token":"15.2\/II\/27\/15.2-2708","metadata":false},{"id":83025,"structure_id":15499,"section_number":"15.2-2709","catch_line":"Group self-insurance pool not an insurer","url":"\/15.2-2709\/","token":"15.2\/II\/27\/15.2-2709","metadata":false}],"previous_section":{"id":72261,"structure_id":15499,"section_number":"15.2-2706","catch_line":"State Corporation Commission approval required","url":"\/15.2-2706\/","token":"15.2\/II\/27\/15.2-2706","metadata":false},"next_section":{"id":84013,"structure_id":15499,"section_number":"15.2-2708","catch_line":"Exemptions from disclosure","url":"\/15.2-2708\/","token":"15.2\/II\/27\/15.2-2708","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2707\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapters 520 and 556 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1986 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":[{"id":66658,"section_number":"38.2-1500","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-1500\/"}],"permalink":{"id":156245,"object_type":"law","relational_id":81139,"identifier":"15.2-2707","token":"15.2\/II\/27\/15.2-2707","url":"\/15.2-2707\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2707\/","token":"15.2\/II\/27\/15.2-2707","dublin_core":{"Title":"Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2707","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Each group self-insurance pool created in the Commonwealth shall file with the State Corporation Commission and with the members of the pool audited financial statements certified by an independent certified public accountant within 120 days after the end of the pool’s fiscal year. If a group self-insurance pool fails to file the audited financial statements as required, the Commission may perform the audit and the group self-insurance pool shall reimburse the Commission for the cost of the audit.\n\t\tThe Commission shall prescribe a uniform reporting format for the preparation of pool-audited financial statements and shall also devise a uniform accounting system to be used by group self-insurance pools. The working papers of the certified public accountant and other records pertaining to the preparation of the audited financial statements may be reviewed by the Commission.\n\t\tIf a group self-insurance pool is in a deficit condition, the group self-insurance pool shall promptly file with the Commission a financial plan to correct the deficit condition. If the plan is found to be unacceptable by the Commission and written notice thereof is given to the governing authority of the pool, delinquency proceedings may be commenced and conducted by the Commission in accordance with the provisions of Chapter 15 (\u00a7 38.2-1500<\/a> et seq.) of Title 38.2.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFILING OF ANNUAL FINANCIAL STATEMENTS, DEFICIT CORRECTION FINANCIAL PLAN WITH\nSTATE CORPORATION COMMISSION REQUIRED (\u00a7 15.2-2707)\n\nEach group self-insurance pool created in the Commonwealth shall file with the\nState Corporation Commission and with the members of the pool audited financial\nstatements certified by an independent certified public accountant within 120\ndays after the end of the pool’s fiscal year. If a group self-insurance\npool fails to file the audited financial statements as required, the Commission\nmay perform the audit and the group self-insurance pool shall reimburse the\nCommission for the cost of the audit.\n\t\tThe Commission shall prescribe a uniform reporting format for the preparation\nof pool-audited financial statements and shall also devise a uniform accounting\nsystem to be used by group self-insurance pools. The working papers of the\ncertified public accountant and other records pertaining to the preparation of\nthe audited financial statements may be reviewed by the Commission.\n\t\tIf a group self-insurance pool is in a deficit condition, the group\nself-insurance pool shall promptly file with the Commission a financial plan to\ncorrect the deficit condition. If the plan is found to be unacceptable by the\nCommission and written notice thereof is given to the governing authority of the\npool, delinquency proceedings may be commenced and conducted by the Commission\nin accordance with the provisions of Chapter 15 (\u00a7 38.2-1500 et seq.) of Title\n38.2.\n\nHISTORY: 1986, cc. 520, 556, \u00a7 15.1-503.4:7; 1997, c. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}