{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1432.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1432.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1432.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1432.html"}],"law_id":74795,"edition_id":1,"section_id":74795,"structure_id":14741,"section_number":"38.2-1432","catch_line":"Savings, certificates, etc","history":"1983, c. 457, \u00a7 38.1-217.35; 1986, c. 562; 1990, c. 3; 1995, c. 60; 1996, c. 77.","full_text":"A domestic insurer may invest in any of the following:\n\n1\n\nInterest-bearing checking or savings accounts, certificates of deposit, or other short-term investments made available or issued by any solvent bank or trust company that is a member of the Federal Deposit Insurance Corporation;2\n\nInterest-bearing savings or share accounts, certificates of deposit or any other short-term investments made available or issued by any solvent building and loan or savings institution insured by the Federal Deposit Insurance Corporation or other federal insurance agency;3\n\nBankers acceptances of the kinds and maturities made eligible by law for rediscount with Federal Reserve Banks, provided that these securities are accepted by a bank or trust company that is a member of the Federal Reserve System;4\n\nMoney market mutual funds, provided that the Commission has granted prior written approval to the insurer with respect to its investment in any money market mutual fund sponsored by affiliates of the insurer and that such money market fund sponsored by affiliates meets the requirements set forth in subdivisions 1 and 2 of &#xA7; 38.2-1427.2; or5\n\nUnited States government bond mutual funds.","order_by":null,"text":{"0":{"id":268780,"text":"A domestic insurer may invest in any of the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":268781,"text":"Interest-bearing checking or savings accounts, certificates of deposit, or other short-term investments made available or issued by any solvent bank or trust company that is a member of the Federal Deposit Insurance Corporation;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":268782,"text":"Interest-bearing savings or share accounts, certificates of deposit or any other short-term investments made available or issued by any solvent building and loan or savings institution insured by the Federal Deposit Insurance Corporation or other federal insurance agency;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":268783,"text":"Bankers acceptances of the kinds and maturities made eligible by law for rediscount with Federal Reserve Banks, provided that these securities are accepted by a bank or trust company that is a member of the Federal Reserve System;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":268784,"text":"Money market mutual funds, provided that the Commission has granted prior written approval to the insurer with respect to its investment in any money market mutual fund sponsored by affiliates of the insurer and that such money market fund sponsored by affiliates meets the requirements set forth in subdivisions 1 and 2 of &#xA7; 38.2-1427.2; or","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":268785,"text":"United States government bond mutual funds.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1432\/","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 4 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 1990, chapter 3; in 1995, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?951+ful+CHAP0060\">60<\/a>; in 1996, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?961+ful+CHAP0077\">77<\/a>.<\/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":[{"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\/"}],"permalink":{"id":212041,"object_type":"law","relational_id":74795,"identifier":"38.2-1432","token":"38.2\/14\/2\/38.2-1432","url":"\/38.2-1432\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1432\/","token":"38.2\/14\/2\/38.2-1432","dublin_core":{"Title":"Savings, certificates, etc","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1432","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A domestic <span class=\"dictionary\">insurer<\/span> may invest in any of the following:<\/p><\/section>\n\t\t\t\t\t\t<section id=\"1\"><p><span class=\"prefix-number\">1.<\/span> Interest-bearing checking or savings accounts, certificates of deposit, or other short-term investments made available or issued by any solvent bank or trust <span class=\"dictionary\">company<\/span> that is a member of the Federal Deposit <span class=\"dictionary\">Insurance<\/span> Corporation; <a id=\"paragraph-268781\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1432\/#1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"2\"><p><span class=\"prefix-number\">2.<\/span> Interest-bearing savings or share accounts, certificates of deposit or any other short-term investments made available or issued by any solvent building and loan or savings institution insured by the Federal Deposit <span class=\"dictionary\">Insurance<\/span> Corporation or other federal <span class=\"dictionary\">insurance<\/span> agency; <a id=\"paragraph-268782\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1432\/#2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"3\"><p><span class=\"prefix-number\">3.<\/span> Bankers acceptances of the kinds and maturities made eligible by <span class=\"dictionary\">law<\/span> for rediscount with Federal Reserve Banks, provided that these securities are accepted by a bank or trust <span class=\"dictionary\">company<\/span> that is a member of the Federal Reserve System; <a id=\"paragraph-268783\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1432\/#3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"4\"><p><span class=\"prefix-number\">4.<\/span> Money market mutual funds, provided that the <span class=\"dictionary\">Commission<\/span> has granted prior written approval to the <span class=\"dictionary\">insurer<\/span> with respect to its investment in any money market mutual fund sponsored by affiliates of the <span class=\"dictionary\">insurer<\/span> and that such money market fund sponsored by affiliates meets the requirements set forth in subdivisions 1 and 2 of &#xA7; <a class=\"law\" title=\"Investment company shares and units of beneficial interest\" href=\"\/38.2-1427.2\/\">38.2-1427.2<\/a>; or <a id=\"paragraph-268784\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1432\/#4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"5\"><p><span class=\"prefix-number\">5.<\/span> United <span class=\"dictionary\">States<\/span> government <span class=\"dictionary\">bond<\/span> mutual funds. <a id=\"paragraph-268785\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-1432\/#5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSAVINGS, CERTIFICATES, ETC (\u00a7 38.2-1432)\n\nA domestic insurer may invest in any of the following:\n\n1. Interest-bearing checking or savings accounts, certificates of deposit, or\nother short-term investments made available or issued by any solvent bank or\ntrust company that is a member of the Federal Deposit Insurance Corporation;\n\n2. Interest-bearing savings or share accounts, certificates of deposit or any\nother short-term investments made available or issued by any solvent building\nand loan or savings institution insured by the Federal Deposit Insurance\nCorporation or other federal insurance agency;\n\n3. Bankers acceptances of the kinds and maturities made eligible by law for\nrediscount with Federal Reserve Banks, provided that these securities are\naccepted by a bank or trust company that is a member of the Federal Reserve\nSystem;\n\n4. Money market mutual funds, provided that the Commission has granted prior\nwritten approval to the insurer with respect to its investment in any money\nmarket mutual fund sponsored by affiliates of the insurer and that such money\nmarket fund sponsored by affiliates meets the requirements set forth in\nsubdivisions 1 and 2 of &#xA7; 38.2-1427.2; or\n\n5. United States government bond mutual funds.\n\nHISTORY: 1983, c. 457, \u00a7 38.1-217.35; 1986, c. 562; 1990, c. 3; 1995, c. 60;\n1996, c. 77.","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}}