{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2526.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2526.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2526.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2526.html"}],"law_id":66601,"edition_id":1,"section_id":66601,"structure_id":14244,"section_number":"38.2-2526","catch_line":"Surplus to policyholders","history":"1986, c. 562.","full_text":"A\n\nSurplus to policyholders in addition to the required surplus specified in subsections A and B of § 38.2-2503 may be accumulated in amounts as determined by the board of directors. The surplus may be used for the payment of losses and operating expenses of the insurer.B\n\nIncome earned on any surplus to policyholders may be used to pay losses, operating expenses, or added to surplus.C\n\nThe provisions of this section shall become effective July 1, 1986.D\n\nAny mutual assessment property and casualty insurer already licensed on July 1, 1986, shall comply with the minimum surplus requirements of § 38.2-2503 by July 1, 1991. Any mutual assessment property and casualty insurer that does not meet the surplus requirements of this section as of July 1, 1986, and is not writing any of the classes authorized in subsections B and C of § 38.2-2503 on July 1, 1986, shall not write any of those classes until the specified surplus requirement is met.","order_by":null,"text":{"0":{"id":241662,"text":"Surplus to policyholders in addition to the required surplus specified in subsections A and B of § 38.2-2503 may be accumulated in amounts as determined by the board of directors. The surplus may be used for the payment of losses and operating expenses of the insurer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241663,"text":"Income earned on any surplus to policyholders may be used to pay losses, operating expenses, or added to surplus.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":241664,"text":"The provisions of this section shall become effective July 1, 1986.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":241665,"text":"Any mutual assessment property and casualty insurer already licensed on July 1, 1986, shall comply with the minimum surplus requirements of § 38.2-2503 by July 1, 1991. Any mutual assessment property and casualty insurer that does not meet the surplus requirements of this section as of July 1, 1986, and is not writing any of the classes authorized in subsections B and C of § 38.2-2503 on July 1, 1986, shall not write any of those classes until the specified surplus requirement is met.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14244,"edition_id":1,"name":"Financial Provisions","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":13766,"metadata":{},"date_created":"2026-06-26 03:47:26","date_modified":"2026-06-26 03:47:26","permalink":{"id":213925,"object_type":"structure","relational_id":14244,"identifier":"5","token":"38.2\/25\/5","url":"\/38.2\/25\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13766,"edition_id":1,"name":"Mutual Assessment Property and Casualty Insurers","identifier":"25","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:49","date_modified":"2026-06-26 03:45:49","permalink":{"id":213811,"object_type":"structure","relational_id":13766,"identifier":"25","token":"38.2\/25","url":"\/38.2\/25\/","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":66601,"structure_id":14244,"section_number":"38.2-2526","catch_line":"Surplus to policyholders","url":"\/38.2-2526\/","token":"38.2\/25\/5\/38.2-2526","metadata":false},{"id":55476,"structure_id":14244,"section_number":"38.2-2527","catch_line":"Limitation on single risk to be assumed","url":"\/38.2-2527\/","token":"38.2\/25\/5\/38.2-2527","metadata":false},{"id":63780,"structure_id":14244,"section_number":"38.2-2528","catch_line":"Reinsurance","url":"\/38.2-2528\/","token":"38.2\/25\/5\/38.2-2528","metadata":false},{"id":56325,"structure_id":14244,"section_number":"38.2-2529","catch_line":"Unearned premium reserves required","url":"\/38.2-2529\/","token":"38.2\/25\/5\/38.2-2529","metadata":false}],"next_section":{"id":55476,"structure_id":14244,"section_number":"38.2-2527","catch_line":"Limitation on single risk to be assumed","url":"\/38.2-2527\/","token":"38.2\/25\/5\/38.2-2527","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2526\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 562 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 1986 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":62065,"section_number":"38.2-2503","catch_line":"Classes of insurance that may be written by mutual assessment property and casualty insurers; minimum surplus to policyholders required","order_by":null,"url":"\/38.2-2503\/"}],"permalink":{"id":213927,"object_type":"law","relational_id":66601,"identifier":"38.2-2526","token":"38.2\/25\/5\/38.2-2526","url":"\/38.2-2526\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2526\/","token":"38.2\/25\/5\/38.2-2526","dublin_core":{"Title":"Surplus to policyholders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2526","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Surplus to policyholders<\/span> in addition to the required surplus specified in subsections A and B of § 38.2-2503<\/a> may be accumulated in amounts as determined by the board of directors. The surplus may be used for the payment of losses and operating expenses of the insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Income earned on any surplus to policyholders<\/span> may be used to pay losses, operating expenses, or added to surplus. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of this section shall become effective July 1, 1986. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any mutual assessment property and casualty insurer<\/span> already licensed on July 1, 1986, shall comply with the minimum surplus requirements of § 38.2-2503<\/a> by July 1, 1991. Any mutual assessment property and casualty insurer<\/span> that does not meet the surplus requirements of this section as of July 1, 1986, and is not writing any of the classes authorized in subsections B and C of § 38.2-2503<\/a> on July 1, 1986, shall not write any of those classes until the specified surplus requirement is met. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSURPLUS TO POLICYHOLDERS (\u00a7 38.2-2526)\n\nA. Surplus to policyholders in addition to the required surplus specified in\nsubsections A and B of § 38.2-2503 may be accumulated in amounts as\ndetermined by the board of directors. The surplus may be used for the payment of\nlosses and operating expenses of the insurer.\n\nB. Income earned on any surplus to policyholders may be used to pay losses,\noperating expenses, or added to surplus.\n\nC. The provisions of this section shall become effective July 1, 1986.\n\nD. Any mutual assessment property and casualty insurer already licensed on July\n1, 1986, shall comply with the minimum surplus requirements of § 38.2-2503\nby July 1, 1991. Any mutual assessment property and casualty insurer that does\nnot meet the surplus requirements of this section as of July 1, 1986, and is not\nwriting any of the classes authorized in subsections B and C of § 38.2-2503\non July 1, 1986, shall not write any of those classes until the specified\nsurplus requirement is met.\n\nHISTORY: 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}}