{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1365.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1365.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1365.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1365.html"}],"law_id":84586,"edition_id":1,"section_id":84586,"structure_id":14262,"section_number":"38.2-1365","catch_line":"Definitions","history":"2014, c. 571.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.\n\t\t“Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in subsection B of \u00a7 38.2-1367.\n\t\t“Deposit-type contract” means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual.\n\t\t“Insurance company” or “insurer” means an entity that (i) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in the Commonwealth and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in the Commonwealth.\n\t\t“Life insurance” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Policyholder behavior” means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this article, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.\n\t\t“Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with \u00a7 38.2-1380 as specified in the valuation manual.\n\t\t“Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual.\n\t\t“Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude.\n\t\t“Valuation manual” means the manual of valuation instructions adopted by the NAIC as specified in this article or as subsequently amended.","order_by":null,"text":{"0":{"id":303134,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.\n\t\t“Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in subsection B of \u00a7 38.2-1367.\n\t\t“Deposit-type contract” means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual.\n\t\t“Insurance company” or “insurer” means an entity that (i) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in the Commonwealth and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in the Commonwealth.\n\t\t“Life insurance” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Policyholder behavior” means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this article, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.\n\t\t“Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with \u00a7 38.2-1380 as specified in the valuation manual.\n\t\t“Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual.\n\t\t“Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude.\n\t\t“Valuation manual” means the manual of valuation instructions adopted by the NAIC as specified in this article or as subsequently amended.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14262,"edition_id":1,"name":"Standard Valuation","identifier":"10","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:47:30","date_modified":"2026-06-26 03:47:30","permalink":{"id":211387,"object_type":"structure","relational_id":14262,"identifier":"10","token":"38.2\/13\/10","url":"\/38.2\/13\/10\/","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":84586,"structure_id":14262,"section_number":"38.2-1365","catch_line":"Definitions","url":"\/38.2-1365\/","token":"38.2\/13\/10\/38.2-1365","metadata":false},{"id":80617,"structure_id":14262,"section_number":"38.2-1366","catch_line":"Reserve valuation","url":"\/38.2-1366\/","token":"38.2\/13\/10\/38.2-1366","metadata":false},{"id":70162,"structure_id":14262,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","url":"\/38.2-1367\/","token":"38.2\/13\/10\/38.2-1367","metadata":false},{"id":67907,"structure_id":14262,"section_number":"38.2-1368","catch_line":"Minimum valuation standard for policies issued prior to certain dates","url":"\/38.2-1368\/","token":"38.2\/13\/10\/38.2-1368","metadata":false},{"id":66783,"structure_id":14262,"section_number":"38.2-1369","catch_line":"Computation of minimum standard","url":"\/38.2-1369\/","token":"38.2\/13\/10\/38.2-1369","metadata":false},{"id":86779,"structure_id":14262,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","url":"\/38.2-1370\/","token":"38.2\/13\/10\/38.2-1370","metadata":false},{"id":76954,"structure_id":14262,"section_number":"38.2-1371","catch_line":"Computation of minimum standard by calendar year of issue","url":"\/38.2-1371\/","token":"38.2\/13\/10\/38.2-1371","metadata":false},{"id":72346,"structure_id":14262,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","url":"\/38.2-1372\/","token":"38.2\/13\/10\/38.2-1372","metadata":false},{"id":76847,"structure_id":14262,"section_number":"38.2-1373","catch_line":"Reserve valuation method; annuity and pure endowment benefits","url":"\/38.2-1373\/","token":"38.2\/13\/10\/38.2-1373","metadata":false},{"id":77501,"structure_id":14262,"section_number":"38.2-1374","catch_line":"Minimum reserves","url":"\/38.2-1374\/","token":"38.2\/13\/10\/38.2-1374","metadata":false},{"id":84837,"structure_id":14262,"section_number":"38.2-1375","catch_line":"Optional reserve calculation","url":"\/38.2-1375\/","token":"38.2\/13\/10\/38.2-1375","metadata":false},{"id":55507,"structure_id":14262,"section_number":"38.2-1376","catch_line":"Reserve calculation; valuation net premium exceeding the gross premium charged","url":"\/38.2-1376\/","token":"38.2\/13\/10\/38.2-1376","metadata":false},{"id":76132,"structure_id":14262,"section_number":"38.2-1377","catch_line":"Reserve calculation; indeterminate premium plans","url":"\/38.2-1377\/","token":"38.2\/13\/10\/38.2-1377","metadata":false},{"id":71532,"structure_id":14262,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","url":"\/38.2-1378\/","token":"38.2\/13\/10\/38.2-1378","metadata":false},{"id":86866,"structure_id":14262,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","url":"\/38.2-1379\/","token":"38.2\/13\/10\/38.2-1379","metadata":false},{"id":82780,"structure_id":14262,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","url":"\/38.2-1380\/","token":"38.2\/13\/10\/38.2-1380","metadata":false},{"id":56910,"structure_id":14262,"section_number":"38.2-1381","catch_line":"Experience reporting for policies in force on or after the operative date of the valuation manual","url":"\/38.2-1381\/","token":"38.2\/13\/10\/38.2-1381","metadata":false},{"id":67564,"structure_id":14262,"section_number":"38.2-1382","catch_line":"Confidentiality","url":"\/38.2-1382\/","token":"38.2\/13\/10\/38.2-1382","metadata":false},{"id":76707,"structure_id":14262,"section_number":"38.2-1383","catch_line":"Single state exemption","url":"\/38.2-1383\/","token":"38.2\/13\/10\/38.2-1383","metadata":false},{"id":63558,"structure_id":14262,"section_number":"38.2-1384","catch_line":"Assessment against insurers whose policies are valued","url":"\/38.2-1384\/","token":"38.2\/13\/10\/38.2-1384","metadata":false},{"id":65928,"structure_id":14262,"section_number":"38.2-1385","catch_line":"Article not applicable in certain cases","url":"\/38.2-1385\/","token":"38.2\/13\/10\/38.2-1385","metadata":false}],"next_section":{"id":80617,"structure_id":14262,"section_number":"38.2-1366","catch_line":"Reserve valuation","url":"\/38.2-1366\/","token":"38.2\/13\/10\/38.2-1366","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1365\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 571<\/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":81929,"section_number":"38.2-1315.1","catch_line":"Actuarial statements of opinion, reports, memoranda, and summaries","order_by":null,"url":"\/38.2-1315.1\/"},{"id":81650,"section_number":"38.2-3101","catch_line":"Legal reserve insurers","order_by":null,"url":"\/38.2-3101\/"},{"id":77084,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","order_by":null,"url":"\/38.2-3209\/"}],"refers_to":[{"id":70162,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","order_by":null,"url":"\/38.2-1367\/"},{"id":82780,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","order_by":null,"url":"\/38.2-1380\/"}],"permalink":{"id":211389,"object_type":"law","relational_id":84586,"identifier":"38.2-1365","token":"38.2\/13\/10\/38.2-1365","url":"\/38.2-1365\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1365\/","token":"38.2\/13\/10\/38.2-1365","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1365","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“Accident and health insurance<\/span>” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual<\/span>.\n\t\t“Appointed actuary<\/span>” means a qualified actuary<\/span> who is appointed in accordance with the valuation manual<\/span> to prepare the actuarial opinion<\/span> required in subsection B of \u00a7 38.2-1367<\/a>.\n\t\t“Deposit-type contract<\/span>” means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual<\/span>.\n\t\t“Insurance company<\/span>” or “insurer<\/span>” means an entity that (i) has written, issued, or reinsured life insurance contracts<\/span>, accident and health insurance<\/span> contracts, or deposit-type contracts<\/span> in the Commonwealth and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts<\/span>, accident and health insurance<\/span> contracts, or deposit-type contracts<\/span> in any state<\/span> and is required to hold a certificate of authority to write life insurance<\/span>, accident and health insurance<\/span>, or deposit-type contracts<\/span> in the Commonwealth.\n\t\t“Life insurance<\/span>” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual<\/span>.\n\t\t“NAIC<\/span>” means the National Association of Insurance Commissioners<\/span>.\n\t\t“Policyholder behavior<\/span>” means any action a policyholder, contract holder or any other person<\/span> with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this article, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.\n\t\t“Principle-based valuation<\/span>” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer<\/span> and is required to comply with \u00a7 38.2-1380<\/a> as specified in the valuation manual<\/span>.\n\t\t“Qualified actuary<\/span>” means an individual who is qualified to sign the applicable statement of actuarial opinion<\/span> in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual<\/span>.\n\t\t“Tail risk<\/span>” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude.\n\t\t“Valuation manual<\/span>” means the manual of valuation instructions adopted by the NAIC<\/span> as specified in this article or as subsequently amended.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-1365)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Accident and health insurance” means contracts that incorporate\nmorbidity risk and provide protection against economic loss resulting from\naccident, sickness, or medical conditions and as may be specified in the\nvaluation manual.\n\t\t“Appointed actuary” means a qualified actuary who is appointed in\naccordance with the valuation manual to prepare the actuarial opinion required\nin subsection B of \u00a7 38.2-1367.\n\t\t“Deposit-type contract” means contracts that do not incorporate\nmortality or morbidity risks and as may be specified in the valuation manual.\n\t\t“Insurance company” or “insurer” means an entity that\n(i) has written, issued, or reinsured life insurance contracts, accident and\nhealth insurance contracts, or deposit-type contracts in the Commonwealth and\nhas at least one such policy in force or on claim or (ii) has written, issued,\nor reinsured life insurance contracts, accident and health insurance contracts,\nor deposit-type contracts in any state and is required to hold a certificate of\nauthority to write life insurance, accident and health insurance, or\ndeposit-type contracts in the Commonwealth.\n\t\t“Life insurance” means contracts that incorporate mortality risk,\nincluding annuity and pure endowment contracts, and as may be specified in the\nvaluation manual.\n\t\t“NAIC” means the National Association of Insurance Commissioners.\n\t\t“Policyholder behavior” means any action a policyholder, contract\nholder or any other person with the right to elect options, such as a\ncertificate holder, may take under a policy or contract subject to this article,\nincluding, but not limited to, lapse, withdrawal, transfer, deposit, premium\npayment, loan, annuitization, or benefit elections prescribed by the policy or\ncontract but excluding events of mortality or morbidity that result in benefits\nprescribed in their essential aspects by the terms of the policy or contract.\n\t\t“Principle-based valuation” means a reserve valuation that uses\none or more methods or one or more assumptions determined by the insurer and is\nrequired to comply with \u00a7 38.2-1380 as specified in the valuation manual.\n\t\t“Qualified actuary” means an individual who is qualified to sign\nthe applicable statement of actuarial opinion in accordance with the American\nAcademy of Actuaries qualification standards for actuaries signing such\nstatements and who meets the requirements specified in the valuation manual.\n\t\t“Tail risk” means a risk that occurs either where the frequency of\nlow probability events is higher than expected under a normal probability\ndistribution or where there are observed events of very significant size or\nmagnitude.\n\t\t“Valuation manual” means the manual of valuation instructions\nadopted by the NAIC as specified in this article or as subsequently amended.\n\nHISTORY: 2014, c. 571.","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}}