{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1408.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1408.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1408.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1408.html"}],"law_id":68250,"edition_id":1,"section_id":68250,"structure_id":13283,"section_number":"38.2-1408","catch_line":"Authorization of investments","history":"1983, c. 457, \u00a7 38.1-217.9; 1986, c. 562.","full_text":"No domestic insurer shall make any loan, investment, or any sale or exchange of a loan or investment, except policy loans of an insurer issuing life insurance policies or annuities, unless authorized or approved. Authorization or approval shall be made by (i) its board of directors, or other governing body, or (ii) a committee authorized by the governing body or bylaws, to make investments, loans, sales or exchanges. The minutes of the committee shall be recorded, and reports of the investments, loans, sales or exchanges authorized or approved shall be submitted to the board or other governing body at its next meeting.","order_by":null,"text":{"0":{"id":246959,"text":"No domestic insurer shall make any loan, investment, or any sale or exchange of a loan or investment, except policy loans of an insurer issuing life insurance policies or annuities, unless authorized or approved. Authorization or approval shall be made by (i) its board of directors, or other governing body, or (ii) a committee authorized by the governing body or bylaws, to make investments, loans, sales or exchanges. The minutes of the committee shall be recorded, and reports of the investments, loans, sales or exchanges authorized or approved shall be submitted to the board or other governing body at its next meeting.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13283,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13282,"metadata":{},"date_created":"2026-06-26 03:44:34","date_modified":"2026-06-26 03:44:34","permalink":{"id":211889,"object_type":"structure","relational_id":13283,"identifier":"1","token":"38.2\/14\/1","url":"\/38.2\/14\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13282,"edition_id":1,"name":"Investments","identifier":"14","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:34","date_modified":"2026-06-26 03:44:34","permalink":{"id":211887,"object_type":"structure","relational_id":13282,"identifier":"14","token":"38.2\/14","url":"\/38.2\/14\/","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":64362,"structure_id":13283,"section_number":"38.2-1400","catch_line":"Scope and purpose of chapter","url":"\/38.2-1400\/","token":"38.2\/14\/1\/38.2-1400","metadata":false},{"id":57145,"structure_id":13283,"section_number":"38.2-1401","catch_line":"Definitions","url":"\/38.2-1401\/","token":"38.2\/14\/1\/38.2-1401","metadata":false},{"id":58035,"structure_id":13283,"section_number":"38.2-1402","catch_line":"Authority to invest; classification of investments by category","url":"\/38.2-1402\/","token":"38.2\/14\/1\/38.2-1402","metadata":false},{"id":85308,"structure_id":13283,"section_number":"38.2-1403","catch_line":"Category 2 investments limits","url":"\/38.2-1403\/","token":"38.2\/14\/1\/38.2-1403","metadata":false},{"id":71387,"structure_id":13283,"section_number":"38.2-1404","catch_line":"Classification of existing investments","url":"\/38.2-1404\/","token":"38.2\/14\/1\/38.2-1404","metadata":false},{"id":80503,"structure_id":13283,"section_number":"38.2-1405","catch_line":"Dates of determination","url":"\/38.2-1405\/","token":"38.2\/14\/1\/38.2-1405","metadata":false},{"id":72007,"structure_id":13283,"section_number":"38.2-1406","catch_line":"Investment conversions","url":"\/38.2-1406\/","token":"38.2\/14\/1\/38.2-1406","metadata":false},{"id":87237,"structure_id":13283,"section_number":"38.2-1407","catch_line":"Prohibited investments","url":"\/38.2-1407\/","token":"38.2\/14\/1\/38.2-1407","metadata":false},{"id":68250,"structure_id":13283,"section_number":"38.2-1408","catch_line":"Authorization of investments","url":"\/38.2-1408\/","token":"38.2\/14\/1\/38.2-1408","metadata":false},{"id":63266,"structure_id":13283,"section_number":"38.2-1409","catch_line":"Powers with respect to property","url":"\/38.2-1409\/","token":"38.2\/14\/1\/38.2-1409","metadata":false},{"id":54275,"structure_id":13283,"section_number":"38.2-1410","catch_line":"Items not deemed to be prior liens or encumbrances","url":"\/38.2-1410\/","token":"38.2\/14\/1\/38.2-1410","metadata":false},{"id":64344,"structure_id":13283,"section_number":"38.2-1411","catch_line":"Repealed","url":"\/38.2-1411\/","token":"38.2\/14\/1\/38.2-1411","metadata":false},{"id":60703,"structure_id":13283,"section_number":"38.2-1411.1","catch_line":"Investment limits generally","url":"\/38.2-1411.1\/","token":"38.2\/14\/1\/38.2-1411.1","metadata":false},{"id":82699,"structure_id":13283,"section_number":"38.2-1411.2","catch_line":"Investment limits in medium grade and lower grade obligations","url":"\/38.2-1411.2\/","token":"38.2\/14\/1\/38.2-1411.2","metadata":false}],"previous_section":{"id":87237,"structure_id":13283,"section_number":"38.2-1407","catch_line":"Prohibited investments","url":"\/38.2-1407\/","token":"38.2\/14\/1\/38.2-1407","metadata":false},"next_section":{"id":63266,"structure_id":13283,"section_number":"38.2-1409","catch_line":"Powers with respect to property","url":"\/38.2-1409\/","token":"38.2\/14\/1\/38.2-1409","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1408\/","history_text":"<p>This law was first created in 1983. The record of its establishment is cataloged in chapter 457 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. Unfortunately, the 1983 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":211923,"object_type":"law","relational_id":68250,"identifier":"38.2-1408","token":"38.2\/14\/1\/38.2-1408","url":"\/38.2-1408\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1408\/","token":"38.2\/14\/1\/38.2-1408","dublin_core":{"Title":"Authorization of investments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1408","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No domestic <span class=\"dictionary\">insurer<\/span> shall make any loan, investment, or any sale or exchange of a loan or investment, except policy loans of an <span class=\"dictionary\">insurer<\/span> issuing life <span class=\"dictionary\">insurance policies<\/span> or annuities, unless authorized or approved. Authorization or approval shall be made by (i) its board of directors, or other governing body, or (ii) a committee authorized by the governing body or bylaws, to make investments, loans, sales or exchanges. The minutes of the committee shall be recorded, and reports of the investments, loans, sales or exchanges authorized or approved shall be submitted to the board or other governing body at its next meeting.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nAUTHORIZATION OF INVESTMENTS (\u00a7 38.2-1408)\n\nNo domestic insurer shall make any loan, investment, or any sale or exchange of\na loan or investment, except policy loans of an insurer issuing life insurance\npolicies or annuities, unless authorized or approved. Authorization or approval\nshall be made by (i) its board of directors, or other governing body, or (ii) a\ncommittee authorized by the governing body or bylaws, to make investments,\nloans, sales or exchanges. The minutes of the committee shall be recorded, and\nreports of the investments, loans, sales or exchanges authorized or approved\nshall be submitted to the board or other governing body at its next meeting.\n\nHISTORY: 1983, c. 457, \u00a7 38.1-217.9; 1986, c. 562.","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}}