{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1373.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1373.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1373.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1373.html"}],"law_id":76847,"edition_id":1,"section_id":76847,"structure_id":14262,"section_number":"38.2-1373","catch_line":"Reserve valuation method; annuity and pure endowment benefits","history":"2014, c. 571.","full_text":"A\n\nThis section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or both, other than a plan providing individual retirement accounts or individual retirement annuities under &#xA7; 408 of the Internal Revenue Code, as now or hereafter amended.B\n\nReserves according to the Commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in those contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of those contracts to determine nonforfeiture values.","order_by":null,"text":{"0":{"id":275875,"text":"This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or both, other than a plan providing individual retirement accounts or individual retirement annuities under &#xA7; 408 of the Internal Revenue Code, as now or hereafter amended.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":275876,"text":"Reserves according to the Commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in those contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of those contracts to determine nonforfeiture values.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1373\/","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+CHAP0571\">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":66783,"section_number":"38.2-1369","catch_line":"Computation of minimum standard","order_by":null,"url":"\/38.2-1369\/"},{"id":86779,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","order_by":null,"url":"\/38.2-1370\/"},{"id":72346,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","order_by":null,"url":"\/38.2-1372\/"},{"id":77501,"section_number":"38.2-1374","catch_line":"Minimum reserves","order_by":null,"url":"\/38.2-1374\/"},{"id":76132,"section_number":"38.2-1377","catch_line":"Reserve calculation; indeterminate premium plans","order_by":null,"url":"\/38.2-1377\/"}],"refers_to":false,"permalink":{"id":211421,"object_type":"law","relational_id":76847,"identifier":"38.2-1373","token":"38.2\/13\/10\/38.2-1373","url":"\/38.2-1373\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1373\/","token":"38.2\/13\/10\/38.2-1373","dublin_core":{"Title":"Reserve valuation method; annuity and pure endowment benefits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1373","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> This section shall apply to all annuity and pure endowment <span class=\"dictionary\">contracts<\/span> other than group annuity and pure endowment <span class=\"dictionary\">contracts<\/span> purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or both, other than a plan providing individual retirement accounts or individual retirement annuities under &#xA7; 408 of the Internal Revenue Code, as now or hereafter amended. <a id=\"paragraph-275875\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1373\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Reserves according to the <span class=\"dictionary\">Commissioners<\/span> annuity reserve method for benefits under annuity or pure endowment <span class=\"dictionary\">contracts<\/span>, excluding any disability and accidental death benefits in the <span class=\"dictionary\">contracts<\/span>, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the <span class=\"dictionary\">contracts<\/span> at the end of each respective <span class=\"dictionary\">contract<\/span> year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the <span class=\"dictionary\">contract<\/span>, that become payable prior to the end of the respective <span class=\"dictionary\">contract<\/span> year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest <span class=\"dictionary\">rate<\/span>, or <span class=\"dictionary\"><span class=\"dictionary\">rates<\/span><\/span>, specified in those <span class=\"dictionary\">contracts<\/span> for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of those <span class=\"dictionary\">contracts<\/span> to determine nonforfeiture values. <a id=\"paragraph-275876\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1373\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nRESERVE VALUATION METHOD; ANNUITY AND PURE ENDOWMENT BENEFITS (\u00a7 38.2-1373)\n\nA. This section shall apply to all annuity and pure endowment contracts other\nthan group annuity and pure endowment contracts purchased under a retirement\nplan or plan of deferred compensation, established or maintained by an employer,\nincluding a partnership or sole proprietorship, or by an employee organization,\nor both, other than a plan providing individual retirement accounts or\nindividual retirement annuities under &#xA7; 408 of the Internal Revenue Code,\nas now or hereafter amended.\n\nB. Reserves according to the Commissioners annuity reserve method for benefits\nunder annuity or pure endowment contracts, excluding any disability and\naccidental death benefits in the contracts, shall be the greatest of the\nrespective excesses of the present values, at the date of valuation, of the\nfuture guaranteed benefits, including guaranteed nonforfeiture benefits,\nprovided for by the contracts at the end of each respective contract year, over\nthe present value, at the date of valuation, of any future valuation\nconsiderations derived from future gross considerations, required by the terms\nof the contract, that become payable prior to the end of the respective contract\nyear. The future guaranteed benefits shall be determined by using the mortality\ntable, if any, and the interest rate, or rates, specified in those contracts for\ndetermining guaranteed benefits. The valuation considerations are the portions\nof the respective gross considerations applied under the terms of those\ncontracts to determine nonforfeiture values.\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}}