{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1813.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1813.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1813.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1813.html"}],"law_id":55233,"edition_id":1,"section_id":55233,"structure_id":14103,"section_number":"38.2-1813","catch_line":"Reporting and accounting for premiums","history":"1979, c. 513, \u00a7 38.1-327.12; 1986, c. 562; 1992, c. 49; 1993, c. 145; 2001, c. 706.","full_text":"A\n\nAll premiums, return premiums, or other funds received in any manner by an agent or a surplus lines broker shall be held in a fiduciary capacity and shall be accounted for by such agent or surplus lines broker. The agent or surplus lines broker shall, in the ordinary course of business, pay the funds to the insured or his assignee, insurer, insurance premium finance company or agent entitled to the payment.B\n\nWith the exception of premium funds made payable to insurers or insureds for remittance and funds referred to in subsection D of this section, on and after January 1, 1993, all funds referred to in subsection A of this section shall be maintained in a fiduciary account separate from all other business and personal funds. Funds deposited into the separate fiduciary account may not be commingled or combined with other funds except for the purpose of advancing premiums, establishing reserves for the payment of return premiums, or establishing funds to maintain a minimum balance or to guarantee the adequacy of the account. The agent or surplus lines broker shall maintain an accurate record and itemization of the funds deposited into this account. The commission portion of any premiums deposited to this separate account may be withdrawn at the discretion of the agent or surplus lines broker.C\n\nFor the purposes of this section, the separate fiduciary account of a licensed business entity shall be considered the fiduciary account of an individual agent or surplus lines broker acting on behalf of the licensed business entity.D\n\nThis section shall not require any agent who is a duly appointed agent of an insurer and who has a written contractual relationship with such insurer which includes provisions regarding remittance of funds to maintain a separate fiduciary account for the funds. Such funds shall be held separately from any personal or nonbusiness funds and shall be reasonably ascertainable from the books of accounts and records of the agent.","order_by":null,"text":{"0":{"id":202523,"text":"All premiums, return premiums, or other funds received in any manner by an agent or a surplus lines broker shall be held in a fiduciary capacity and shall be accounted for by such agent or surplus lines broker. The agent or surplus lines broker shall, in the ordinary course of business, pay the funds to the insured or his assignee, insurer, insurance premium finance company or agent entitled to the payment.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":202524,"text":"With the exception of premium funds made payable to insurers or insureds for remittance and funds referred to in subsection D of this section, on and after January 1, 1993, all funds referred to in subsection A of this section shall be maintained in a fiduciary account separate from all other business and personal funds. Funds deposited into the separate fiduciary account may not be commingled or combined with other funds except for the purpose of advancing premiums, establishing reserves for the payment of return premiums, or establishing funds to maintain a minimum balance or to guarantee the adequacy of the account. The agent or surplus lines broker shall maintain an accurate record and itemization of the funds deposited into this account. The commission portion of any premiums deposited to this separate account may be withdrawn at the discretion of the agent or surplus lines broker.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":202525,"text":"For the purposes of this section, the separate fiduciary account of a licensed business entity shall be considered the fiduciary account of an individual agent or surplus lines broker acting on behalf of the licensed business entity.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":202526,"text":"This section shall not require any agent who is a duly appointed agent of an insurer and who has a written contractual relationship with such insurer which includes provisions regarding remittance of funds to maintain a separate fiduciary account for the funds. Such funds shall be held separately from any personal or nonbusiness funds and shall be reasonably ascertainable from the books of accounts and records of the agent.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14103,"edition_id":1,"name":"Definitions and General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13203,"metadata":{},"date_created":"2026-06-26 03:46:53","date_modified":"2026-06-26 03:46:53","permalink":{"id":212413,"object_type":"structure","relational_id":14103,"identifier":"1","token":"38.2\/18\/1","url":"\/38.2\/18\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13203,"edition_id":1,"name":"Insurance Agents","identifier":"18","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":212411,"object_type":"structure","relational_id":13203,"identifier":"18","token":"38.2\/18","url":"\/38.2\/18\/","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":67482,"structure_id":14103,"section_number":"38.2-1800","catch_line":"Definitions","url":"\/38.2-1800\/","token":"38.2\/18\/1\/38.2-1800","metadata":false},{"id":66272,"structure_id":14103,"section_number":"38.2-1800.1","catch_line":"Proof of residency","url":"\/38.2-1800.1\/","token":"38.2\/18\/1\/38.2-1800.1","metadata":false},{"id":76029,"structure_id":14103,"section_number":"38.2-1801","catch_line":"Person soliciting insurance deemed agent of insurer; prohibition against misrepresenting agency relationship","url":"\/38.2-1801\/","token":"38.2\/18\/1\/38.2-1801","metadata":false},{"id":77079,"structure_id":14103,"section_number":"38.2-1802","catch_line":"Acting as agent for unlicensed insurer prohibited; penalties","url":"\/38.2-1802\/","token":"38.2\/18\/1\/38.2-1802","metadata":false},{"id":76801,"structure_id":14103,"section_number":"38.2-1803","catch_line":"Repealed","url":"\/38.2-1803\/","token":"38.2\/18\/1\/38.2-1803","metadata":false},{"id":69797,"structure_id":14103,"section_number":"38.2-1804","catch_line":"Blank forms","url":"\/38.2-1804\/","token":"38.2\/18\/1\/38.2-1804","metadata":false},{"id":60505,"structure_id":14103,"section_number":"38.2-1805","catch_line":"Acceptance by insurance agents of premiums in arrears; how advance premiums recorded","url":"\/38.2-1805\/","token":"38.2\/18\/1\/38.2-1805","metadata":false},{"id":83261,"structure_id":14103,"section_number":"38.2-1806","catch_line":"Interest with respect to credit extended or money lent for premiums on certain policies","url":"\/38.2-1806\/","token":"38.2\/18\/1\/38.2-1806","metadata":false},{"id":72532,"structure_id":14103,"section_number":"38.2-1807","catch_line":"Repealed","url":"\/38.2-1807\/","token":"38.2\/18\/1\/38.2-1807","metadata":false},{"id":65536,"structure_id":14103,"section_number":"38.2-1808","catch_line":"All agreements to be expressed in contract","url":"\/38.2-1808\/","token":"38.2\/18\/1\/38.2-1808","metadata":false},{"id":59462,"structure_id":14103,"section_number":"38.2-1809","catch_line":"Power of Commission to investigate affairs of persons engaged in insurance business; penalties for refusal to permit investigation","url":"\/38.2-1809\/","token":"38.2\/18\/1\/38.2-1809","metadata":false},{"id":77150,"structure_id":14103,"section_number":"38.2-1810","catch_line":"Report of acts deemed larceny under \u00a7 18.2-111; privileged communications; attorney for the Commonwealth to be informed","url":"\/38.2-1810\/","token":"38.2\/18\/1\/38.2-1810","metadata":false},{"id":85445,"structure_id":14103,"section_number":"38.2-1811","catch_line":"Repealed","url":"\/38.2-1811\/","token":"38.2\/18\/1\/38.2-1811","metadata":false},{"id":87107,"structure_id":14103,"section_number":"38.2-1812","catch_line":"Payment and sharing of commissions","url":"\/38.2-1812\/","token":"38.2\/18\/1\/38.2-1812","metadata":false},{"id":57682,"structure_id":14103,"section_number":"38.2-1812.1","catch_line":"Placement of insurance for public bodies","url":"\/38.2-1812.1\/","token":"38.2\/18\/1\/38.2-1812.1","metadata":false},{"id":66943,"structure_id":14103,"section_number":"38.2-1812.2","catch_line":"Administrative charges in excess of premium prohibited; exceptions","url":"\/38.2-1812.2\/","token":"38.2\/18\/1\/38.2-1812.2","metadata":false},{"id":55233,"structure_id":14103,"section_number":"38.2-1813","catch_line":"Reporting and accounting for premiums","url":"\/38.2-1813\/","token":"38.2\/18\/1\/38.2-1813","metadata":false}],"previous_section":{"id":66943,"structure_id":14103,"section_number":"38.2-1812.2","catch_line":"Administrative charges in excess of premium prohibited; exceptions","url":"\/38.2-1812.2\/","token":"38.2\/18\/1\/38.2-1812.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1813\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 513 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 1979 \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 1992, chapter 49; in 1993, chapter 145; in 2001, chapter 706<\/a>.<\/p>","references":[{"id":56345,"section_number":"38.2-1878","catch_line":"Authority of vendors of portable electronics","order_by":null,"url":"\/38.2-1878\/"},{"id":81291,"section_number":"38.2-1884","catch_line":"Authority of lessors of self storage units","order_by":null,"url":"\/38.2-1884\/"},{"id":58141,"section_number":"55.1-1008","catch_line":"Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts","order_by":null,"url":"\/55.1-1008\/"}],"refers_to":false,"permalink":{"id":212479,"object_type":"law","relational_id":55233,"identifier":"38.2-1813","token":"38.2\/18\/1\/38.2-1813","url":"\/38.2-1813\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1813\/","token":"38.2\/18\/1\/38.2-1813","dublin_core":{"Title":"Reporting and accounting for premiums","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1813","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All premiums, return premiums, or other funds received in any manner by an agent or a surplus lines broker<\/span> shall be held in a fiduciary capacity and shall be accounted for by such agent or surplus lines broker<\/span>. The agent or surplus lines broker<\/span> shall, in the ordinary course of business, pay the funds to the insured or his assignee, insurer<\/span>, insurance<\/span> premium finance company<\/span> or agent entitled to the payment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> With the exception of premium funds made payable to insurers<\/span> or insureds for remittance and funds referred to in subsection D of this section, on and after January 1, 1993, all funds referred to in subsection A of this section shall be maintained in a fiduciary account separate from all other business and personal funds. Funds deposited into the separate fiduciary account may not be commingled or combined with other funds except for the purpose of advancing premiums, establishing reserves for the payment of return premiums, or establishing funds to maintain a minimum balance or to guarantee the adequacy of the account. The agent or surplus lines broker<\/span> shall maintain an accurate record and itemization of the funds deposited into this account. The commission<\/span> portion of any premiums deposited to this separate account may be withdrawn at the discretion of the agent or surplus lines broker<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For the purposes of this section, the separate fiduciary account of a licensed business entity<\/span> shall be considered the fiduciary account of an individual agent or surplus lines broker<\/span> acting on behalf of the licensed business entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> This section shall not require any agent who is a duly appointed agent of an insurer<\/span> and who has a written contractual relationship with such insurer<\/span> which includes provisions regarding remittance of funds to maintain a separate fiduciary account for the funds. Such funds shall be held separately from any personal or nonbusiness funds and shall be reasonably ascertainable from the books of accounts and records of the agent. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREPORTING AND ACCOUNTING FOR PREMIUMS (\u00a7 38.2-1813)\n\nA. All premiums, return premiums, or other funds received in any manner by an\nagent or a surplus lines broker shall be held in a fiduciary capacity and shall\nbe accounted for by such agent or surplus lines broker. The agent or surplus\nlines broker shall, in the ordinary course of business, pay the funds to the\ninsured or his assignee, insurer, insurance premium finance company or agent\nentitled to the payment.\n\nB. With the exception of premium funds made payable to insurers or insureds for\nremittance and funds referred to in subsection D of this section, on and after\nJanuary 1, 1993, all funds referred to in subsection A of this section shall be\nmaintained in a fiduciary account separate from all other business and personal\nfunds. Funds deposited into the separate fiduciary account may not be commingled\nor combined with other funds except for the purpose of advancing premiums,\nestablishing reserves for the payment of return premiums, or establishing funds\nto maintain a minimum balance or to guarantee the adequacy of the account. The\nagent or surplus lines broker shall maintain an accurate record and itemization\nof the funds deposited into this account. The commission portion of any premiums\ndeposited to this separate account may be withdrawn at the discretion of the\nagent or surplus lines broker.\n\nC. For the purposes of this section, the separate fiduciary account of a\nlicensed business entity shall be considered the fiduciary account of an\nindividual agent or surplus lines broker acting on behalf of the licensed\nbusiness entity.\n\nD. This section shall not require any agent who is a duly appointed agent of an\ninsurer and who has a written contractual relationship with such insurer which\nincludes provisions regarding remittance of funds to maintain a separate\nfiduciary account for the funds. Such funds shall be held separately from any\npersonal or nonbusiness funds and shall be reasonably ascertainable from the\nbooks of accounts and records of the agent.\n\nHISTORY: 1979, c. 513, \u00a7 38.1-327.12; 1986, c. 562; 1992, c. 49; 1993, c. 145;\n2001, c. 706.","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}}