{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1366.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1366.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1366.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1366.html"}],"law_id":80617,"edition_id":1,"section_id":80617,"structure_id":14262,"section_number":"38.2-1366","catch_line":"Reserve valuation","history":"2014, c. 571.","full_text":"A\n\nFor policies and contracts issued prior to the operative date of the valuation manual:1\n\nThe Commission shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in the Commonwealth issued prior to the operative date of the valuation manual. In calculating reserves, the Commission may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company, the Commission may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this article.2\n\nThe provisions set forth in §§ 38.2-1368 through 38.2-1378 shall apply to all policies and contracts, as appropriate, subject to this article issued prior to the operative date of the valuation manual and the provisions set forth in §§ 38.2-1379 and 38.2-1380 shall not apply to any such policies and contracts.B\n\nFor policies and contracts issued on or after the operative date of the valuation manual:1\n\nThe Commission shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every insurance company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the Commission may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this article.2\n\nThe provisions set forth in §§ 38.2-1379 and 38.2-1380 shall apply to all policies and contracts issued on or after the operative date of the valuation manual.C\n\nOn or before the last day of February of each year, every domestic incorporated life insurer shall furnish the Commission the necessary data for determining the valuation of all of its policies outstanding on the last preceding December 31. For good cause shown, the Commission may extend an insurer’s deadline for submitting this data.","order_by":null,"text":{"0":{"id":288949,"text":"For policies and contracts issued prior to the operative date of the valuation manual:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":288950,"text":"The Commission shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in the Commonwealth issued prior to the operative date of the valuation manual. In calculating reserves, the Commission may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company, the Commission may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this article.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":288951,"text":"The provisions set forth in §§ 38.2-1368 through 38.2-1378 shall apply to all policies and contracts, as appropriate, subject to this article issued prior to the operative date of the valuation manual and the provisions set forth in §§ 38.2-1379 and 38.2-1380 shall not apply to any such policies and contracts.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":288952,"text":"For policies and contracts issued on or after the operative date of the valuation manual:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"B1"},"4":{"id":288953,"text":"The Commission shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every insurance company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the Commission may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this article.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"5":{"id":288954,"text":"The provisions set forth in §§ 38.2-1379 and 38.2-1380 shall apply to all policies and contracts issued on or after the operative date of the valuation manual.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"6":{"id":288955,"text":"On or before the last day of February of each year, every domestic incorporated life insurer shall furnish the Commission the necessary data for determining the valuation of all of its policies outstanding on the last preceding December 31. For good cause shown, the Commission may extend an insurer’s deadline for submitting this data.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1366\/","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":71532,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","order_by":null,"url":"\/38.2-1378\/"},{"id":86866,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","order_by":null,"url":"\/38.2-1379\/"}],"refers_to":[{"id":67907,"section_number":"38.2-1368","catch_line":"Minimum valuation standard for policies issued prior to certain dates","order_by":null,"url":"\/38.2-1368\/"},{"id":71532,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","order_by":null,"url":"\/38.2-1378\/"},{"id":86866,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","order_by":null,"url":"\/38.2-1379\/"},{"id":82780,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","order_by":null,"url":"\/38.2-1380\/"}],"permalink":{"id":211393,"object_type":"law","relational_id":80617,"identifier":"38.2-1366","token":"38.2\/13\/10\/38.2-1366","url":"\/38.2-1366\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1366\/","token":"38.2\/13\/10\/38.2-1366","dublin_core":{"Title":"Reserve valuation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1366","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For policies and contracts<\/span> issued prior to the operative date of the valuation manual<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Commission<\/span> shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies<\/span> and annuity and pure endowment contracts<\/span> of every life insurance company<\/span> doing business in the Commonwealth issued prior to the operative date of the valuation manual<\/span>. In calculating reserves, the Commission<\/span> may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company<\/span>, the Commission<\/span> may accept a valuation made, or caused to be made, by the insurance supervisory official of any state<\/span> or other jurisdiction<\/span> when the valuation complies with the minimum standard provided in this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The provisions set forth in §§ 38.2-1368<\/a> through 38.2-1378<\/a> shall apply to all policies and contracts<\/span>, as appropriate, subject to this article issued prior to the operative date of the valuation manual<\/span> and the provisions set forth in §§ 38.2-1379<\/a> and 38.2-1380<\/a> shall not apply to any such policies and contracts<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For policies and contracts<\/span> issued on or after the operative date of the valuation manual<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Commission<\/span> shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts<\/span>, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts<\/span> of every insurance company<\/span> issued on or after the operative date of the valuation manual<\/span>. In lieu of the valuation of the reserves required of a foreign or alien company<\/span>, the Commission<\/span> may accept a valuation made, or caused to be made, by the insurance supervisory official of any state<\/span> or other jurisdiction<\/span> when the valuation complies with the minimum standard provided in this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The provisions set forth in §§ 38.2-1379<\/a> and 38.2-1380<\/a> shall apply to all policies and contracts issued on or after the operative date of the valuation manual<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> On or before the last day of February of each year, every domestic incorporated life insurer<\/span> shall furnish the Commission<\/span> the necessary data for determining the valuation of all of its policies outstanding on the last preceding December 31. For good cause shown, the Commission<\/span> may extend an insurer<\/span>’s deadline for submitting this data. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESERVE VALUATION (\u00a7 38.2-1366)\n\nA. For policies and contracts issued prior to the operative date of the\nvaluation manual:\n\n 1. The Commission shall annually value, or cause to be valued, the reserve\n liabilities (hereinafter called reserves) for all outstanding life insurance\n policies and annuity and pure endowment contracts of every life insurance\n company doing business in the Commonwealth issued prior to the operative date\n of the valuation manual. In calculating reserves, the Commission may use group\n methods and approximate averages for fractions of a year or otherwise. In lieu\n of the valuation of the reserves required of a foreign or alien company, the\n Commission may accept a valuation made, or caused to be made, by the insurance\n supervisory official of any state or other jurisdiction when the valuation\n complies with the minimum standard provided in this article.\n\n 2. The provisions set forth in §§ 38.2-1368 through 38.2-1378 shall\n apply to all policies and contracts, as appropriate, subject to this article\n issued prior to the operative date of the valuation manual and the provisions\n set forth in §§ 38.2-1379 and 38.2-1380 shall not apply to any such\n policies and contracts.\n\nB. For policies and contracts issued on or after the operative date of the\nvaluation manual:\n\n 1. The Commission shall annually value, or cause to be valued, the reserve\n liabilities (hereinafter called reserves) for all outstanding life insurance\n contracts, annuity and pure endowment contracts, accident and health\n contracts, and deposit-type contracts of every insurance company issued on or\n after the operative date of the valuation manual. In lieu of the valuation of\n the reserves required of a foreign or alien company, the Commission may accept\n a valuation made, or caused to be made, by the insurance supervisory official\n of any state or other jurisdiction when the valuation complies with the\n minimum standard provided in this article.\n\n 2. The provisions set forth in §§ 38.2-1379 and 38.2-1380 shall\n apply to all policies and contracts issued on or after the operative date of\n the valuation manual.\n\nC. On or before the last day of February of each year, every domestic\nincorporated life insurer shall furnish the Commission the necessary data for\ndetermining the valuation of all of its policies outstanding on the last\npreceding December 31. For good cause shown, the Commission may extend an\ninsurer’s deadline for submitting this data.\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}}