{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.3.html"}],"law_id":66267,"edition_id":1,"section_id":66267,"structure_id":15677,"section_number":"38.2-1334.3","catch_line":"Definitions","history":"2014, c. 248.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in \u00a7 38.2-1322.\n\t\t“Insurer” means an insurance company as defined in \u00a7 38.2-100, except that “insurer” shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“ORSA Guidance Manual” means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.\n\t\t“ORSA summary report” means a confidential high-level summary of an insurer or insurance group’s ORSA.\n\t\t“Own Risk and Solvency Assessment” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group’s current business plan, and the sufficiency of capital resources to support those risks.","order_by":null,"text":{"0":{"id":240668,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in \u00a7 38.2-1322.\n\t\t“Insurer” means an insurance company as defined in \u00a7 38.2-100, except that “insurer” shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“ORSA Guidance Manual” means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.\n\t\t“ORSA summary report” means a confidential high-level summary of an insurer or insurance group’s ORSA.\n\t\t“Own Risk and Solvency Assessment” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group’s current business plan, and the sufficiency of capital resources to support those risks.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15677,"edition_id":1,"name":"Risk Management Framework; Own Risk and Solvency Assessments","identifier":"5.1","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:57:45","date_modified":"2026-06-26 03:57:45","permalink":{"id":211695,"object_type":"structure","relational_id":15677,"identifier":"5.1","token":"38.2\/13\/5.1","url":"\/38.2\/13\/5.1\/","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":61110,"structure_id":15677,"section_number":"38.2-1334.10","catch_line":"Sanctions","url":"\/38.2-1334.10\/","token":"38.2\/13\/5.1\/38.2-1334.10","metadata":false},{"id":66267,"structure_id":15677,"section_number":"38.2-1334.3","catch_line":"Definitions","url":"\/38.2-1334.3\/","token":"38.2\/13\/5.1\/38.2-1334.3","metadata":false},{"id":59999,"structure_id":15677,"section_number":"38.2-1334.4","catch_line":"Risk management framework","url":"\/38.2-1334.4\/","token":"38.2\/13\/5.1\/38.2-1334.4","metadata":false},{"id":73335,"structure_id":15677,"section_number":"38.2-1334.5","catch_line":"ORSA requirement","url":"\/38.2-1334.5\/","token":"38.2\/13\/5.1\/38.2-1334.5","metadata":false},{"id":67644,"structure_id":15677,"section_number":"38.2-1334.6","catch_line":"ORSA summary report","url":"\/38.2-1334.6\/","token":"38.2\/13\/5.1\/38.2-1334.6","metadata":false},{"id":74724,"structure_id":15677,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","url":"\/38.2-1334.7\/","token":"38.2\/13\/5.1\/38.2-1334.7","metadata":false},{"id":69564,"structure_id":15677,"section_number":"38.2-1334.8","catch_line":"Contents of ORSA summary report","url":"\/38.2-1334.8\/","token":"38.2\/13\/5.1\/38.2-1334.8","metadata":false},{"id":85477,"structure_id":15677,"section_number":"38.2-1334.9","catch_line":"Confidentiality","url":"\/38.2-1334.9\/","token":"38.2\/13\/5.1\/38.2-1334.9","metadata":false}],"previous_section":{"id":61110,"structure_id":15677,"section_number":"38.2-1334.10","catch_line":"Sanctions","url":"\/38.2-1334.10\/","token":"38.2\/13\/5.1\/38.2-1334.10","metadata":false},"next_section":{"id":59999,"structure_id":15677,"section_number":"38.2-1334.4","catch_line":"Risk management framework","url":"\/38.2-1334.4\/","token":"38.2\/13\/5.1\/38.2-1334.4","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.3\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 248<\/a> 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.<\/p>","references":[{"id":66932,"section_number":"38.2-1005.1:7","catch_line":"Regulation and authority of a mutual holding company","order_by":null,"url":"\/38.2-1005.1_7\/"},{"id":57950,"section_number":"38.2-1339","catch_line":"Exemptions","order_by":null,"url":"\/38.2-1339\/"},{"id":71309,"section_number":"38.2-1342","catch_line":"Applicability","order_by":null,"url":"\/38.2-1342\/"},{"id":67952,"section_number":"38.2-4319","catch_line":"Statutory construction and relationship to other laws","order_by":null,"url":"\/38.2-4319\/"}],"refers_to":[{"id":59918,"section_number":"38.2-100","catch_line":"Definitions","order_by":null,"url":"\/38.2-100\/"},{"id":66587,"section_number":"38.2-1322","catch_line":"Definitions","order_by":null,"url":"\/38.2-1322\/"}],"permalink":{"id":211701,"object_type":"law","relational_id":66267,"identifier":"38.2-1334.3","token":"38.2\/13\/5.1\/38.2-1334.3","url":"\/38.2-1334.3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.3\/","token":"38.2\/13\/5.1\/38.2-1334.3","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Insurance group<\/span>” means those insurers<\/span> and affiliates included within an insurance holding company system as defined in \u00a7 38.2-1322<\/a>.\n\t\t“Insurer<\/span>” means an insurance company<\/span> as defined in \u00a7 38.2-100<\/a>, except that “insurer<\/span>” shall not include agencies, authorities, or instrumentalities of the United States<\/span>, its possessions<\/span> and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state<\/span> or political subdivision of a state<\/span>.\n\t\t“NAIC<\/span>” means the National Association of Insurance Commissioners<\/span>.\n\t\t“ORSA Guidance Manual<\/span>” means the current version of the NAIC<\/span> Own Risk and Solvency Assessment<\/span> (ORSA) Guidance Manual developed and adopted by the NAIC<\/span> and as amended from time to time. A change in the ORSA Guidance Manual<\/span> shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC<\/span>.\n\t\t“ORSA summary report<\/span>” means a confidential high-level summary of an insurer<\/span> or insurance group<\/span>’s ORSA.\n\t\t“Own Risk and Solvency Assessment<\/span>” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer<\/span> or insurance group<\/span>, conducted by that insurer<\/span> or insurance group<\/span>, of the material<\/span> and relevant risks associated with the insurer<\/span> or insurance group<\/span>’s current business plan, and the sufficiency of capital resources to support those risks.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-1334.3)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Insurance group” means those insurers and affiliates included\nwithin an insurance holding company system as defined in \u00a7 38.2-1322.\n\t\t“Insurer” means an insurance company as defined in \u00a7 38.2-100,\nexcept that “insurer” shall not include agencies, authorities, or\ninstrumentalities of the United States, its possessions and territories, the\nCommonwealth of Puerto Rico, the District of Columbia, or a state or political\nsubdivision of a state.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“ORSA Guidance Manual” means the current version of the NAIC Own\nRisk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the\nNAIC and as amended from time to time. A change in the ORSA Guidance Manual\nshall be effective on the January 1 following the calendar year in which the\nchanges have been adopted by the NAIC.\n\t\t“ORSA summary report” means a confidential high-level summary of\nan insurer or insurance group’s ORSA.\n\t\t“Own Risk and Solvency Assessment” or “ORSA” means a\nconfidential internal assessment, appropriate to the nature, scale, and\ncomplexity of an insurer or insurance group, conducted by that insurer or\ninsurance group, of the material and relevant risks associated with the insurer\nor insurance group’s current business plan, and the sufficiency of capital\nresources to support those risks.\n\nHISTORY: 2014, c. 248.","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}}