{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1444.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1444.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1444.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1444.html"}],"law_id":58369,"edition_id":1,"section_id":58369,"structure_id":14211,"section_number":"38.2-1444","catch_line":"Establishment of separate accounts for pension, retirement or profit-sharing plans; investment of funds in such accounts","history":"1983, c. 457, \u00a7 38.1-217.46; 1986, c. 562.","full_text":"A\n\nA domestic insurer, after adoption of a resolution by its board of directors and certification of that adoption to the Commission, may allocate to one or more separate accounts, in accordance with the terms of a written agreement, any amounts paid to or held by the insurer in connection with a pension, retirement or profit-sharing plan. The plan may provide (i) retirement benefits pursuant to the terms of the agreement or under the insurer’s policies or contracts and (ii) other benefits incidental to the agreement or policies. The retirement benefits may vary according to the terms of the agreement, policies or contracts and any standards incorporated in them. Any income and any realized or unrealized gain or loss on each account shall be credited to or charged against that account in accordance with the agreement, without regard to the other income, gains or losses of the insurer.B\n\nNotwithstanding any other provision in this title, the amounts allocated to the accounts and accumulations on them may be invested and reinvested in any kinds of investment specified in the agreement other than those prohibited by § 38.2-1407. The investments shall not be taken into account in applying the investment limitations of this chapter to investments made by the insurer.C\n\nAmounts allocated by an insurer to separate accounts pursuant to this section shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee for the amounts. The insurer’s liability under the accounts shall be limited to the amount of funds in the account.","order_by":null,"text":{"0":{"id":213747,"text":"A domestic insurer, after adoption of a resolution by its board of directors and certification of that adoption to the Commission, may allocate to one or more separate accounts, in accordance with the terms of a written agreement, any amounts paid to or held by the insurer in connection with a pension, retirement or profit-sharing plan. The plan may provide (i) retirement benefits pursuant to the terms of the agreement or under the insurer’s policies or contracts and (ii) other benefits incidental to the agreement or policies. The retirement benefits may vary according to the terms of the agreement, policies or contracts and any standards incorporated in them. Any income and any realized or unrealized gain or loss on each account shall be credited to or charged against that account in accordance with the agreement, without regard to the other income, gains or losses of the insurer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":213748,"text":"Notwithstanding any other provision in this title, the amounts allocated to the accounts and accumulations on them may be invested and reinvested in any kinds of investment specified in the agreement other than those prohibited by § 38.2-1407. The investments shall not be taken into account in applying the investment limitations of this chapter to investments made by the insurer.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":213749,"text":"Amounts allocated by an insurer to separate accounts pursuant to this section shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee for the amounts. The insurer’s liability under the accounts shall be limited to the amount of funds in the account.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14211,"edition_id":1,"name":"Separate Accounts","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13282,"metadata":{},"date_created":"2026-06-26 03:47:17","date_modified":"2026-06-26 03:47:17","permalink":{"id":212089,"object_type":"structure","relational_id":14211,"identifier":"3","token":"38.2\/14\/3","url":"\/38.2\/14\/3\/","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":55404,"structure_id":14211,"section_number":"38.2-1443","catch_line":"Investment of amounts allocated to separate accounts for variable life insurance and variable annuities","url":"\/38.2-1443\/","token":"38.2\/14\/3\/38.2-1443","metadata":false},{"id":63632,"structure_id":14211,"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","url":"\/38.2-1443.1\/","token":"38.2\/14\/3\/38.2-1443.1","metadata":false},{"id":58369,"structure_id":14211,"section_number":"38.2-1444","catch_line":"Establishment of separate accounts for pension, retirement or profit-sharing plans; investment of funds in such accounts","url":"\/38.2-1444\/","token":"38.2\/14\/3\/38.2-1444","metadata":false},{"id":67719,"structure_id":14211,"section_number":"38.2-1445","catch_line":"Separate accounts deemed Category 1 investments","url":"\/38.2-1445\/","token":"38.2\/14\/3\/38.2-1445","metadata":false}],"previous_section":{"id":63632,"structure_id":14211,"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","url":"\/38.2-1443.1\/","token":"38.2\/14\/3\/38.2-1443.1","metadata":false},"next_section":{"id":67719,"structure_id":14211,"section_number":"38.2-1445","catch_line":"Separate accounts deemed Category 1 investments","url":"\/38.2-1445\/","token":"38.2\/14\/3\/38.2-1445","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1444\/","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 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":[{"id":87237,"section_number":"38.2-1407","catch_line":"Prohibited investments","order_by":null,"url":"\/38.2-1407\/"}],"permalink":{"id":212099,"object_type":"law","relational_id":58369,"identifier":"38.2-1444","token":"38.2\/14\/3\/38.2-1444","url":"\/38.2-1444\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1444\/","token":"38.2\/14\/3\/38.2-1444","dublin_core":{"Title":"Establishment of separate accounts for pension, retirement or profit-sharing plans; investment of funds in such accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1444","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A domestic insurer<\/span>, after adoption of a resolution by its board of directors and certification of that adoption to the Commission<\/span>, may allocate to one or more separate accounts, in accordance with the terms of a written agreement, any amounts paid to or held by the insurer<\/span> in connection with a pension, retirement or profit-sharing plan. The plan may provide (i) retirement benefits pursuant to the terms of the agreement or under the insurer<\/span>’s policies or contracts<\/span> and (ii) other benefits incidental to the agreement or policies. The retirement benefits may vary according to the terms of the agreement, policies or contracts<\/span> and any standards incorporated in them. Any income and any realized or unrealized gain or loss on each account shall be credited to or charged against that account in accordance with the agreement, without regard to the other income, gains or losses of the insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any other provision in this title, the amounts allocated to the accounts and accumulations on them may be invested and reinvested in any kinds of investment specified in the agreement other than those prohibited by § 38.2-1407<\/a>. The investments shall not be taken into account in applying the investment limitations of this chapter to investments made by the insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Amounts allocated by an insurer<\/span> to separate accounts pursuant to this section shall be owned by the insurer<\/span>, and the insurer<\/span> shall not be, nor hold itself out to be, a trustee for the amounts. The insurer<\/span>’s liability under the accounts shall be limited to the amount of funds in the account. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESTABLISHMENT OF SEPARATE ACCOUNTS FOR PENSION, RETIREMENT OR PROFIT-SHARING\nPLANS; INVESTMENT OF FUNDS IN SUCH ACCOUNTS (\u00a7 38.2-1444)\n\nA. A domestic insurer, after adoption of a resolution by its board of directors\nand certification of that adoption to the Commission, may allocate to one or\nmore separate accounts, in accordance with the terms of a written agreement, any\namounts paid to or held by the insurer in connection with a pension, retirement\nor profit-sharing plan. The plan may provide (i) retirement benefits pursuant to\nthe terms of the agreement or under the insurer’s policies or contracts\nand (ii) other benefits incidental to the agreement or policies. The retirement\nbenefits may vary according to the terms of the agreement, policies or contracts\nand any standards incorporated in them. Any income and any realized or\nunrealized gain or loss on each account shall be credited to or charged against\nthat account in accordance with the agreement, without regard to the other\nincome, gains or losses of the insurer.\n\nB. Notwithstanding any other provision in this title, the amounts allocated to\nthe accounts and accumulations on them may be invested and reinvested in any\nkinds of investment specified in the agreement other than those prohibited by\n§ 38.2-1407. The investments shall not be taken into account in applying\nthe investment limitations of this chapter to investments made by the insurer.\n\nC. Amounts allocated by an insurer to separate accounts pursuant to this section\nshall be owned by the insurer, and the insurer shall not be, nor hold itself out\nto be, a trustee for the amounts. The insurer’s liability under the\naccounts shall be limited to the amount of funds in the account.\n\nHISTORY: 1983, c. 457, \u00a7 38.1-217.46; 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}}