{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1416.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1416.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1416.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1416.html"}],"law_id":57477,"edition_id":1,"section_id":57477,"structure_id":14741,"section_number":"38.2-1416","catch_line":"Canadian governmental obligations","history":"1983, c. 457, \u00a7 38.1-217.19; 1986, c. 562; 1992, c. 588.","full_text":"A\n\nObligations of Canada. &#8212; A domestic insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the government of Canada or for which the full faith and credit of the government of Canada are pledged for the payment of principal and interest.B\n\nNo domestic insurer shall invest in any obligation under this section unless the obligation is payable both as to principal and interest in lawful money of the United States or of Canada.C\n\nObligations of provinces. &#8212; A domestic insurer may invest in direct, general obligations of any province of Canada for the payment of money, or obligations for the payment of money to the extent guaranteed or insured as to the payment of principal and interest by any province of Canada, on the following conditions:1\n\nThe province has the power to levy taxes for the prompt payment of the principal and interest of its obligations;2\n\nThe province is not in default in the payment of principal or interest on any of its direct, guaranteed or insured obligations as of the date of investment; and3\n\nAn insurer shall not invest under this subsection more than five percent of its admitted assets in obligations issued or guaranteed by any one province.D\n\nLocal government obligations. &#8212; A domestic insurer may invest in direct, general obligations of any political subdivision of any province of Canada for the payment of money, or obligation for the payment of money, to the extent guaranteed as to the payment of principal and interest, by any such political subdivision, on the following conditions:1\n\nThe obligations are payable or guaranteed from ad valorem taxes;2\n\nSuch political subdivision is not in default in the payment of principal or interest on any of its direct or guaranteed obligations;3\n\nNo investment shall be made under this subsection in obligations which are secured only by special assessments for local improvements; and4\n\nAn insurer shall not invest more than two percent of its admitted assets in obligations issued or guaranteed by any one such political subdivision.","order_by":null,"text":{"0":{"id":210577,"text":"Obligations of Canada. &#8212; A domestic insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the government of Canada or for which the full faith and credit of the government of Canada are pledged for the payment of principal and interest.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":210578,"text":"No domestic insurer shall invest in any obligation under this section unless the obligation is payable both as to principal and interest in lawful money of the United States or of Canada.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":210579,"text":"Obligations of provinces. &#8212; A domestic insurer may invest in direct, general obligations of any province of Canada for the payment of money, or obligations for the payment of money to the extent guaranteed or insured as to the payment of principal and interest by any province of Canada, on the following conditions:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":210580,"text":"The province has the power to levy taxes for the prompt payment of the principal and interest of its obligations;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":210581,"text":"The province is not in default in the payment of principal or interest on any of its direct, guaranteed or insured obligations as of the date of investment; and","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"5":{"id":210582,"text":"An insurer shall not invest under this subsection more than five percent of its admitted assets in obligations issued or guaranteed by any one province.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"D"},"6":{"id":210583,"text":"Local government obligations. &#8212; A domestic insurer may invest in direct, general obligations of any political subdivision of any province of Canada for the payment of money, or obligation for the payment of money, to the extent guaranteed as to the payment of principal and interest, by any such political subdivision, on the following conditions:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C3","next_prefix":"D1"},"7":{"id":210584,"text":"The obligations are payable or guaranteed from ad valorem taxes;","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"8":{"id":210585,"text":"Such political subdivision is not in default in the payment of principal or interest on any of its direct or guaranteed obligations;","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"9":{"id":210586,"text":"No investment shall be made under this subsection in obligations which are secured only by special assessments for local improvements; and","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2","next_prefix":"D4"},"10":{"id":210587,"text":"An insurer shall not invest more than two percent of its admitted assets in obligations issued or guaranteed by any one such political subdivision.","type":"section","prefixes":["D","4"],"prefix":"4","entire_prefix":"D4","prefix_anchor":"D4","level":2,"prior_prefix":"D3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1416\/","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 2 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.<\/p>","references":[{"id":81959,"section_number":"38.2-1414","catch_line":"Limits by type of investment","order_by":null,"url":"\/38.2-1414\/"}],"refers_to":false,"permalink":{"id":211965,"object_type":"law","relational_id":57477,"identifier":"38.2-1416","token":"38.2\/14\/2\/38.2-1416","url":"\/38.2-1416\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1416\/","token":"38.2\/14\/2\/38.2-1416","dublin_core":{"Title":"Canadian governmental obligations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1416","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> <span class=\"dictionary\">Obligations<\/span> of Canada. &#8212; A domestic <span class=\"dictionary\">insurer<\/span> may invest in <span class=\"dictionary\">bonds<\/span>, notes, <span class=\"dictionary\">warrants<\/span>, and other <span class=\"dictionary\">evidences<\/span> of indebtedness which are direct <span class=\"dictionary\">obligations<\/span> of the government of Canada or for which the full faith and credit of the government of Canada are pledged for the payment of principal and interest. <a id=\"paragraph-210577\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#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> No domestic <span class=\"dictionary\">insurer<\/span> shall invest in any <span class=\"dictionary\">obligation<\/span> under this section unless the <span class=\"dictionary\">obligation<\/span> is payable both as to principal and interest in lawful money of the United <span class=\"dictionary\">States<\/span> or of Canada. <a id=\"paragraph-210578\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> <span class=\"dictionary\">Obligations<\/span> of provinces. &#8212; A domestic <span class=\"dictionary\">insurer<\/span> may invest in direct, general <span class=\"dictionary\">obligations<\/span> of any province of Canada for the payment of money, or <span class=\"dictionary\">obligations<\/span> for the payment of money to the extent guaranteed or insured as to the payment of principal and interest by any province of Canada, on the following conditions: <a id=\"paragraph-210579\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The province has the power to <span class=\"dictionary\">levy<\/span> taxes for the prompt payment of the principal and interest of its <span class=\"dictionary\">obligations<\/span>; <a id=\"paragraph-210580\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#C1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> The province is not in <span class=\"dictionary\">default<\/span> in the payment of principal or interest on any of its direct, guaranteed or insured <span class=\"dictionary\">obligations<\/span> as of the <span class=\"dictionary\">date of investment<\/span>; and <a id=\"paragraph-210581\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#C2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> An <span class=\"dictionary\">insurer<\/span> shall not invest under this subsection more than five percent of its admitted <span class=\"dictionary\">assets<\/span> in <span class=\"dictionary\">obligations<\/span> issued or guaranteed by any one province. <a id=\"paragraph-210582\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#C3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Local government <span class=\"dictionary\">obligations<\/span>. &#8212; A domestic <span class=\"dictionary\">insurer<\/span> may invest in direct, general <span class=\"dictionary\">obligations<\/span> of any political subdivision of any province of Canada for the payment of money, or <span class=\"dictionary\">obligation<\/span> for the payment of money, to the extent guaranteed as to the payment of principal and interest, by any such political subdivision, on the following conditions: <a id=\"paragraph-210583\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The <span class=\"dictionary\">obligations<\/span> are payable or guaranteed from ad valorem taxes; <a id=\"paragraph-210584\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#D1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Such political subdivision is not in <span class=\"dictionary\">default<\/span> in the payment of principal or interest on any of its direct or guaranteed <span class=\"dictionary\">obligations<\/span>; <a id=\"paragraph-210585\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#D2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> No investment shall be made under this subsection in <span class=\"dictionary\">obligations<\/span> which are secured only by special assessments for local improvements; and <a id=\"paragraph-210586\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#D3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> An <span class=\"dictionary\">insurer<\/span> shall not invest more than two percent of its admitted <span class=\"dictionary\">assets<\/span> in <span class=\"dictionary\">obligations<\/span> issued or guaranteed by any one such political subdivision. <a id=\"paragraph-210587\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1416\/#D4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nCANADIAN GOVERNMENTAL OBLIGATIONS (\u00a7 38.2-1416)\n\nA. Obligations of Canada. &#8212; A domestic insurer may invest in bonds, notes,\nwarrants, and other evidences of indebtedness which are direct obligations of\nthe government of Canada or for which the full faith and credit of the\ngovernment of Canada are pledged for the payment of principal and interest.\n\nB. No domestic insurer shall invest in any obligation under this section unless\nthe obligation is payable both as to principal and interest in lawful money of\nthe United States or of Canada.\n\nC. Obligations of provinces. &#8212; A domestic insurer may invest in direct,\ngeneral obligations of any province of Canada for the payment of money, or\nobligations for the payment of money to the extent guaranteed or insured as to\nthe payment of principal and interest by any province of Canada, on the\nfollowing conditions:\n\n   1. The province has the power to levy taxes for the prompt payment of the\n   principal and interest of its obligations;\n\n   2. The province is not in default in the payment of principal or interest on\n   any of its direct, guaranteed or insured obligations as of the date of\n   investment; and\n\n   3. An insurer shall not invest under this subsection more than five percent of\n   its admitted assets in obligations issued or guaranteed by any one province.\n\nD. Local government obligations. &#8212; A domestic insurer may invest in\ndirect, general obligations of any political subdivision of any province of\nCanada for the payment of money, or obligation for the payment of money, to the\nextent guaranteed as to the payment of principal and interest, by any such\npolitical subdivision, on the following conditions:\n\n   1. The obligations are payable or guaranteed from ad valorem taxes;\n\n   2. Such political subdivision is not in default in the payment of principal or\n   interest on any of its direct or guaranteed obligations;\n\n   3. No investment shall be made under this subsection in obligations which are\n   secured only by special assessments for local improvements; and\n\n   4. An insurer shall not invest more than two percent of its admitted assets in\n   obligations issued or guaranteed by any one such political subdivision.\n\nHISTORY: 1983, c. 457, \u00a7 38.1-217.19; 1986, c. 562; 1992, c. 588.","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}}