{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1316.7.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1316.7.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1316.7.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1316.7.html"}],"law_id":86117,"edition_id":1,"section_id":86117,"structure_id":15089,"section_number":"38.2-1316.7","catch_line":"Rules and regulations","history":"1991, c. 264; 2017, c. 477; 2020, c. 208.","full_text":"A\n\nThe Commission may adopt rules and regulations implementing the provisions of this article.B\n\nThe Commission is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subdivision 1. A regulation adopted pursuant to:1\n\nThis subsection shall apply only to reinsurance relating to:\n\t\t\t\ta. Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;\n\t\t\t\tb. Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;\n\t\t\t\tc. Variable annuities with guaranteed death or living benefits;\n\t\t\t\td. Long-term care insurance policies; or\n\t\t\t\te. Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.2\n\nSubdivision 1 a or 1 b shall apply to any treaty containing (i) policies issued on or after January 1, 2015, and (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.3\n\nThis subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under subdivision B 1 of § 38.2-1379, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.4\n\nThis subsection shall not apply to cessions to an assuming insurer that:\n\t\t\t\ta. Is certified in the Commonwealth;\n\t\t\t\tb. Meets the conditions set forth in subsection E of § 38.2-1316.2; or\n\t\t\t\tc. Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is (i) licensed in at least 26 states or (ii) licensed in at least 10 states and licensed or accredited in a total of at least 35 states.C\n\nThe authority to adopt regulations pursuant to subsection B does not limit the Commission’s general authority to adopt regulations pursuant to subsection A.","order_by":null,"text":{"0":{"id":308381,"text":"The Commission may adopt rules and regulations implementing the provisions of this article.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":308382,"text":"The Commission is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subdivision 1. A regulation adopted pursuant to:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":308383,"text":"This subsection shall apply only to reinsurance relating to:\n\t\t\t\ta. Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;\n\t\t\t\tb. Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;\n\t\t\t\tc. Variable annuities with guaranteed death or living benefits;\n\t\t\t\td. Long-term care insurance policies; or\n\t\t\t\te. Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":308384,"text":"Subdivision 1 a or 1 b shall apply to any treaty containing (i) policies issued on or after January 1, 2015, and (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":308385,"text":"This subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under subdivision B 1 of § 38.2-1379, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":308386,"text":"This subsection shall not apply to cessions to an assuming insurer that:\n\t\t\t\ta. Is certified in the Commonwealth;\n\t\t\t\tb. Meets the conditions set forth in subsection E of § 38.2-1316.2; or\n\t\t\t\tc. Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is (i) licensed in at least 26 states or (ii) licensed in at least 10 states and licensed or accredited in a total of at least 35 states.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"6":{"id":308387,"text":"The authority to adopt regulations pursuant to subsection B does not limit the Commission’s general authority to adopt regulations pursuant to subsection A.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1316.7\/","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 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 2017, chapter 477<\/a>; in 2020, chapter 208<\/a>.<\/p>","references":[{"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\/"}],"refers_to":[{"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":86866,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","order_by":null,"url":"\/38.2-1379\/"}],"permalink":{"id":211547,"object_type":"law","relational_id":86117,"identifier":"38.2-1316.7","token":"38.2\/13\/3.1\/38.2-1316.7","url":"\/38.2-1316.7\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1316.7\/","token":"38.2\/13\/3.1\/38.2-1316.7","dublin_core":{"Title":"Rules and regulations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1316.7","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may adopt rules and regulations implementing the provisions of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subdivision 1. A regulation adopted pursuant to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> This subsection shall apply only to reinsurance relating to:\n\t\t\t\ta. Life insurance policies<\/span> with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;\n\t\t\t\tb. Universal life insurance policies<\/span> with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;\n\t\t\t\tc. Variable annuities with guaranteed death or living benefits;\n\t\t\t\td. Long-term care insurance policies<\/span>; or\n\t\t\t\te. Such other life and health insurance and annuity products as to which the NAIC<\/span> adopts model regulatory requirements with respect to credit<\/span> for reinsurance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Subdivision 1 a or 1 b shall apply to any treaty containing (i) policies issued on or after January 1, 2015, and (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> This subsection may require the ceding insurer<\/span>, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC<\/span> under subdivision B 1 of § 38.2-1379<\/a>, including all amendments adopted by the NAIC<\/span> and in effect on the date as of which the calculation is made, to the extent applicable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> This subsection shall not apply to cessions to an assuming insurer<\/span> that:\n\t\t\t\ta. Is certified in the Commonwealth;\n\t\t\t\tb. Meets the conditions set forth in subsection E of § 38.2-1316.2<\/a>; or\n\t\t\t\tc. Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC<\/span> Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC<\/span>, excluding the impact of any permitted or prescribed practices, and is (i) licensed in at least 26 states<\/span> or (ii) licensed in at least 10 states<\/span> and licensed or accredited in a total of at least 35 states<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The authority to adopt regulations pursuant to subsection B does not limit the Commission<\/span>’s general authority to adopt regulations pursuant to subsection A. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRULES AND REGULATIONS (\u00a7 38.2-1316.7)\n\nA. The Commission may adopt rules and regulations implementing the provisions of\nthis article.\n\nB. The Commission is further authorized to adopt rules and regulations\napplicable to reinsurance arrangements described in subdivision 1. A regulation\nadopted pursuant to:\n\n 1. This subsection shall apply only to reinsurance relating to:\n \t\t\t\ta. Life insurance policies with guaranteed nonlevel gross premiums or\n guaranteed nonlevel benefits;\n \t\t\t\tb. Universal life insurance policies with provisions resulting in the\n ability of a policyholder to keep a policy in force over a secondary guarantee\n period;\n \t\t\t\tc. Variable annuities with guaranteed death or living benefits;\n \t\t\t\td. Long-term care insurance policies; or\n \t\t\t\te. Such other life and health insurance and annuity products as to which\n the NAIC adopts model regulatory requirements with respect to credit for\n reinsurance.\n\n 2. Subdivision 1 a or 1 b shall apply to any treaty containing (i) policies\n issued on or after January 1, 2015, and (ii) policies issued prior to January\n 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection\n with the treaty, in whole or in part, on or after January 1, 2015.\n\n 3. This subsection may require the ceding insurer, in calculating the amounts\n or forms of security required to be held under regulations promulgated under\n this authority, to use the Valuation Manual adopted by the NAIC under\n subdivision B 1 of § 38.2-1379, including all amendments adopted by the\n NAIC and in effect on the date as of which the calculation is made, to the\n extent applicable.\n\n 4. This subsection shall not apply to cessions to an assuming insurer that:\n \t\t\t\ta. Is certified in the Commonwealth;\n \t\t\t\tb. Meets the conditions set forth in subsection E of § 38.2-1316.2;\n or\n \t\t\t\tc. Maintains at least $250 million in capital and surplus when determined\n in accordance with the NAIC Accounting Practices and Procedures Manual,\n including all amendments thereto adopted by the NAIC, excluding the impact of\n any permitted or prescribed practices, and is (i) licensed in at least 26\n states or (ii) licensed in at least 10 states and licensed or accredited in a\n total of at least 35 states.\n\nC. The authority to adopt regulations pursuant to subsection B does not limit\nthe Commission’s general authority to adopt regulations pursuant to\nsubsection A.\n\nHISTORY: 1991, c. 264; 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}}