{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1311.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1311.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1311.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1311.html"}],"law_id":60734,"edition_id":1,"section_id":60734,"structure_id":15039,"section_number":"38.2-1311","catch_line":"Valuation reserves","history":"1952, c. 317, \u00a7 38.1-170; 1962, c. 562; 1986, c. 562.","full_text":"A\n\nEvery insurer licensed to transact the kinds of insurance specified in \u00a7\u00a7 38.2-102, 38.2-106 and 38.2-109 and subject to the applicable provisions of this title, shall maintain:1\n\nReserves on all of its life insurance policies or certificates and annuity contracts in force, computed according to the applicable tables of mortality and interest rates prescribed in this title;2\n\nReserves for both reported and unreported (i) disability benefits, including reserves for disabled lives, and (ii) accidental death benefits; and3\n\nAny additional reserves prescribed by the Commission as necessary on account of the insurer’s policies, certificates and contracts.B\n\nFor all accident and sickness insurance policies the insurer shall maintain an active life reserve that shall (i) place a reasonable value on its liabilities under the policies, (ii) be not less than the reserve according to appropriate standards set forth in any regulations issued by the Commission and, (iii) be not less in the aggregate than the pro rata gross unearned premiums for those policies.","order_by":null,"text":{"0":{"id":222048,"text":"Every insurer licensed to transact the kinds of insurance specified in \u00a7\u00a7 38.2-102, 38.2-106 and 38.2-109 and subject to the applicable provisions of this title, shall maintain:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":222049,"text":"Reserves on all of its life insurance policies or certificates and annuity contracts in force, computed according to the applicable tables of mortality and interest rates prescribed in this title;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":222050,"text":"Reserves for both reported and unreported (i) disability benefits, including reserves for disabled lives, and (ii) accidental death benefits; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":222051,"text":"Any additional reserves prescribed by the Commission as necessary on account of the insurer’s policies, certificates and contracts.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":222052,"text":"For all accident and sickness insurance policies the insurer shall maintain an active life reserve that shall (i) place a reasonable value on its liabilities under the policies, (ii) be not less than the reserve according to appropriate standards set forth in any regulations issued by the Commission and, (iii) be not less in the aggregate than the pro rata gross unearned premiums for those policies.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3"}},"ancestry":[{"id":15039,"edition_id":1,"name":"Reserves","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:51:40","date_modified":"2026-06-26 03:51:40","permalink":{"id":211495,"object_type":"structure","relational_id":15039,"identifier":"3","token":"38.2\/13\/3","url":"\/38.2\/13\/3\/","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":60734,"structure_id":15039,"section_number":"38.2-1311","catch_line":"Valuation reserves","url":"\/38.2-1311\/","token":"38.2\/13\/3\/38.2-1311","metadata":false},{"id":57332,"structure_id":15039,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","url":"\/38.2-1312\/","token":"38.2\/13\/3\/38.2-1312","metadata":false},{"id":83144,"structure_id":15039,"section_number":"38.2-1313","catch_line":"Loss records","url":"\/38.2-1313\/","token":"38.2\/13\/3\/38.2-1313","metadata":false},{"id":58606,"structure_id":15039,"section_number":"38.2-1314","catch_line":"Loss or claim reserves","url":"\/38.2-1314\/","token":"38.2\/13\/3\/38.2-1314","metadata":false},{"id":57402,"structure_id":15039,"section_number":"38.2-1315","catch_line":"Mortgage guaranty insurance contingency reserve","url":"\/38.2-1315\/","token":"38.2\/13\/3\/38.2-1315","metadata":false},{"id":81929,"structure_id":15039,"section_number":"38.2-1315.1","catch_line":"Actuarial statements of opinion, reports, memoranda, and summaries","url":"\/38.2-1315.1\/","token":"38.2\/13\/3\/38.2-1315.1","metadata":false},{"id":71920,"structure_id":15039,"section_number":"38.2-1316","catch_line":"Repealed","url":"\/38.2-1316\/","token":"38.2\/13\/3\/38.2-1316","metadata":false}],"next_section":{"id":57332,"structure_id":15039,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","url":"\/38.2-1312\/","token":"38.2\/13\/3\/38.2-1312","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1311\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 317 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 1952 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1962, chapter 562; in 1986, chapter 562.<\/p>","references":[{"id":57332,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","order_by":null,"url":"\/38.2-1312\/"},{"id":58606,"section_number":"38.2-1314","catch_line":"Loss or claim reserves","order_by":null,"url":"\/38.2-1314\/"},{"id":80624,"section_number":"38.2-1316.1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1316.1\/"}],"refers_to":[{"id":57209,"section_number":"38.2-102","catch_line":"Life","order_by":null,"url":"\/38.2-102\/"},{"id":87220,"section_number":"38.2-106","catch_line":"Annuities","order_by":null,"url":"\/38.2-106\/"},{"id":75359,"section_number":"38.2-109","catch_line":"Accident and sickness","order_by":null,"url":"\/38.2-109\/"}],"permalink":{"id":211497,"object_type":"law","relational_id":60734,"identifier":"38.2-1311","token":"38.2\/13\/3\/38.2-1311","url":"\/38.2-1311\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1311\/","token":"38.2\/13\/3\/38.2-1311","dublin_core":{"Title":"Valuation reserves","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1311","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every insurer<\/span> licensed to transact the kinds of insurance<\/span> specified in \u00a7\u00a7 38.2-102<\/a>, 38.2-106<\/a> and 38.2-109<\/a> and subject to the applicable provisions of this title, shall maintain: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Reserves on all of its life insurance policies<\/span> or certificates and annuity contracts<\/span> in force, computed according to the applicable tables of mortality and interest rates<\/span><\/span> prescribed in this title; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Reserves for both reported and unreported (i) disability benefits, including reserves for disabled lives, and (ii) accidental death benefits; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any additional reserves prescribed by the Commission<\/span> as necessary on account of the insurer<\/span>’s policies, certificates and contracts<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For all accident and sickness insurance policies<\/span> the insurer<\/span> shall maintain an active life reserve that shall (i) place a reasonable value on its liabilities under the policies, (ii) be not less than the reserve according to appropriate standards set forth in any regulations issued by the Commission<\/span> and, (iii) be not less in the aggregate than the pro rata gross unearned premiums for those policies. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVALUATION RESERVES (\u00a7 38.2-1311)\n\nA. Every insurer licensed to transact the kinds of insurance specified in \u00a7\u00a7\n38.2-102, 38.2-106 and 38.2-109 and subject to the applicable provisions of this\ntitle, shall maintain:\n\n 1. Reserves on all of its life insurance policies or certificates and annuity\n contracts in force, computed according to the applicable tables of mortality\n and interest rates prescribed in this title;\n\n 2. Reserves for both reported and unreported (i) disability benefits,\n including reserves for disabled lives, and (ii) accidental death benefits; and\n\n 3. Any additional reserves prescribed by the Commission as necessary on\n account of the insurer’s policies, certificates and contracts.\n\nB. For all accident and sickness insurance policies the insurer shall maintain\nan active life reserve that shall (i) place a reasonable value on its\nliabilities under the policies, (ii) be not less than the reserve according to\nappropriate standards set forth in any regulations issued by the Commission and,\n(iii) be not less in the aggregate than the pro rata gross unearned premiums for\nthose policies.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-170; 1962, c. 562; 1986, c. 562.","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}}