{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1414.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1414.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1414.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1414.html"}],"law_id":81959,"edition_id":1,"section_id":81959,"structure_id":14741,"section_number":"38.2-1414","catch_line":"Limits by type of investment","history":"1983, c. 457, \u00a7 38.1-217.17; 1986, c. 562; 1992, c. 588; 1993, c. 47; 1995, c. 60; 1998, c. 414; 2014, cc. 159, 206.","full_text":"A\n\nThe portion of a domestic insurer’s total admitted assets in the following types of investments shall not exceed:1\n\nTen percent for the aggregate of investments made eligible by §§ 38.2-1416 and 38.2-1417;2\n\nFive percent for the investments in each agency made eligible by § 38.2-1418, and 10 percent for the aggregate of investments made eligible by § 38.2-1418;3\n\nTen percent for the investments made eligible by § 38.2-1419;4\n\nTen percent for the investments made eligible by § 38.2-1420;5\n\nFor the aggregate of investments made eligible under §§ 38.2-1421 and 38.2-1422, (i) 90 percent for any life insurer and (ii) 40 percent for all other insurers;6\n\nTen percent for the investments made eligible by subsection B of § 38.2-1421; and two percent for the investments made eligible by subsection C of § 38.2-1421;7\n\nTwenty percent for the investments made eligible by § 38.2-1422;8\n\nTen percent for the investments made eligible by § 38.2-1423;9\n\nFive percent for the investments made eligible by § 38.2-1424;10\n\nFive percent for the investments made eligible by § 38.2-1425;11\n\nThe lesser of 15 percent or the amount by which an insurer’s surplus to policyholders exceeds its minimum capital and surplus for the aggregate of investments made eligible by §§ 38.2-1427, 38.2-1427.1 and 38.2-1427.2, of which no more than five percent of the total admitted assets shall be in investments made eligible by § 38.2-1427.1;12\n\nFor the aggregate of investments made eligible by § 38.2-1427.3, when combined with the insurer’s total investment in affiliates, the lesser of 10 percent of the insurer’s admitted assets or 50 percent of the insurer’s surplus to policyholders in excess of its minimum capital and surplus, provided that total investments in affiliates do not include investments made by the insurer in money market mutual funds made eligible by § 38.2-1432;13\n\nFifteen percent for investments made eligible by subsection B of § 38.2-1433, and an amount equal to its deposit and reserve obligations incurred in a foreign country for the investments made eligible by subsection A of § 38.2-1433;14\n\nTwo percent for the investments made eligible (including those that the insurer is obligated to make as well as those made) by subdivision 3 of § 38.2-1434;15\n\nTwo percent for the investments made eligible by § 38.2-1435;16\n\nTen percent for the investments made eligible by § 38.2-1436;17\n\nFor the aggregate of investments made eligible by § 38.2-1437.1, when combined with the insurer’s investments in mortgages under §§ 38.2-1434 through 38.2-1436 and § 38.2-1439, (i) 60 percent for any life insurer and (ii) 30 percent for all other insurers;18\n\nTwo percent for the investments made eligible by § 38.2-1440; and19\n\nTwenty-five percent for the total of investments made eligible by § 38.2-1441, of which no more than five percent of the total admitted assets shall be in investments in real property to be used primarily for hotel purposes.B\n\nThe amount loaned under § 38.2-1430 shall be subject to the limitations of this section applicable to the kinds of securities or obligations pledged in connection with the loan.","order_by":null,"text":{"0":{"id":293664,"text":"The portion of a domestic insurer’s total admitted assets in the following types of investments shall not exceed:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":293665,"text":"Ten percent for the aggregate of investments made eligible by §§ 38.2-1416 and 38.2-1417;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":293666,"text":"Five percent for the investments in each agency made eligible by § 38.2-1418, and 10 percent for the aggregate of investments made eligible by § 38.2-1418;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":293667,"text":"Ten percent for the investments made eligible by § 38.2-1419;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":293668,"text":"Ten percent for the investments made eligible by § 38.2-1420;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":293669,"text":"For the aggregate of investments made eligible under §§ 38.2-1421 and 38.2-1422, (i) 90 percent for any life insurer and (ii) 40 percent for all other insurers;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":293670,"text":"Ten percent for the investments made eligible by subsection B of § 38.2-1421; and two percent for the investments made eligible by subsection C of § 38.2-1421;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":293671,"text":"Twenty percent for the investments made eligible by § 38.2-1422;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":293672,"text":"Ten percent for the investments made eligible by § 38.2-1423;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":293673,"text":"Five percent for the investments made eligible by § 38.2-1424;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":293674,"text":"Five percent for the investments made eligible by § 38.2-1425;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":293675,"text":"The lesser of 15 percent or the amount by which an insurer’s surplus to policyholders exceeds its minimum capital and surplus for the aggregate of investments made eligible by §§ 38.2-1427, 38.2-1427.1 and 38.2-1427.2, of which no more than five percent of the total admitted assets shall be in investments made eligible by § 38.2-1427.1;","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":293676,"text":"For the aggregate of investments made eligible by § 38.2-1427.3, when combined with the insurer’s total investment in affiliates, the lesser of 10 percent of the insurer’s admitted assets or 50 percent of the insurer’s surplus to policyholders in excess of its minimum capital and surplus, provided that total investments in affiliates do not include investments made by the insurer in money market mutual funds made eligible by § 38.2-1432;","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":293677,"text":"Fifteen percent for investments made eligible by subsection B of § 38.2-1433, and an amount equal to its deposit and reserve obligations incurred in a foreign country for the investments made eligible by subsection A of § 38.2-1433;","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":293678,"text":"Two percent for the investments made eligible (including those that the insurer is obligated to make as well as those made) by subdivision 3 of § 38.2-1434;","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"A15"},"15":{"id":293679,"text":"Two percent for the investments made eligible by § 38.2-1435;","type":"section","prefixes":["A","15"],"prefix":"15","entire_prefix":"A15","prefix_anchor":"A15","level":2,"prior_prefix":"A14","next_prefix":"A16"},"16":{"id":293680,"text":"Ten percent for the investments made eligible by § 38.2-1436;","type":"section","prefixes":["A","16"],"prefix":"16","entire_prefix":"A16","prefix_anchor":"A16","level":2,"prior_prefix":"A15","next_prefix":"A17"},"17":{"id":293681,"text":"For the aggregate of investments made eligible by § 38.2-1437.1, when combined with the insurer’s investments in mortgages under §§ 38.2-1434 through 38.2-1436 and § 38.2-1439, (i) 60 percent for any life insurer and (ii) 30 percent for all other insurers;","type":"section","prefixes":["A","17"],"prefix":"17","entire_prefix":"A17","prefix_anchor":"A17","level":2,"prior_prefix":"A16","next_prefix":"A18"},"18":{"id":293682,"text":"Two percent for the investments made eligible by § 38.2-1440; and","type":"section","prefixes":["A","18"],"prefix":"18","entire_prefix":"A18","prefix_anchor":"A18","level":2,"prior_prefix":"A17","next_prefix":"A19"},"19":{"id":293683,"text":"Twenty-five percent for the total of investments made eligible by § 38.2-1441, of which no more than five percent of the total admitted assets shall be in investments in real property to be used primarily for hotel purposes.","type":"section","prefixes":["A","19"],"prefix":"19","entire_prefix":"A19","prefix_anchor":"A19","level":2,"prior_prefix":"A18","next_prefix":"B"},"20":{"id":293684,"text":"The amount loaned under § 38.2-1430 shall be subject to the limitations of this section applicable to the kinds of securities or obligations pledged in connection with the loan.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A19"}},"ancestry":[{"id":14741,"edition_id":1,"name":"Category 1 Investments","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13282,"metadata":{},"date_created":"2026-06-26 03:49:39","date_modified":"2026-06-26 03:49:39","permalink":{"id":211947,"object_type":"structure","relational_id":14741,"identifier":"2","token":"38.2\/14\/2","url":"\/38.2\/14\/2\/","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":78849,"structure_id":14741,"section_number":"38.2-1412","catch_line":"Scope of article","url":"\/38.2-1412\/","token":"38.2\/14\/2\/38.2-1412","metadata":false},{"id":80227,"structure_id":14741,"section_number":"38.2-1413","catch_line":"Investment limits for one obligor, one issue or one loan","url":"\/38.2-1413\/","token":"38.2\/14\/2\/38.2-1413","metadata":false},{"id":81959,"structure_id":14741,"section_number":"38.2-1414","catch_line":"Limits by type of investment","url":"\/38.2-1414\/","token":"38.2\/14\/2\/38.2-1414","metadata":false},{"id":84933,"structure_id":14741,"section_number":"38.2-1415","catch_line":"Obligations of domestic governmental entities","url":"\/38.2-1415\/","token":"38.2\/14\/2\/38.2-1415","metadata":false},{"id":57477,"structure_id":14741,"section_number":"38.2-1416","catch_line":"Canadian governmental obligations","url":"\/38.2-1416\/","token":"38.2\/14\/2\/38.2-1416","metadata":false},{"id":73318,"structure_id":14741,"section_number":"38.2-1417","catch_line":"Canadian corporate obligations","url":"\/38.2-1417\/","token":"38.2\/14\/2\/38.2-1417","metadata":false},{"id":82385,"structure_id":14741,"section_number":"38.2-1418","catch_line":"Obligations of certain international agencies","url":"\/38.2-1418\/","token":"38.2\/14\/2\/38.2-1418","metadata":false},{"id":82955,"structure_id":14741,"section_number":"38.2-1419","catch_line":"Railroad terminal and other securities","url":"\/38.2-1419\/","token":"38.2\/14\/2\/38.2-1419","metadata":false},{"id":87150,"structure_id":14741,"section_number":"38.2-1420","catch_line":"Transportation equipment trust certificates","url":"\/38.2-1420\/","token":"38.2\/14\/2\/38.2-1420","metadata":false},{"id":59466,"structure_id":14741,"section_number":"38.2-1421","catch_line":"Business entity obligations","url":"\/38.2-1421\/","token":"38.2\/14\/2\/38.2-1421","metadata":false},{"id":57257,"structure_id":14741,"section_number":"38.2-1422","catch_line":"Obligations secured by certain leases","url":"\/38.2-1422\/","token":"38.2\/14\/2\/38.2-1422","metadata":false},{"id":56462,"structure_id":14741,"section_number":"38.2-1423","catch_line":"Preferred stocks","url":"\/38.2-1423\/","token":"38.2\/14\/2\/38.2-1423","metadata":false},{"id":75394,"structure_id":14741,"section_number":"38.2-1424","catch_line":"Guaranteed stocks","url":"\/38.2-1424\/","token":"38.2\/14\/2\/38.2-1424","metadata":false},{"id":79550,"structure_id":14741,"section_number":"38.2-1425","catch_line":"Common stock of banks or trust companies","url":"\/38.2-1425\/","token":"38.2\/14\/2\/38.2-1425","metadata":false},{"id":77680,"structure_id":14741,"section_number":"38.2-1426","catch_line":"Application of earnings tests","url":"\/38.2-1426\/","token":"38.2\/14\/2\/38.2-1426","metadata":false},{"id":69831,"structure_id":14741,"section_number":"38.2-1427","catch_line":"Common stock; covered call options","url":"\/38.2-1427\/","token":"38.2\/14\/2\/38.2-1427","metadata":false},{"id":83916,"structure_id":14741,"section_number":"38.2-1427.1","catch_line":"Limited partnerships","url":"\/38.2-1427.1\/","token":"38.2\/14\/2\/38.2-1427.1","metadata":false},{"id":86379,"structure_id":14741,"section_number":"38.2-1427.2","catch_line":"Investment company shares and units of beneficial interest","url":"\/38.2-1427.2\/","token":"38.2\/14\/2\/38.2-1427.2","metadata":false},{"id":74587,"structure_id":14741,"section_number":"38.2-1427.3","catch_line":"Investment authority; subsidiary corporations","url":"\/38.2-1427.3\/","token":"38.2\/14\/2\/38.2-1427.3","metadata":false},{"id":69711,"structure_id":14741,"section_number":"38.2-1428","catch_line":"Derivative instruments","url":"\/38.2-1428\/","token":"38.2\/14\/2\/38.2-1428","metadata":false},{"id":80990,"structure_id":14741,"section_number":"38.2-1429","catch_line":"Lending of securities","url":"\/38.2-1429\/","token":"38.2\/14\/2\/38.2-1429","metadata":false},{"id":86617,"structure_id":14741,"section_number":"38.2-1430","catch_line":"Collateral loans","url":"\/38.2-1430\/","token":"38.2\/14\/2\/38.2-1430","metadata":false},{"id":69205,"structure_id":14741,"section_number":"38.2-1431","catch_line":"Policy loans","url":"\/38.2-1431\/","token":"38.2\/14\/2\/38.2-1431","metadata":false},{"id":74795,"structure_id":14741,"section_number":"38.2-1432","catch_line":"Savings, certificates, etc","url":"\/38.2-1432\/","token":"38.2\/14\/2\/38.2-1432","metadata":false},{"id":79072,"structure_id":14741,"section_number":"38.2-1433","catch_line":"Foreign securities","url":"\/38.2-1433\/","token":"38.2\/14\/2\/38.2-1433","metadata":false},{"id":71966,"structure_id":14741,"section_number":"38.2-1434","catch_line":"Mortgage loans","url":"\/38.2-1434\/","token":"38.2\/14\/2\/38.2-1434","metadata":false},{"id":75123,"structure_id":14741,"section_number":"38.2-1435","catch_line":"Second mortgages; wrap-around mortgages","url":"\/38.2-1435\/","token":"38.2\/14\/2\/38.2-1435","metadata":false},{"id":78317,"structure_id":14741,"section_number":"38.2-1436","catch_line":"Mortgage participations","url":"\/38.2-1436\/","token":"38.2\/14\/2\/38.2-1436","metadata":false},{"id":67740,"structure_id":14741,"section_number":"38.2-1437","catch_line":"Limitations on mortgages","url":"\/38.2-1437\/","token":"38.2\/14\/2\/38.2-1437","metadata":false},{"id":80668,"structure_id":14741,"section_number":"38.2-1437.1","catch_line":"Mortgage pass-through securities","url":"\/38.2-1437.1\/","token":"38.2\/14\/2\/38.2-1437.1","metadata":false},{"id":64298,"structure_id":14741,"section_number":"38.2-1438","catch_line":"Renewals and extensions when value of property decreases","url":"\/38.2-1438\/","token":"38.2\/14\/2\/38.2-1438","metadata":false},{"id":62837,"structure_id":14741,"section_number":"38.2-1439","catch_line":"Chattel mortgages","url":"\/38.2-1439\/","token":"38.2\/14\/2\/38.2-1439","metadata":false},{"id":65110,"structure_id":14741,"section_number":"38.2-1440","catch_line":"Investment in personal property","url":"\/38.2-1440\/","token":"38.2\/14\/2\/38.2-1440","metadata":false},{"id":74841,"structure_id":14741,"section_number":"38.2-1441","catch_line":"Real estate","url":"\/38.2-1441\/","token":"38.2\/14\/2\/38.2-1441","metadata":false},{"id":58210,"structure_id":14741,"section_number":"38.2-1442","catch_line":"Guaranty association obligations","url":"\/38.2-1442\/","token":"38.2\/14\/2\/38.2-1442","metadata":false}],"previous_section":{"id":80227,"structure_id":14741,"section_number":"38.2-1413","catch_line":"Investment limits for one obligor, one issue or one loan","url":"\/38.2-1413\/","token":"38.2\/14\/2\/38.2-1413","metadata":false},"next_section":{"id":84933,"structure_id":14741,"section_number":"38.2-1415","catch_line":"Obligations of domestic governmental entities","url":"\/38.2-1415\/","token":"38.2\/14\/2\/38.2-1415","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1414\/","history_text":"

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 6 times. 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. Those modifications are as follows: in 1986, chapter 562; in 1992, chapter 588; in 1993, chapter 47; in 1995, chapter 60<\/a>; in 1998, chapter 414<\/a>; in 2014, chapters 159<\/a> and 206<\/a>.<\/p>","references":[{"id":63632,"section_number":"38.2-1443.1","catch_line":"Investment of amounts allocated to separate accounts for modified guaranteed life insurance, modified guaranteed annuities, and funding agreements","order_by":null,"url":"\/38.2-1443.1\/"}],"refers_to":[{"id":57477,"section_number":"38.2-1416","catch_line":"Canadian governmental obligations","order_by":null,"url":"\/38.2-1416\/"},{"id":73318,"section_number":"38.2-1417","catch_line":"Canadian corporate obligations","order_by":null,"url":"\/38.2-1417\/"},{"id":82385,"section_number":"38.2-1418","catch_line":"Obligations of certain international agencies","order_by":null,"url":"\/38.2-1418\/"},{"id":82955,"section_number":"38.2-1419","catch_line":"Railroad terminal and other securities","order_by":null,"url":"\/38.2-1419\/"},{"id":87150,"section_number":"38.2-1420","catch_line":"Transportation equipment trust certificates","order_by":null,"url":"\/38.2-1420\/"},{"id":59466,"section_number":"38.2-1421","catch_line":"Business entity obligations","order_by":null,"url":"\/38.2-1421\/"},{"id":57257,"section_number":"38.2-1422","catch_line":"Obligations secured by certain leases","order_by":null,"url":"\/38.2-1422\/"},{"id":56462,"section_number":"38.2-1423","catch_line":"Preferred stocks","order_by":null,"url":"\/38.2-1423\/"},{"id":75394,"section_number":"38.2-1424","catch_line":"Guaranteed stocks","order_by":null,"url":"\/38.2-1424\/"},{"id":79550,"section_number":"38.2-1425","catch_line":"Common stock of banks or trust companies","order_by":null,"url":"\/38.2-1425\/"},{"id":69831,"section_number":"38.2-1427","catch_line":"Common stock; covered call options","order_by":null,"url":"\/38.2-1427\/"},{"id":83916,"section_number":"38.2-1427.1","catch_line":"Limited partnerships","order_by":null,"url":"\/38.2-1427.1\/"},{"id":86379,"section_number":"38.2-1427.2","catch_line":"Investment company shares and units of beneficial interest","order_by":null,"url":"\/38.2-1427.2\/"},{"id":74587,"section_number":"38.2-1427.3","catch_line":"Investment authority; subsidiary corporations","order_by":null,"url":"\/38.2-1427.3\/"},{"id":86617,"section_number":"38.2-1430","catch_line":"Collateral loans","order_by":null,"url":"\/38.2-1430\/"},{"id":74795,"section_number":"38.2-1432","catch_line":"Savings, certificates, etc","order_by":null,"url":"\/38.2-1432\/"},{"id":79072,"section_number":"38.2-1433","catch_line":"Foreign securities","order_by":null,"url":"\/38.2-1433\/"},{"id":71966,"section_number":"38.2-1434","catch_line":"Mortgage loans","order_by":null,"url":"\/38.2-1434\/"},{"id":75123,"section_number":"38.2-1435","catch_line":"Second mortgages; wrap-around mortgages","order_by":null,"url":"\/38.2-1435\/"},{"id":78317,"section_number":"38.2-1436","catch_line":"Mortgage participations","order_by":null,"url":"\/38.2-1436\/"},{"id":80668,"section_number":"38.2-1437.1","catch_line":"Mortgage pass-through securities","order_by":null,"url":"\/38.2-1437.1\/"},{"id":62837,"section_number":"38.2-1439","catch_line":"Chattel mortgages","order_by":null,"url":"\/38.2-1439\/"},{"id":65110,"section_number":"38.2-1440","catch_line":"Investment in personal property","order_by":null,"url":"\/38.2-1440\/"},{"id":74841,"section_number":"38.2-1441","catch_line":"Real estate","order_by":null,"url":"\/38.2-1441\/"}],"permalink":{"id":211957,"object_type":"law","relational_id":81959,"identifier":"38.2-1414","token":"38.2\/14\/2\/38.2-1414","url":"\/38.2-1414\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1414\/","token":"38.2\/14\/2\/38.2-1414","dublin_core":{"Title":"Limits by type of investment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1414","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The portion of a domestic insurer<\/span>’s total admitted assets<\/span> in the following types of investments shall not exceed: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Ten percent for the aggregate of investments made eligible by §§ 38.2-1416<\/a> and 38.2-1417<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Five percent for the investments in each agency made eligible by § 38.2-1418<\/a>, and 10 percent for the aggregate of investments made eligible by § 38.2-1418<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Ten percent for the investments made eligible by § 38.2-1419<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Ten percent for the investments made eligible by § 38.2-1420<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> For the aggregate of investments made eligible under §§ 38.2-1421<\/a> and 38.2-1422<\/a>, (i) 90 percent for any life insurer<\/span> and (ii) 40 percent for all other insurers<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Ten percent for the investments made eligible by subsection B of § 38.2-1421<\/a>; and two percent for the investments made eligible by subsection C of § 38.2-1421<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Twenty percent for the investments made eligible by § 38.2-1422<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Ten percent for the investments made eligible by § 38.2-1423<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Five percent for the investments made eligible by § 38.2-1424<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Five percent for the investments made eligible by § 38.2-1425<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The lesser of 15 percent or the amount by which an insurer’s surplus to policyholders<\/span> exceeds its minimum capital and surplus<\/span> for the aggregate of investments made eligible by §§ 38.2-1427<\/a>, 38.2-1427.1<\/a> and 38.2-1427.2<\/a>, of which no more than five percent of the total admitted assets<\/span> shall be in investments made eligible by § 38.2-1427.1<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> For the aggregate of investments made eligible by § 38.2-1427.3<\/a>, when combined with the insurer’s total investment in affiliates, the lesser of 10 percent of the insurer’s admitted assets<\/span> or 50 percent of the insurer’s surplus to policyholders<\/span> in excess of its minimum capital and surplus<\/span>, provided that total investments in affiliates do not include investments made by the insurer in money market mutual funds made eligible by § 38.2-1432<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Fifteen percent for investments made eligible by subsection B of § 38.2-1433<\/a>, and an amount equal to its deposit and reserve obligations<\/span> incurred in a foreign country for the investments made eligible by subsection A of § 38.2-1433<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Two percent for the investments made eligible (including those that the insurer is obligated to make as well as those made) by subdivision 3 of § 38.2-1434<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Two percent for the investments made eligible by § 38.2-1435<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Ten percent for the investments made eligible by § 38.2-1436<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> For the aggregate of investments made eligible by § 38.2-1437.1<\/a>, when combined with the insurer’s investments in mortgages under §§ 38.2-1434<\/a> through 38.2-1436<\/a> and § 38.2-1439<\/a>, (i) 60 percent for any life insurer<\/span> and (ii) 30 percent for all other insurers<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> Two percent for the investments made eligible by § 38.2-1440<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> Twenty-five percent for the total of investments made eligible by § 38.2-1441<\/a>, of which no more than five percent of the total admitted assets<\/span> shall be in investments in real property to be used primarily for hotel purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The amount loaned under § 38.2-1430<\/a> shall be subject to the limitations of this section applicable to the kinds of securities or obligations<\/span> pledged in connection with the loan. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITS BY TYPE OF INVESTMENT (\u00a7 38.2-1414)\n\nA. The portion of a domestic insurer’s total admitted assets in the\nfollowing types of investments shall not exceed:\n\n 1. Ten percent for the aggregate of investments made eligible by §§\n 38.2-1416 and 38.2-1417;\n\n 2. Five percent for the investments in each agency made eligible by §\n 38.2-1418, and 10 percent for the aggregate of investments made eligible by\n § 38.2-1418;\n\n 3. Ten percent for the investments made eligible by § 38.2-1419;\n\n 4. Ten percent for the investments made eligible by § 38.2-1420;\n\n 5. For the aggregate of investments made eligible under §§ 38.2-1421\n and 38.2-1422, (i) 90 percent for any life insurer and (ii) 40 percent for all\n other insurers;\n\n 6. Ten percent for the investments made eligible by subsection B of §\n 38.2-1421; and two percent for the investments made eligible by subsection C\n of § 38.2-1421;\n\n 7. Twenty percent for the investments made eligible by § 38.2-1422;\n\n 8. Ten percent for the investments made eligible by § 38.2-1423;\n\n 9. Five percent for the investments made eligible by § 38.2-1424;\n\n 10. Five percent for the investments made eligible by § 38.2-1425;\n\n 11. The lesser of 15 percent or the amount by which an insurer’s surplus\n to policyholders exceeds its minimum capital and surplus for the aggregate of\n investments made eligible by §§ 38.2-1427, 38.2-1427.1 and\n 38.2-1427.2, of which no more than five percent of the total admitted assets\n shall be in investments made eligible by § 38.2-1427.1;\n\n 12. For the aggregate of investments made eligible by § 38.2-1427.3, when\n combined with the insurer’s total investment in affiliates, the lesser\n of 10 percent of the insurer’s admitted assets or 50 percent of the\n insurer’s surplus to policyholders in excess of its minimum capital and\n surplus, provided that total investments in affiliates do not include\n investments made by the insurer in money market mutual funds made eligible by\n § 38.2-1432;\n\n 13. Fifteen percent for investments made eligible by subsection B of §\n 38.2-1433, and an amount equal to its deposit and reserve obligations incurred\n in a foreign country for the investments made eligible by subsection A of\n § 38.2-1433;\n\n 14. Two percent for the investments made eligible (including those that the\n insurer is obligated to make as well as those made) by subdivision 3 of §\n 38.2-1434;\n\n 15. Two percent for the investments made eligible by § 38.2-1435;\n\n 16. Ten percent for the investments made eligible by § 38.2-1436;\n\n 17. For the aggregate of investments made eligible by § 38.2-1437.1, when\n combined with the insurer’s investments in mortgages under §§\n 38.2-1434 through 38.2-1436 and § 38.2-1439, (i) 60 percent for any life\n insurer and (ii) 30 percent for all other insurers;\n\n 18. Two percent for the investments made eligible by § 38.2-1440; and\n\n 19. Twenty-five percent for the total of investments made eligible by §\n 38.2-1441, of which no more than five percent of the total admitted assets\n shall be in investments in real property to be used primarily for hotel\n purposes.\n\nB. The amount loaned under § 38.2-1430 shall be subject to the limitations\nof this section applicable to the kinds of securities or obligations pledged in\nconnection with the loan.\n\nHISTORY: 1983, c. 457, \u00a7 38.1-217.17; 1986, c. 562; 1992, c. 588; 1993, c. 47;\n1995, c. 60; 1998, c. 414; 2014, cc. 159, 206.","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}}