{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1312.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1312.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1312.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1312.html"}],"law_id":57332,"edition_id":1,"section_id":57332,"structure_id":15039,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","history":"Code 1950, \u00a7 38-228; 1952, c. 317, \u00a7 38.1-171; 1982, c. 430; 1986, c. 562; 2000, c. 46.","full_text":"A\n\nExcept for risks or policies for which reserves are required under §§ 38.2-1311 and 38.2-4610.1, each insurer licensed to transact business in this Commonwealth, subject to the applicable provisions of this title, shall maintain reserves not less than the unearned portions of the gross premiums charged on unexpired or unterminated risks and policies.B\n\nPremiums charged for bulk assumption reinsurance assumed from other insurers shall be included in gross premiums charged on the basis of the original premiums and the original terms of the policies of the ceding insurer.C\n\nNo deduction shall be made from the gross unearned premiums except for premiums paid or credited for risks reinsured as provided in Article 3.1 (§ 38.2-1316.1 et seq.) of this chapter.D\n\nReserves required by this section shall be computed, valued, and reported in conformity with guidance set forth in the National Association of Insurance Commissioners accounting practices and procedures manuals.","order_by":null,"text":{"0":{"id":209995,"text":"Except for risks or policies for which reserves are required under §§ 38.2-1311 and 38.2-4610.1, each insurer licensed to transact business in this Commonwealth, subject to the applicable provisions of this title, shall maintain reserves not less than the unearned portions of the gross premiums charged on unexpired or unterminated risks and policies.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":209996,"text":"Premiums charged for bulk assumption reinsurance assumed from other insurers shall be included in gross premiums charged on the basis of the original premiums and the original terms of the policies of the ceding insurer.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":209997,"text":"No deduction shall be made from the gross unearned premiums except for premiums paid or credited for risks reinsured as provided in Article 3.1 (§ 38.2-1316.1 et seq.) of this chapter.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":209998,"text":"Reserves required by this section shall be computed, valued, and reported in conformity with guidance set forth in the National Association of Insurance Commissioners accounting practices and procedures manuals.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1312\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1982, chapter 430; in 1986, chapter 562; in 2000, chapter 46<\/a>.<\/p>","references":[{"id":57402,"section_number":"38.2-1315","catch_line":"Mortgage guaranty insurance contingency reserve","order_by":null,"url":"\/38.2-1315\/"},{"id":80624,"section_number":"38.2-1316.1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1316.1\/"},{"id":56325,"section_number":"38.2-2529","catch_line":"Unearned premium reserves required","order_by":null,"url":"\/38.2-2529\/"},{"id":55347,"section_number":"38.2-4214","catch_line":"Application of certain provisions of law","order_by":null,"url":"\/38.2-4214\/"},{"id":62548,"section_number":"38.2-4509","catch_line":"Application of certain laws","order_by":null,"url":"\/38.2-4509\/"}],"refers_to":[{"id":60734,"section_number":"38.2-1311","catch_line":"Valuation reserves","order_by":null,"url":"\/38.2-1311\/"},{"id":80624,"section_number":"38.2-1316.1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1316.1\/"},{"id":80196,"section_number":"38.2-4610.1","catch_line":"Unearned premium reserve","order_by":null,"url":"\/38.2-4610.1\/"}],"permalink":{"id":211501,"object_type":"law","relational_id":57332,"identifier":"38.2-1312","token":"38.2\/13\/3\/38.2-1312","url":"\/38.2-1312\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1312\/","token":"38.2\/13\/3\/38.2-1312","dublin_core":{"Title":"Unearned premium reserves","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1312","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except for risks or policies for which reserves are required under §§ 38.2-1311<\/a> and 38.2-4610.1<\/a>, each insurer<\/span> licensed to transact business in this Commonwealth, subject to the applicable provisions of this title, shall maintain reserves not less than the unearned portions of the gross premiums charged on unexpired or unterminated risks and policies. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Premiums charged for bulk assumption reinsurance assumed from other insurers<\/span> shall be included in gross premiums charged on the basis of the original premiums and the original terms of the policies of the ceding insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No deduction shall be made from the gross unearned premiums except for premiums paid or credited for risks reinsured as provided in Article 3.1 (§ 38.2-1316.1<\/a> et seq.) of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Reserves required by this section shall be computed, valued, and reported in conformity with guidance set forth in the National Association of Insurance<\/span> Commissioners<\/span> accounting practices and procedures manuals. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nUNEARNED PREMIUM RESERVES (\u00a7 38.2-1312)\n\nA. Except for risks or policies for which reserves are required under\n§§ 38.2-1311 and 38.2-4610.1, each insurer licensed to transact\nbusiness in this Commonwealth, subject to the applicable provisions of this\ntitle, shall maintain reserves not less than the unearned portions of the gross\npremiums charged on unexpired or unterminated risks and policies.\n\nB. Premiums charged for bulk assumption reinsurance assumed from other insurers\nshall be included in gross premiums charged on the basis of the original\npremiums and the original terms of the policies of the ceding insurer.\n\nC. No deduction shall be made from the gross unearned premiums except for\npremiums paid or credited for risks reinsured as provided in Article 3.1 (§\n38.2-1316.1 et seq.) of this chapter.\n\nD. Reserves required by this section shall be computed, valued, and reported in\nconformity with guidance set forth in the National Association of Insurance\nCommissioners accounting practices and procedures manuals.\n\nHISTORY: Code 1950, \u00a7 38-228; 1952, c. 317, \u00a7 38.1-171; 1982, c. 430; 1986, c.\n562; 2000, c. 46.","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}}