{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.7.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.7.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.7.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.7.html"}],"law_id":74724,"edition_id":1,"section_id":74724,"structure_id":15677,"section_number":"38.2-1334.7","catch_line":"Scope of article; exemption","history":"2014, c. 248.","full_text":"A\n\nThe requirements of this article shall apply to all insurers domiciled in the Commonwealth unless exempt pursuant to this section.B\n\nAn insurer shall be exempt from the requirements of this article if:1\n\nThe insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than $500 million; and2\n\nThe insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than $1 billion.C\n\nIf an insurer qualifies for exemption pursuant to subdivision B 1, but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision B 2, then the ORSA summary report that may be required pursuant to § 38.2-1334.6 shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than one ORSA summary report for any combination of insurers, provided any combination of reports includes every insurer within the insurance group.D\n\nIf an insurer does not qualify for exemption pursuant to subdivision B 1, but the insurance group of which it is a member qualifies for exemption pursuant to subdivision B 2, then the only ORSA summary report that may be required pursuant to § 38.2-1334.6 shall be the report applicable to that insurer.E\n\nAn insurer that does not qualify for exemption pursuant to subsection B may apply to the Commission for a waiver from the requirements of this article based upon unique circumstances. In deciding whether to grant the insurer’s request for waiver, the Commission may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commission considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the Commission shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer’s request for a waiver.F\n\nNotwithstanding the exemptions stated in this section:1\n\nThe Commission may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report based on unique circumstances, including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests.2\n\nThe Commission may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report if the insurer has risk-based capital for company action level event as set forth in § 38.2-5503, meets one or more of the standards of an insurer deemed to be in hazardous financial condition as defined in 14VAC5-290-30 of the Virginia Administrative Code, or otherwise exhibits qualities of a troubled insurer as determined by the Commission.G\n\nIf an insurer that qualifies for an exemption pursuant to subsection B subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer’s most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have one year following the year the threshold is exceeded to comply with the requirements of this article.","order_by":null,"text":{"0":{"id":268559,"text":"The requirements of this article shall apply to all insurers domiciled in the Commonwealth unless exempt pursuant to this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":268560,"text":"An insurer shall be exempt from the requirements of this article if:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":268561,"text":"The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than $500 million; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":268562,"text":"The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than $1 billion.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":268563,"text":"If an insurer qualifies for exemption pursuant to subdivision B 1, but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision B 2, then the ORSA summary report that may be required pursuant to § 38.2-1334.6 shall include every insurer within the insurance group. This requirement may be satisfied by the submission of more than one ORSA summary report for any combination of insurers, provided any combination of reports includes every insurer within the insurance group.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"5":{"id":268564,"text":"If an insurer does not qualify for exemption pursuant to subdivision B 1, but the insurance group of which it is a member qualifies for exemption pursuant to subdivision B 2, then the only ORSA summary report that may be required pursuant to § 38.2-1334.6 shall be the report applicable to that insurer.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":268565,"text":"An insurer that does not qualify for exemption pursuant to subsection B may apply to the Commission for a waiver from the requirements of this article based upon unique circumstances. In deciding whether to grant the insurer’s request for waiver, the Commission may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commission considers relevant to the insurer or insurance group of which the insurer is a member. If the insurer is part of an insurance group with insurers domiciled in more than one state, the Commission shall coordinate with the lead state commissioner and with the other domiciliary commissioners in considering whether to grant the insurer’s request for a waiver.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":268566,"text":"Notwithstanding the exemptions stated in this section:","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"F1"},"8":{"id":268567,"text":"The Commission may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report based on unique circumstances, including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests.","type":"section","prefixes":["F","1"],"prefix":"1","entire_prefix":"F1","prefix_anchor":"F1","level":2,"prior_prefix":"F","next_prefix":"F2"},"9":{"id":268568,"text":"The Commission may require that an insurer maintain a risk management framework, conduct an ORSA, and file an ORSA summary report if the insurer has risk-based capital for company action level event as set forth in § 38.2-5503, meets one or more of the standards of an insurer deemed to be in hazardous financial condition as defined in 14VAC5-290-30 of the Virginia Administrative Code, or otherwise exhibits qualities of a troubled insurer as determined by the Commission.","type":"section","prefixes":["F","2"],"prefix":"2","entire_prefix":"F2","prefix_anchor":"F2","level":2,"prior_prefix":"F1","next_prefix":"G"},"10":{"id":268569,"text":"If an insurer that qualifies for an exemption pursuant to subsection B subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer’s most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, the insurer shall have one year following the year the threshold is exceeded to comply with the requirements of this article.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.7\/","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":73335,"section_number":"38.2-1334.5","catch_line":"ORSA requirement","order_by":null,"url":"\/38.2-1334.5\/"}],"refers_to":[{"id":67644,"section_number":"38.2-1334.6","catch_line":"ORSA summary report","order_by":null,"url":"\/38.2-1334.6\/"},{"id":72298,"section_number":"38.2-5503","catch_line":"Company Action Level Event","order_by":null,"url":"\/38.2-5503\/"}],"permalink":{"id":211717,"object_type":"law","relational_id":74724,"identifier":"38.2-1334.7","token":"38.2\/13\/5.1\/38.2-1334.7","url":"\/38.2-1334.7\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.7\/","token":"38.2\/13\/5.1\/38.2-1334.7","dublin_core":{"Title":"Scope of article; exemption","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.7","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The requirements of this article shall apply to all insurers<\/span> domiciled in the Commonwealth unless exempt pursuant to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An insurer<\/span> shall be exempt from the requirements of this article if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The insurer<\/span> has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance<\/span> Corporation and National Flood Insurance<\/span> Program, less than $500 million; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The insurance group<\/span> of which the insurer<\/span> is a member has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, less than $1 billion. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If an insurer<\/span> qualifies for exemption pursuant to subdivision B 1, but the insurance group<\/span> of which the insurer<\/span> is a member does not qualify for exemption pursuant to subdivision B 2, then the ORSA summary report<\/span> that may be required pursuant to § 38.2-1334.6<\/a> shall include every insurer<\/span> within the insurance group<\/span>. This requirement may be satisfied by the submission of more than one ORSA summary report<\/span> for any combination of insurers<\/span>, provided any combination of reports includes every insurer<\/span> within the insurance group<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If an insurer<\/span> does not qualify for exemption pursuant to subdivision B 1, but the insurance group<\/span> of which it is a member qualifies for exemption pursuant to subdivision B 2, then the only ORSA summary report<\/span> that may be required pursuant to § 38.2-1334.6<\/a> shall be the report applicable to that insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> An insurer<\/span> that does not qualify for exemption pursuant to subsection B may apply to the Commission<\/span> for a waiver<\/span> from the requirements of this article based upon unique circumstances. In deciding whether to grant the insurer<\/span>’s request for waiver<\/span>, the Commission<\/span> may consider the type and volume of business written, ownership and organizational structure, and any other factor the Commission<\/span> considers relevant to the insurer<\/span> or insurance group<\/span> of which the insurer<\/span> is a member. If the insurer<\/span> is part of an insurance group<\/span> with insurers<\/span> domiciled in more than one state<\/span>, the Commission<\/span> shall coordinate with the lead state<\/span> commissioner<\/span> and with the other domiciliary commissioners<\/span> in considering whether to grant the insurer<\/span>’s request for a waiver<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Notwithstanding the exemptions stated in this section: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Commission<\/span> may require that an insurer<\/span> maintain a risk management framework, conduct an ORSA, and file an ORSA summary report<\/span> based on unique circumstances, including the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Commission<\/span> may require that an insurer<\/span> maintain a risk management framework, conduct an ORSA, and file an ORSA summary report<\/span> if the insurer<\/span> has risk-based capital for company<\/span> action level event as set forth in § 38.2-5503<\/a>, meets one or more of the standards of an insurer<\/span> deemed to be in hazardous financial condition as defined in 14VAC5-290-30 of the Virginia Administrative Code, or otherwise exhibits qualities of a troubled insurer<\/span> as determined by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> If an insurer<\/span> that qualifies for an exemption pursuant to subsection B subsequently no longer qualifies for that exemption due to changes in premium as reflected in the insurer<\/span>’s most recent annual statement or in the most recent annual statements of the insurers<\/span> within the insurance group<\/span> of which the insurer<\/span> is a member, the insurer<\/span> shall have one year following the year the threshold is exceeded to comply with the requirements of this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSCOPE OF ARTICLE; EXEMPTION (\u00a7 38.2-1334.7)\n\nA. The requirements of this article shall apply to all insurers domiciled in the\nCommonwealth unless exempt pursuant to this section.\n\nB. An insurer shall be exempt from the requirements of this article if:\n\n 1. The insurer has annual direct written and unaffiliated assumed premium,\n including international direct and assumed premium but excluding premiums\n reinsured with the Federal Crop Insurance Corporation and National Flood\n Insurance Program, less than $500 million; and\n\n 2. The insurance group of which the insurer is a member has annual direct\n written and unaffiliated assumed premium, including international direct and\n assumed premium but excluding premiums reinsured with the Federal Crop\n Insurance Corporation and National Flood Insurance Program, less than $1\n billion.\n\nC. If an insurer qualifies for exemption pursuant to subdivision B 1, but the\ninsurance group of which the insurer is a member does not qualify for exemption\npursuant to subdivision B 2, then the ORSA summary report that may be required\npursuant to § 38.2-1334.6 shall include every insurer within the insurance\ngroup. This requirement may be satisfied by the submission of more than one ORSA\nsummary report for any combination of insurers, provided any combination of\nreports includes every insurer within the insurance group.\n\nD. If an insurer does not qualify for exemption pursuant to subdivision B 1, but\nthe insurance group of which it is a member qualifies for exemption pursuant to\nsubdivision B 2, then the only ORSA summary report that may be required pursuant\nto § 38.2-1334.6 shall be the report applicable to that insurer.\n\nE. An insurer that does not qualify for exemption pursuant to subsection B may\napply to the Commission for a waiver from the requirements of this article based\nupon unique circumstances. In deciding whether to grant the insurer’s\nrequest for waiver, the Commission may consider the type and volume of business\nwritten, ownership and organizational structure, and any other factor the\nCommission considers relevant to the insurer or insurance group of which the\ninsurer is a member. If the insurer is part of an insurance group with insurers\ndomiciled in more than one state, the Commission shall coordinate with the lead\nstate commissioner and with the other domiciliary commissioners in considering\nwhether to grant the insurer’s request for a waiver.\n\nF. Notwithstanding the exemptions stated in this section:\n\n 1. The Commission may require that an insurer maintain a risk management\n framework, conduct an ORSA, and file an ORSA summary report based on unique\n circumstances, including the type and volume of business written, ownership\n and organizational structure, federal agency requests, and international\n supervisor requests.\n\n 2. The Commission may require that an insurer maintain a risk management\n framework, conduct an ORSA, and file an ORSA summary report if the insurer has\n risk-based capital for company action level event as set forth in §\n 38.2-5503, meets one or more of the standards of an insurer deemed to be in\n hazardous financial condition as defined in 14VAC5-290-30 of the Virginia\n Administrative Code, or otherwise exhibits qualities of a troubled insurer as\n determined by the Commission.\n\nG. If an insurer that qualifies for an exemption pursuant to subsection B\nsubsequently no longer qualifies for that exemption due to changes in premium as\nreflected in the insurer’s most recent annual statement or in the most\nrecent annual statements of the insurers within the insurance group of which the\ninsurer is a member, the insurer shall have one year following the year the\nthreshold is exceeded to comply with the requirements of this article.\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}}