{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2528.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2528.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2528.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2528.html"}],"law_id":63780,"edition_id":1,"section_id":63780,"structure_id":14244,"section_number":"38.2-2528","catch_line":"Reinsurance","history":"1952, c. 317, \u00a7 38.1-675; 1986, c. 562.","full_text":"Any mutual assessment property and casualty insurer may reinsure the whole or any part of its risks with any solvent insurer licensed in this Commonwealth or licensed or approved in any other state and meeting standards of solvency at least equal to those required in this Commonwealth if the reinsurance is ceded without contingent liability on the part of the reinsured insurer. Any mutual assessment property and casualty insurer having a surplus in excess of $800,000 may accept or assume reinsurance from any licensed property and casualty insurer. Any of those companies may accept or assume reinsurance on risks located within or without the territory in which it is authorized to transact insurance.\n\t\tNothing in this section shall be construed to prohibit the participation of a mutual assessment property and casualty insurer in a pool or other plan among similar companies approved by the Commission for the purpose of spreading losses or providing reinsurance or catastrophe coverage for participants. The acceptance of reinsurance by any insurer outside the territory in which it is authorized to transact the business of insurance shall not be construed to enlarge its territory so as to affect any tax exemption to which it may be entitled.","order_by":null,"text":{"0":{"id":232371,"text":"Any mutual assessment property and casualty insurer may reinsure the whole or any part of its risks with any solvent insurer licensed in this Commonwealth or licensed or approved in any other state and meeting standards of solvency at least equal to those required in this Commonwealth if the reinsurance is ceded without contingent liability on the part of the reinsured insurer. Any mutual assessment property and casualty insurer having a surplus in excess of $800,000 may accept or assume reinsurance from any licensed property and casualty insurer. Any of those companies may accept or assume reinsurance on risks located within or without the territory in which it is authorized to transact insurance.\n\t\tNothing in this section shall be construed to prohibit the participation of a mutual assessment property and casualty insurer in a pool or other plan among similar companies approved by the Commission for the purpose of spreading losses or providing reinsurance or catastrophe coverage for participants. The acceptance of reinsurance by any insurer outside the territory in which it is authorized to transact the business of insurance shall not be construed to enlarge its territory so as to affect any tax exemption to which it may be entitled.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2528\/","history_text":"

This law was first created in 1952. The record of its establishment is cataloged in chapter 317 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 1952 \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":[{"id":55476,"section_number":"38.2-2527","catch_line":"Limitation on single risk to be assumed","order_by":null,"url":"\/38.2-2527\/"}],"refers_to":false,"permalink":{"id":213935,"object_type":"law","relational_id":63780,"identifier":"38.2-2528","token":"38.2\/25\/5\/38.2-2528","url":"\/38.2-2528\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2528\/","token":"38.2\/25\/5\/38.2-2528","dublin_core":{"Title":"Reinsurance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2528","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any mutual assessment property and casualty insurer<\/span> may reinsure the whole or any part of its risks with any solvent insurer licensed in this Commonwealth or licensed or approved in any other state<\/span> and meeting standards of solvency at least equal to those required in this Commonwealth if the reinsurance is ceded without contingent liability on the part of the reinsured insurer. Any mutual assessment property and casualty insurer<\/span> having a surplus in excess of $800,000 may accept or assume reinsurance from any licensed property and casualty insurer. Any of those companies may accept or assume reinsurance on risks located within or without the territory in which it is authorized to transact insurance<\/span>.\n\t\tNothing in this section shall be construed to prohibit the participation of a mutual assessment property and casualty insurer<\/span> in a pool or other plan among similar companies approved by the Commission<\/span> for the purpose of spreading losses or providing reinsurance or catastrophe coverage for participants. The acceptance of reinsurance by any insurer outside the territory in which it is authorized to transact the business of insurance<\/span> shall not be construed to enlarge its territory so as to affect any tax exemption to which it may be entitled.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREINSURANCE (\u00a7 38.2-2528)\n\nAny mutual assessment property and casualty insurer may reinsure the whole or\nany part of its risks with any solvent insurer licensed in this Commonwealth or\nlicensed or approved in any other state and meeting standards of solvency at\nleast equal to those required in this Commonwealth if the reinsurance is ceded\nwithout contingent liability on the part of the reinsured insurer. Any mutual\nassessment property and casualty insurer having a surplus in excess of $800,000\nmay accept or assume reinsurance from any licensed property and casualty\ninsurer. Any of those companies may accept or assume reinsurance on risks\nlocated within or without the territory in which it is authorized to transact\ninsurance.\n\t\tNothing in this section shall be construed to prohibit the participation of a\nmutual assessment property and casualty insurer in a pool or other plan among\nsimilar companies approved by the Commission for the purpose of spreading losses\nor providing reinsurance or catastrophe coverage for participants. The\nacceptance of reinsurance by any insurer outside the territory in which it is\nauthorized to transact the business of insurance shall not be construed to\nenlarge its territory so as to affect any tax exemption to which it may be\nentitled.\n\nHISTORY: 1952, c. 317, \u00a7 38.1-675; 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}}