{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.4.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.4.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.4.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.4.html"}],"law_id":59999,"edition_id":1,"section_id":59999,"structure_id":15677,"section_number":"38.2-1334.4","catch_line":"Risk management framework","history":"2014, c. 248.","full_text":"An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.","order_by":null,"text":{"0":{"id":219665,"text":"An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.4\/","history_text":"<p>This law was first created in 2014. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?141+ful+CHAP0248\">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":false,"refers_to":false,"permalink":{"id":211705,"object_type":"law","relational_id":59999,"identifier":"38.2-1334.4","token":"38.2\/13\/5.1\/38.2-1334.4","url":"\/38.2-1334.4\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.4\/","token":"38.2\/13\/5.1\/38.2-1334.4","dublin_core":{"Title":"Risk management framework","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.4","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>An <span class=\"dictionary\">insurer<\/span> shall maintain a risk management framework to assist the <span class=\"dictionary\">insurer<\/span> with identifying, assessing, monitoring, managing, and reporting on its <span class=\"dictionary\">material<\/span> and relevant risks. This requirement may be satisfied if the <span class=\"dictionary\">insurance group<\/span> of which the <span class=\"dictionary\">insurer<\/span> is a member maintains a risk management framework applicable to the operations of the <span class=\"dictionary\">insurer<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nRISK MANAGEMENT FRAMEWORK (\u00a7 38.2-1334.4)\n\nAn insurer shall maintain a risk management framework to assist the insurer with\nidentifying, assessing, monitoring, managing, and reporting on its material and\nrelevant risks. This requirement may be satisfied if the insurance group of\nwhich the insurer is a member maintains a risk management framework applicable\nto the operations of the insurer.\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}}