{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1300.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1300.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1300.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1300.html"}],"law_id":81115,"edition_id":1,"section_id":81115,"structure_id":14762,"section_number":"38.2-1300","catch_line":"Annual statements","history":"Code 1950, \u00a7\u00a7 38-122, 38-516; 1952, c. 317, \u00a7 38.1-159; 1986, c. 562; 1990, c. 240; 1991, c. 312; 1992, c. 588; 1994, c. 308; 2009, c. 602.","full_text":"A\n\nEach domestic, foreign, and alien insurer licensed to transact the business of insurance in this Commonwealth shall file with the Commission annually, on or before March 1, an annual statement showing its financial condition on December 31 of the previous year. The annual statement shall be considered filed on the date the statement was sent by mail as shown by the postmark or on the date it is received electronically by the National Association of Insurance Commissioners (NAIC) in accordance with subsection D. The Commission shall prescribe the type of filing required for each type of insurer. The annual statement shall contain a detailed report of the insurer’s assets and liabilities, the investment of its assets, its income and disbursements during the previous year, and all other information which the Commission considers necessary to secure a full and accurate knowledge of the affairs and condition of the insurer. The annual statement of every domestic or foreign insurer shall be signed by at least two of its principal officers subject to § 38.2-1304. No publication of the annual statement shall be required.B\n\nThe annual statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the Commission requires otherwise. The annual statement shall be verified by the alien insurer’s United States manager, assistant manager, or by any of its duly authorized officers.C\n\nThe Commission may prescribe the form of the annual statement and supplemental schedules and exhibits to include additional copies in machine-readable format, and may vary the form for different types of insurers. However, as far as practicable, the form for annual statements, supplementary schedules, and exhibits shall be the same as other such forms in general use in the United States. Unless otherwise prescribed by the Commission, such annual statements shall be prepared using an annual statement convention blank developed by the NAIC. The annual statement, and supplementary schedules and exhibits required by this section, shall be prepared in accordance with the appropriate annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications.D\n\nEach insurer that is authorized to transact insurance in this Commonwealth shall annually on or before March 1 of each year, file electronically with the NAIC a copy of its annual statement convention blank, along with such additional filings as prescribed by the Commission for the preceding year. The information filed with the NAIC shall be in the same format and scope as that required by the Commission and shall include any actuarial certification required by the Commission. Any amendments and addenda to the annual statement filing subsequently filed with the Commission shall also be filed with the NAIC. However, an insurer may apply to the Commission for an exemption from this subsection.E\n\nForeign insurers that are domiciled in a state, which has a law substantially similar to subsection D of this section, shall be deemed to be in compliance with subsection D of this section.","order_by":null,"text":{"0":{"id":290750,"text":"Each domestic, foreign, and alien insurer licensed to transact the business of insurance in this Commonwealth shall file with the Commission annually, on or before March 1, an annual statement showing its financial condition on December 31 of the previous year. The annual statement shall be considered filed on the date the statement was sent by mail as shown by the postmark or on the date it is received electronically by the National Association of Insurance Commissioners (NAIC) in accordance with subsection D. The Commission shall prescribe the type of filing required for each type of insurer. The annual statement shall contain a detailed report of the insurer’s assets and liabilities, the investment of its assets, its income and disbursements during the previous year, and all other information which the Commission considers necessary to secure a full and accurate knowledge of the affairs and condition of the insurer. The annual statement of every domestic or foreign insurer shall be signed by at least two of its principal officers subject to § 38.2-1304. No publication of the annual statement shall be required.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":290751,"text":"The annual statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the Commission requires otherwise. The annual statement shall be verified by the alien insurer’s United States manager, assistant manager, or by any of its duly authorized officers.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":290752,"text":"The Commission may prescribe the form of the annual statement and supplemental schedules and exhibits to include additional copies in machine-readable format, and may vary the form for different types of insurers. However, as far as practicable, the form for annual statements, supplementary schedules, and exhibits shall be the same as other such forms in general use in the United States. Unless otherwise prescribed by the Commission, such annual statements shall be prepared using an annual statement convention blank developed by the NAIC. The annual statement, and supplementary schedules and exhibits required by this section, shall be prepared in accordance with the appropriate annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":290753,"text":"Each insurer that is authorized to transact insurance in this Commonwealth shall annually on or before March 1 of each year, file electronically with the NAIC a copy of its annual statement convention blank, along with such additional filings as prescribed by the Commission for the preceding year. The information filed with the NAIC shall be in the same format and scope as that required by the Commission and shall include any actuarial certification required by the Commission. Any amendments and addenda to the annual statement filing subsequently filed with the Commission shall also be filed with the NAIC. However, an insurer may apply to the Commission for an exemption from this subsection.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":290754,"text":"Foreign insurers that are domiciled in a state, which has a law substantially similar to subsection D of this section, shall be deemed to be in compliance with subsection D of this section.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14762,"edition_id":1,"name":"Annual Statements and Other Reports","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:49:46","date_modified":"2026-06-26 03:49:46","permalink":{"id":211349,"object_type":"structure","relational_id":14762,"identifier":"1","token":"38.2\/13\/1","url":"\/38.2\/13\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","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":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81115,"structure_id":14762,"section_number":"38.2-1300","catch_line":"Annual statements","url":"\/38.2-1300\/","token":"38.2\/13\/1\/38.2-1300","metadata":false},{"id":85708,"structure_id":14762,"section_number":"38.2-1301","catch_line":"Additional reports","url":"\/38.2-1301\/","token":"38.2\/13\/1\/38.2-1301","metadata":false},{"id":63391,"structure_id":14762,"section_number":"38.2-1301.1","catch_line":"Material transaction disclosures","url":"\/38.2-1301.1\/","token":"38.2\/13\/1\/38.2-1301.1","metadata":false},{"id":76238,"structure_id":14762,"section_number":"38.2-1302","catch_line":"Extension of filing time","url":"\/38.2-1302\/","token":"38.2\/13\/1\/38.2-1302","metadata":false},{"id":78348,"structure_id":14762,"section_number":"38.2-1303","catch_line":"Printed forms to be filed by insurers; certificates to domestic insurers","url":"\/38.2-1303\/","token":"38.2\/13\/1\/38.2-1303","metadata":false},{"id":79510,"structure_id":14762,"section_number":"38.2-1304","catch_line":"False statements, reports, etc., deemed a Class 5 felony","url":"\/38.2-1304\/","token":"38.2\/13\/1\/38.2-1304","metadata":false},{"id":78544,"structure_id":14762,"section_number":"38.2-1305","catch_line":"Voluntary reports","url":"\/38.2-1305\/","token":"38.2\/13\/1\/38.2-1305","metadata":false},{"id":56521,"structure_id":14762,"section_number":"38.2-1306","catch_line":"Reports to be open to public inspection","url":"\/38.2-1306\/","token":"38.2\/13\/1\/38.2-1306","metadata":false},{"id":76602,"structure_id":14762,"section_number":"38.2-1306.1","catch_line":"Insurance companies' analyses confidential","url":"\/38.2-1306.1\/","token":"38.2\/13\/1\/38.2-1306.1","metadata":false}],"next_section":{"id":85708,"structure_id":14762,"section_number":"38.2-1301","catch_line":"Additional reports","url":"\/38.2-1301\/","token":"38.2\/13\/1\/38.2-1301","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1300\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 times. 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. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562; in 1990, chapter 240; in 1991, chapter 312; in 1992, chapter 588; in 1994, chapter 308<\/a>; in 2009, chapter 602<\/a>.<\/p>","references":[{"id":78544,"section_number":"38.2-1305","catch_line":"Voluntary reports","order_by":null,"url":"\/38.2-1305\/"},{"id":56521,"section_number":"38.2-1306","catch_line":"Reports to be open to public inspection","order_by":null,"url":"\/38.2-1306\/"},{"id":70162,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","order_by":null,"url":"\/38.2-1367\/"},{"id":57145,"section_number":"38.2-1401","catch_line":"Definitions","order_by":null,"url":"\/38.2-1401\/"},{"id":80503,"section_number":"38.2-1405","catch_line":"Dates of determination","order_by":null,"url":"\/38.2-1405\/"},{"id":73559,"section_number":"38.2-2607","catch_line":"Annual statements","order_by":null,"url":"\/38.2-2607\/"},{"id":62806,"section_number":"38.2-3100.2","catch_line":"Funding agreements","order_by":null,"url":"\/38.2-3100.2\/"},{"id":57329,"section_number":"38.2-3113","catch_line":"Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners","order_by":null,"url":"\/38.2-3113\/"},{"id":72467,"section_number":"38.2-3113.1","catch_line":"Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses","order_by":null,"url":"\/38.2-3113.1\/"},{"id":65309,"section_number":"38.2-4123","catch_line":"Exemptions","order_by":null,"url":"\/38.2-4123\/"},{"id":55347,"section_number":"38.2-4214","catch_line":"Application of certain provisions of law","order_by":null,"url":"\/38.2-4214\/"},{"id":76300,"section_number":"38.2-4217","catch_line":"Reports","order_by":null,"url":"\/38.2-4217\/"},{"id":60078,"section_number":"38.2-4408","catch_line":"Application of certain provisions","order_by":null,"url":"\/38.2-4408\/"},{"id":63734,"section_number":"38.2-4410","catch_line":"Financial reports","order_by":null,"url":"\/38.2-4410\/"},{"id":62548,"section_number":"38.2-4509","catch_line":"Application of certain laws","order_by":null,"url":"\/38.2-4509\/"},{"id":82537,"section_number":"38.2-4510","catch_line":"Quarterly reports","order_by":null,"url":"\/38.2-4510\/"},{"id":78847,"section_number":"38.2-4811","catch_line":"Surplus lines coverage to be placed with eligible nonadmitted insurers","order_by":null,"url":"\/38.2-4811\/"},{"id":67232,"section_number":"38.2-5501","catch_line":"Definitions","order_by":null,"url":"\/38.2-5501\/"},{"id":64871,"section_number":"38.2-627","catch_line":"Powers and duties of the Commission; exclusive state standards","order_by":null,"url":"\/38.2-627\/"},{"id":59279,"section_number":"55.1-1013","catch_line":"Accounting by title insurance companies","order_by":null,"url":"\/55.1-1013\/"}],"refers_to":[{"id":79510,"section_number":"38.2-1304","catch_line":"False statements, reports, etc., deemed a Class 5 felony","order_by":null,"url":"\/38.2-1304\/"}],"permalink":{"id":211351,"object_type":"law","relational_id":81115,"identifier":"38.2-1300","token":"38.2\/13\/1\/38.2-1300","url":"\/38.2-1300\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1300\/","token":"38.2\/13\/1\/38.2-1300","dublin_core":{"Title":"Annual statements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1300","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each domestic, foreign, and alien insurer<\/span> licensed to transact the business of insurance<\/span> in this Commonwealth shall file with the Commission<\/span> annually, on or before March 1, an annual statement showing its financial condition on December 31 of the previous year. The annual statement shall be considered filed on the date the statement was sent by mail as shown by the postmark or on the date it is received electronically by the National Association of Insurance<\/span> Commissioners<\/span> (NAIC) in accordance with subsection D. The Commission<\/span> shall prescribe the type of filing required for each type of insurer<\/span>. The annual statement shall contain a detailed report of the insurer<\/span>’s assets<\/span> and liabilities, the investment of its assets<\/span>, its income and disbursements during the previous year, and all other information which the Commission<\/span> considers necessary to secure a full and accurate knowledge of the affairs and condition of the insurer<\/span>. The annual statement of every domestic or foreign insurer<\/span> shall be signed by at least two of its principal officers subject to § 38.2-1304<\/a>. No publication of the annual statement shall be required. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The annual statement of an alien insurer<\/span> shall relate only to its transactions and affairs in the United States<\/span> unless the Commission<\/span> requires otherwise. The annual statement shall be verified by the alien insurer<\/span>’s United States<\/span> manager, assistant manager, or by any of its duly authorized officers. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> may prescribe the form of the annual statement and supplemental schedules<\/span> and exhibits to include additional copies in machine-readable format, and may vary the form for different types of insurers<\/span>. However, as far as practicable, the form for annual statements, supplementary schedules<\/span>, and exhibits shall be the same as other such forms in general use in the United States<\/span>. Unless otherwise prescribed by the Commission<\/span>, such annual statements shall be prepared using an annual statement convention blank developed by the NAIC. The annual statement, and supplementary schedules<\/span> and exhibits required by this section, shall be prepared in accordance with the appropriate annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Each insurer<\/span> that is authorized to transact insurance<\/span> in this Commonwealth shall annually on or before March 1 of each year, file electronically with the NAIC a copy of its annual statement convention blank, along with such additional filings as prescribed by the Commission<\/span> for the preceding year. The information filed with the NAIC shall be in the same format and scope as that required by the Commission<\/span> and shall include any actuarial certification required by the Commission<\/span>. Any amendments and addenda to the annual statement filing subsequently filed with the Commission<\/span> shall also be filed with the NAIC. However, an insurer<\/span> may apply to the Commission<\/span> for an exemption from this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Foreign insurers<\/span> that are domiciled in a state<\/span>, which has a law<\/span> substantially similar to subsection D of this section, shall be deemed to be in compliance with subsection D of this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nANNUAL STATEMENTS (\u00a7 38.2-1300)\n\nA. Each domestic, foreign, and alien insurer licensed to transact the business\nof insurance in this Commonwealth shall file with the Commission annually, on or\nbefore March 1, an annual statement showing its financial condition on December\n31 of the previous year. The annual statement shall be considered filed on the\ndate the statement was sent by mail as shown by the postmark or on the date it\nis received electronically by the National Association of Insurance\nCommissioners (NAIC) in accordance with subsection D. The Commission shall\nprescribe the type of filing required for each type of insurer. The annual\nstatement shall contain a detailed report of the insurer’s assets and\nliabilities, the investment of its assets, its income and disbursements during\nthe previous year, and all other information which the Commission considers\nnecessary to secure a full and accurate knowledge of the affairs and condition\nof the insurer. The annual statement of every domestic or foreign insurer shall\nbe signed by at least two of its principal officers subject to § 38.2-1304.\nNo publication of the annual statement shall be required.\n\nB. The annual statement of an alien insurer shall relate only to its\ntransactions and affairs in the United States unless the Commission requires\notherwise. The annual statement shall be verified by the alien insurer’s\nUnited States manager, assistant manager, or by any of its duly authorized\nofficers.\n\nC. The Commission may prescribe the form of the annual statement and\nsupplemental schedules and exhibits to include additional copies in\nmachine-readable format, and may vary the form for different types of insurers.\nHowever, as far as practicable, the form for annual statements, supplementary\nschedules, and exhibits shall be the same as other such forms in general use in\nthe United States. Unless otherwise prescribed by the Commission, such annual\nstatements shall be prepared using an annual statement convention blank\ndeveloped by the NAIC. The annual statement, and supplementary schedules and\nexhibits required by this section, shall be prepared in accordance with the\nappropriate annual statement instructions and the accounting practices and\nprocedures manuals adopted by the NAIC, or any other successor publications.\n\nD. Each insurer that is authorized to transact insurance in this Commonwealth\nshall annually on or before March 1 of each year, file electronically with the\nNAIC a copy of its annual statement convention blank, along with such additional\nfilings as prescribed by the Commission for the preceding year. The information\nfiled with the NAIC shall be in the same format and scope as that required by\nthe Commission and shall include any actuarial certification required by the\nCommission. Any amendments and addenda to the annual statement filing\nsubsequently filed with the Commission shall also be filed with the NAIC.\nHowever, an insurer may apply to the Commission for an exemption from this\nsubsection.\n\nE. Foreign insurers that are domiciled in a state, which has a law substantially\nsimilar to subsection D of this section, shall be deemed to be in compliance\nwith subsection D of this section.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-122, 38-516; 1952, c. 317, \u00a7 38.1-159; 1986, c.\n562; 1990, c. 240; 1991, c. 312; 1992, c. 588; 1994, c. 308; 2009, c. 602.","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}}