{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1314.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1314.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1314.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1314.html"}],"law_id":58606,"edition_id":1,"section_id":58606,"structure_id":15039,"section_number":"38.2-1314","catch_line":"Loss or claim reserves","history":"Code 1950, \u00a7\u00a7 38-229 through 38-232; 1952, c. 317, \u00a7 38.1-173; 1982, c. 430; 1986, c. 562; 1994, c. 503.","full_text":"Except as provided in \u00a7\u00a7 38.2-1311 and 38.2-4609, each insurer licensed to transact the business of insurance in this Commonwealth shall maintain reserves:\n\n1\n\nIn an amount estimated in the aggregate as being sufficient to provide for reported and unreported unpaid losses or claims arising on or prior to the date of any annual or other statement for which the insurer may be liable;2\n\nIn an amount estimated to provide for loss adjustment expenses; and3\n\nFor those classes of insurance specified by the Commission, any additional reserves for unpaid losses, policy obligations, or deficiencies in the unearned premium reserve as required by the Commission. Each insurer authorized to write these classes of insurance shall file with its annual statement, schedules of its experience for such insurance in the form the Commission requires and shall calculate the reserves required by this paragraph in the manner prescribed by the Commission.","order_by":null,"text":{"0":{"id":214783,"text":"Except as provided in \u00a7\u00a7 38.2-1311 and 38.2-4609, each insurer licensed to transact the business of insurance in this Commonwealth shall maintain reserves:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":214784,"text":"In an amount estimated in the aggregate as being sufficient to provide for reported and unreported unpaid losses or claims arising on or prior to the date of any annual or other statement for which the insurer may be liable;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":214785,"text":"In an amount estimated to provide for loss adjustment expenses; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":214786,"text":"For those classes of insurance specified by the Commission, any additional reserves for unpaid losses, policy obligations, or deficiencies in the unearned premium reserve as required by the Commission. Each insurer authorized to write these classes of insurance shall file with its annual statement, schedules of its experience for such insurance in the form the Commission requires and shall calculate the reserves required by this paragraph in the manner prescribed by the Commission.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1314\/","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 1994, chapter 503<\/a>.<\/p>","references":[{"id":75359,"section_number":"38.2-109","catch_line":"Accident and sickness","order_by":null,"url":"\/38.2-109\/"},{"id":80624,"section_number":"38.2-1316.1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1316.1\/"},{"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":79630,"section_number":"38.2-4609","catch_line":"Loss or claim reserves","order_by":null,"url":"\/38.2-4609\/"}],"permalink":{"id":211509,"object_type":"law","relational_id":58606,"identifier":"38.2-1314","token":"38.2\/13\/3\/38.2-1314","url":"\/38.2-1314\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1314\/","token":"38.2\/13\/3\/38.2-1314","dublin_core":{"Title":"Loss or claim reserves","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1314","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Except as provided in \u00a7\u00a7 38.2-1311<\/a> and 38.2-4609<\/a>, each insurer<\/span> licensed to transact the business of insurance<\/span> in this Commonwealth shall maintain reserves:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> In an amount estimated in the aggregate as being sufficient to provide for reported and unreported unpaid losses or claims arising on or prior to the date of any annual or other statement for which the insurer<\/span> may be liable; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> In an amount estimated to provide for loss adjustment expenses; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> For those classes of insurance<\/span> specified by the Commission<\/span>, any additional reserves for unpaid losses, policy obligations, or deficiencies in the unearned premium reserve as required by the Commission<\/span>. Each insurer<\/span> authorized to write these classes of insurance<\/span> shall file with its annual statement, schedules<\/span> of its experience for such insurance<\/span> in the form the Commission<\/span> requires and shall calculate the reserves required by this paragraph in the manner prescribed by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOSS OR CLAIM RESERVES (\u00a7 38.2-1314)\n\nExcept as provided in \u00a7\u00a7 38.2-1311 and 38.2-4609, each insurer licensed to\ntransact the business of insurance in this Commonwealth shall maintain reserves:\n\n1. In an amount estimated in the aggregate as being sufficient to provide for\nreported and unreported unpaid losses or claims arising on or prior to the date\nof any annual or other statement for which the insurer may be liable;\n\n2. In an amount estimated to provide for loss adjustment expenses; and\n\n3. For those classes of insurance specified by the Commission, any additional\nreserves for unpaid losses, policy obligations, or deficiencies in the unearned\npremium reserve as required by the Commission. Each insurer authorized to write\nthese classes of insurance shall file with its annual statement, schedules of\nits experience for such insurance in the form the Commission requires and shall\ncalculate the reserves required by this paragraph in the manner prescribed by\nthe Commission.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-229 through 38-232; 1952, c. 317, \u00a7 38.1-173; 1982,\nc. 430; 1986, c. 562; 1994, c. 503.","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}}