{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.5.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.5.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.5.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.5.html"}],"law_id":73335,"edition_id":1,"section_id":73335,"structure_id":15677,"section_number":"38.2-1334.5","catch_line":"ORSA requirement","history":"2014, c. 248.","full_text":"Subject to \u00a7 38.2-1334.7, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually, but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.","order_by":null,"text":{"0":{"id":263913,"text":"Subject to \u00a7 38.2-1334.7, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually, but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.5\/","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":[{"id":74724,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","order_by":null,"url":"\/38.2-1334.7\/"}],"permalink":{"id":211709,"object_type":"law","relational_id":73335,"identifier":"38.2-1334.5","token":"38.2\/13\/5.1\/38.2-1334.5","url":"\/38.2-1334.5\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.5\/","token":"38.2\/13\/5.1\/38.2-1334.5","dublin_core":{"Title":"ORSA requirement","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.5","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Subject to \u00a7&nbsp;<a class=\"law\" title=\"Scope of article; exemption\" href=\"\/38.2-1334.7\/\">38.2-1334.7<\/a>, an <span class=\"dictionary\">insurer<\/span>, or the <span class=\"dictionary\">insurance group<\/span> of which the <span class=\"dictionary\">insurer<\/span> is a member, shall regularly conduct an ORSA consistent with a process comparable to the <span class=\"dictionary\">ORSA Guidance Manual<\/span>. The ORSA shall be conducted no less than annually, but also at any time when there are significant changes to the risk profile of the <span class=\"dictionary\">insurer<\/span> or the <span class=\"dictionary\">insurance group<\/span> of which the <span class=\"dictionary\">insurer<\/span> is a member.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nORSA REQUIREMENT (\u00a7 38.2-1334.5)\n\nSubject to \u00a7 38.2-1334.7, an insurer, or the insurance group of which the\ninsurer is a member, shall regularly conduct an ORSA consistent with a process\ncomparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than\nannually, but also at any time when there are significant changes to the risk\nprofile of the insurer or the insurance group of which the insurer is a member.\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}}