{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1316.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1316.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1316.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1316.1.html"}],"law_id":80624,"edition_id":1,"section_id":80624,"structure_id":15089,"section_number":"38.2-1316.1","catch_line":"Definitions","history":"1991, c. 264; 2012, c. 539; 2017, c. 477; 2020, c. 208.","full_text":"As used in this article unless the context requires another meaning:\n\t\t“Accredited reinsurer” means an assuming insurer accredited pursuant to the provisions of subdivision C 2 of \u00a7 38.2-1316.2.\n\t\t“Certified reinsurer” means an insurer certified by the Commission pursuant to subsection D of \u00a7 38.2-1316.2.\n\t\t“Covered agreement” means an agreement entered into pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. \u00a7\u00a7 313 and 314, that is currently in effect or in a period of provisional application and addresses the elimination, under specified conditions, of collateral requirements as a condition for entering into any reinsurance agreement with a ceding insurer domiciled in the Commonwealth or for allowing the ceding insurer to recognize credit for reinsurance.\n\t\t“Credit” includes any credit for reinsurance (i) allowed as an admitted asset or as a deduction from liability and (ii) used to compute the valuation reserves required by \u00a7 38.2-1311, unearned premium reserves required by \u00a7 38.2-1312 or 38.2-4610.1, or loss or claim reserves required by \u00a7 38.2-1314 or 38.2-4609.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Qualified United States financial institution,” as used in subdivision 2 c of \u00a7 38.2-1316.4, means an institution that:\n\n1\n\nIs organized or, in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof;2\n\nIs regulated, supervised, and examined by the United States federal or state authorities having regulatory authority over banks and trust companies; and3\n\nHas been determined by either the Commission or the Securities Valuation Office of the NAIC to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commission.\n\t\t\t“Qualified United States financial institution” means, for purposes of those provisions of this article specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:1\n\nIs organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and2\n\nIs regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.\n\t\t\t“Reciprocal jurisdiction” means (i) a non-United States jurisdiction that is subject to an in-force covered agreement with the United States, each within its legal authority, or, in the case of a covered agreement between the United States and the European Union, is a member state of the European Union; (ii) a United States jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program; or (iii) a qualified jurisdiction, as determined by the Commission pursuant to subdivision D 3 of § 38.2-1316.2, that is not otherwise described in clause (i) or (ii) and that meets certain additional requirements, consistent with the terms and conditions of in-force covered agreements, as specified by the Commission in regulation.","order_by":null,"text":{"0":{"id":288965,"text":"As used in this article unless the context requires another meaning:\n\t\t“Accredited reinsurer” means an assuming insurer accredited pursuant to the provisions of subdivision C 2 of \u00a7 38.2-1316.2.\n\t\t“Certified reinsurer” means an insurer certified by the Commission pursuant to subsection D of \u00a7 38.2-1316.2.\n\t\t“Covered agreement” means an agreement entered into pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. \u00a7\u00a7 313 and 314, that is currently in effect or in a period of provisional application and addresses the elimination, under specified conditions, of collateral requirements as a condition for entering into any reinsurance agreement with a ceding insurer domiciled in the Commonwealth or for allowing the ceding insurer to recognize credit for reinsurance.\n\t\t“Credit” includes any credit for reinsurance (i) allowed as an admitted asset or as a deduction from liability and (ii) used to compute the valuation reserves required by \u00a7 38.2-1311, unearned premium reserves required by \u00a7 38.2-1312 or 38.2-4610.1, or loss or claim reserves required by \u00a7 38.2-1314 or 38.2-4609.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Qualified United States financial institution,” as used in subdivision 2 c of \u00a7 38.2-1316.4, means an institution that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":288966,"text":"Is organized or, in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":288967,"text":"Is regulated, supervised, and examined by the United States federal or state authorities having regulatory authority over banks and trust companies; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":288968,"text":"Has been determined by either the Commission or the Securities Valuation Office of the NAIC to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commission.\n\t\t\t“Qualified United States financial institution” means, for purposes of those provisions of this article specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"4":{"id":288969,"text":"Is organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"5":{"id":288970,"text":"Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.\n\t\t\t“Reciprocal jurisdiction” means (i) a non-United States jurisdiction that is subject to an in-force covered agreement with the United States, each within its legal authority, or, in the case of a covered agreement between the United States and the European Union, is a member state of the European Union; (ii) a United States jurisdiction that meets the requirements for accreditation under the NAIC financial standards and accreditation program; or (iii) a qualified jurisdiction, as determined by the Commission pursuant to subdivision D 3 of § 38.2-1316.2, that is not otherwise described in clause (i) or (ii) and that meets certain additional requirements, consistent with the terms and conditions of in-force covered agreements, as specified by the Commission in regulation.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":15089,"edition_id":1,"name":"Reinsurance","identifier":"3.1","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:52:05","date_modified":"2026-06-26 03:52:05","permalink":{"id":211525,"object_type":"structure","relational_id":15089,"identifier":"3.1","token":"38.2\/13\/3.1","url":"\/38.2\/13\/3.1\/","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":80624,"structure_id":15089,"section_number":"38.2-1316.1","catch_line":"Definitions","url":"\/38.2-1316.1\/","token":"38.2\/13\/3.1\/38.2-1316.1","metadata":false},{"id":57510,"structure_id":15089,"section_number":"38.2-1316.2","catch_line":"Credit allowed a domestic ceding insurer","url":"\/38.2-1316.2\/","token":"38.2\/13\/3.1\/38.2-1316.2","metadata":false},{"id":75917,"structure_id":15089,"section_number":"38.2-1316.3","catch_line":"Repealed","url":"\/38.2-1316.3\/","token":"38.2\/13\/3.1\/38.2-1316.3","metadata":false},{"id":83595,"structure_id":15089,"section_number":"38.2-1316.4","catch_line":"Credit allowed any ceding insurer","url":"\/38.2-1316.4\/","token":"38.2\/13\/3.1\/38.2-1316.4","metadata":false},{"id":60844,"structure_id":15089,"section_number":"38.2-1316.5","catch_line":"Repealed","url":"\/38.2-1316.5\/","token":"38.2\/13\/3.1\/38.2-1316.5","metadata":false},{"id":86117,"structure_id":15089,"section_number":"38.2-1316.7","catch_line":"Rules and regulations","url":"\/38.2-1316.7\/","token":"38.2\/13\/3.1\/38.2-1316.7","metadata":false},{"id":79104,"structure_id":15089,"section_number":"38.2-1316.8","catch_line":"Reinsurance agreements affected","url":"\/38.2-1316.8\/","token":"38.2\/13\/3.1\/38.2-1316.8","metadata":false}],"next_section":{"id":57510,"structure_id":15089,"section_number":"38.2-1316.2","catch_line":"Credit allowed a domestic ceding insurer","url":"\/38.2-1316.2\/","token":"38.2\/13\/3.1\/38.2-1316.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1316.1\/","history_text":"

This law was first created in 1991. The record of its establishment is cataloged in chapter 264 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 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 2012, chapter 539<\/a>; in 2017, chapter 477<\/a>; in 2020, chapter 208<\/a>.<\/p>","references":[{"id":76434,"section_number":"38.2-1031","catch_line":"Additional requirements, alien insurers","order_by":null,"url":"\/38.2-1031\/"},{"id":57332,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","order_by":null,"url":"\/38.2-1312\/"},{"id":66293,"section_number":"38.2-208","catch_line":"Limitation of risks generally","order_by":null,"url":"\/38.2-208\/"},{"id":56325,"section_number":"38.2-2529","catch_line":"Unearned premium reserves required","order_by":null,"url":"\/38.2-2529\/"},{"id":67952,"section_number":"38.2-4319","catch_line":"Statutory construction and relationship to other laws","order_by":null,"url":"\/38.2-4319\/"},{"id":85387,"section_number":"65.2-802","catch_line":"Requirements for licensure as group self-insurance association; annual assessment","order_by":null,"url":"\/65.2-802\/"}],"refers_to":[{"id":60734,"section_number":"38.2-1311","catch_line":"Valuation reserves","order_by":null,"url":"\/38.2-1311\/"},{"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":57510,"section_number":"38.2-1316.2","catch_line":"Credit allowed a domestic ceding insurer","order_by":null,"url":"\/38.2-1316.2\/"},{"id":83595,"section_number":"38.2-1316.4","catch_line":"Credit allowed any ceding insurer","order_by":null,"url":"\/38.2-1316.4\/"},{"id":79630,"section_number":"38.2-4609","catch_line":"Loss or claim reserves","order_by":null,"url":"\/38.2-4609\/"},{"id":80196,"section_number":"38.2-4610.1","catch_line":"Unearned premium reserve","order_by":null,"url":"\/38.2-4610.1\/"}],"permalink":{"id":211527,"object_type":"law","relational_id":80624,"identifier":"38.2-1316.1","token":"38.2\/13\/3.1\/38.2-1316.1","url":"\/38.2-1316.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1316.1\/","token":"38.2\/13\/3.1\/38.2-1316.1","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1316.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article unless the context requires another meaning:\n\t\t“Accredited reinsurer<\/span>” means an assuming insurer<\/span> accredited pursuant to the provisions of subdivision C 2 of \u00a7 38.2-1316.2<\/a>.\n\t\t“Certified reinsurer<\/span>” means an insurer<\/span> certified by the Commission<\/span> pursuant to subsection D of \u00a7 38.2-1316.2<\/a>.\n\t\t“Covered agreement<\/span>” means an agreement entered into pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. \u00a7\u00a7 313 and 314, that is currently in effect or in a period of provisional application and addresses the elimination, under specified conditions, of collateral<\/span> requirements as a condition for entering into any reinsurance agreement with a ceding insurer<\/span> domiciled in the Commonwealth or for allowing the ceding insurer<\/span> to recognize credit<\/span> for reinsurance.\n\t\t“Credit<\/span>” includes any credit<\/span> for reinsurance (i) allowed as an admitted asset or as a deduction from liability and (ii) used to compute the valuation reserves required by \u00a7 38.2-1311<\/a>, unearned premium reserves required by \u00a7 38.2-1312<\/a> or 38.2-4610.1<\/a>, or loss or claim reserves required by \u00a7 38.2-1314<\/a> or 38.2-4609<\/a>.\n\t\t“NAIC<\/span>” means the National Association of Insurance<\/span> Commissioners<\/span>.\n\t\t“Qualified United States<\/span> financial institution,” as used in subdivision 2 c of \u00a7 38.2-1316.4<\/a>, means an institution that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is organized or, in the case of a United States<\/span> office of a foreign banking organization, is licensed, under the laws<\/span> of the United States<\/span> or any state<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Is regulated, supervised, and examined by the United States<\/span> federal or state<\/span> authorities having regulatory authority over banks and trust companies; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has been determined by either the Commission<\/span> or the Securities Valuation Office of the NAIC<\/span> to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit<\/span> will be acceptable to the Commission<\/span>.\n\t\t\t“Qualified United States<\/span> financial institution” means, for purposes of those provisions of this article specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is organized or, in the case of a United States<\/span> branch or agency office of a foreign banking organization, is licensed, under the laws<\/span> of the United States<\/span> or any state<\/span> thereof and has been granted authority to operate with fiduciary powers; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Is regulated, supervised and examined by federal or state<\/span> authorities having regulatory authority over banks and trust companies.\n\t\t\t“Reciprocal jurisdiction<\/span>” means (i) a non-United States<\/span> jurisdiction that is subject to an in-force covered agreement<\/span> with the United States<\/span>, each within its legal authority, or, in the case of a covered agreement<\/span> between the United States<\/span> and the European Union, is a member state<\/span> of the European Union; (ii) a United States<\/span> jurisdiction that meets the requirements for accreditation under the NAIC<\/span> financial standards and accreditation program; or (iii) a qualified jurisdiction, as determined by the Commission<\/span> pursuant to subdivision D 3 of § 38.2-1316.2<\/a>, that is not otherwise described in clause (i) or (ii) and that meets certain additional requirements, consistent with the terms and conditions of in-force covered agreements<\/span>, as specified by the Commission<\/span> in regulation. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-1316.1)\n\nAs used in this article unless the context requires another meaning:\n\t\t“Accredited reinsurer” means an assuming insurer accredited\npursuant to the provisions of subdivision C 2 of \u00a7 38.2-1316.2.\n\t\t“Certified reinsurer” means an insurer certified by the Commission\npursuant to subsection D of \u00a7 38.2-1316.2.\n\t\t“Covered agreement” means an agreement entered into pursuant to\nthe Dodd-Frank Wall Street Reform and Consumer Protection Act, 31 U.S.C. \u00a7\u00a7\n313 and 314, that is currently in effect or in a period of provisional\napplication and addresses the elimination, under specified conditions, of\ncollateral requirements as a condition for entering into any reinsurance\nagreement with a ceding insurer domiciled in the Commonwealth or for allowing\nthe ceding insurer to recognize credit for reinsurance.\n\t\t“Credit” includes any credit for reinsurance (i) allowed as an\nadmitted asset or as a deduction from liability and (ii) used to compute the\nvaluation reserves required by \u00a7 38.2-1311, unearned premium reserves required\nby \u00a7 38.2-1312 or 38.2-4610.1, or loss or claim reserves required by \u00a7\n38.2-1314 or 38.2-4609.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Qualified United States financial institution,” as used in\nsubdivision 2 c of \u00a7 38.2-1316.4, means an institution that:\n\n1. Is organized or, in the case of a United States office of a foreign banking\norganization, is licensed, under the laws of the United States or any state\nthereof;\n\n2. Is regulated, supervised, and examined by the United States federal or state\nauthorities having regulatory authority over banks and trust companies; and\n\n3. Has been determined by either the Commission or the Securities Valuation\nOffice of the NAIC to meet such standards of financial condition and standing as\nare considered necessary and appropriate to regulate the quality of financial\ninstitutions whose letters of credit will be acceptable to the Commission.\n\t\t\t“Qualified United States financial institution” means, for\npurposes of those provisions of this article specifying those institutions that\nare eligible to act as a fiduciary of a trust, an institution that:\n\n1. Is organized or, in the case of a United States branch or agency office of a\nforeign banking organization, is licensed, under the laws of the United States\nor any state thereof and has been granted authority to operate with fiduciary\npowers; and\n\n2. Is regulated, supervised and examined by federal or state authorities having\nregulatory authority over banks and trust companies.\n\t\t\t“Reciprocal jurisdiction” means (i) a non-United States\njurisdiction that is subject to an in-force covered agreement with the United\nStates, each within its legal authority, or, in the case of a covered agreement\nbetween the United States and the European Union, is a member state of the\nEuropean Union; (ii) a United States jurisdiction that meets the requirements\nfor accreditation under the NAIC financial standards and accreditation program;\nor (iii) a qualified jurisdiction, as determined by the Commission pursuant to\nsubdivision D 3 of § 38.2-1316.2, that is not otherwise described in clause\n(i) or (ii) and that meets certain additional requirements, consistent with the\nterms and conditions of in-force covered agreements, as specified by the\nCommission in regulation.\n\nHISTORY: 1991, c. 264; 2012, c. 539; 2017, c. 477; 2020, c. 208.","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}}