{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-2529.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-2529.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-2529.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-2529.html"}],"law_id":56325,"edition_id":1,"section_id":56325,"structure_id":14244,"section_number":"38.2-2529","catch_line":"Unearned premium reserves required","history":"1986, c. 562; 1994, c. 316.","full_text":"A\n\nAdvance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of this title.B\n\nThe amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows:1\n\nFor calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and2\n\nFor each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order that the full amount of unearned premium reserves shall be established by December 31, 1996.","order_by":null,"text":{"0":{"id":206301,"text":"Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of this title.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":206302,"text":"The amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":206303,"text":"For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":206304,"text":"For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order that the full amount of unearned premium reserves shall be established by December 31, 1996.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"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":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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-2529\/","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. 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 1994, chapter 316<\/a>.<\/p>","references":false,"refers_to":[{"id":57332,"section_number":"38.2-1312","catch_line":"Unearned premium reserves","order_by":null,"url":"\/38.2-1312\/"},{"id":80624,"section_number":"38.2-1316.1","catch_line":"Definitions","order_by":null,"url":"\/38.2-1316.1\/"}],"permalink":{"id":213939,"object_type":"law","relational_id":56325,"identifier":"38.2-2529","token":"38.2\/25\/5\/38.2-2529","url":"\/38.2-2529\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-2529\/","token":"38.2\/25\/5\/38.2-2529","dublin_core":{"Title":"Unearned premium reserves required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-2529","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Advance assessments received by mutual assessment property and casualty insurers<\/span> shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312<\/a>. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1<\/a> et seq.) of Chapter 13 of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The amount each insurer<\/span> shall maintain in reserves for unearned premium reserves shall be as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order<\/span> that the full amount of unearned premium reserves shall be established by December 31, 1996. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nUNEARNED PREMIUM RESERVES REQUIRED (\u00a7 38.2-2529)\n\nA. Advance assessments received by mutual assessment property and casualty\ninsurers shall be considered premiums and, except as provided in subsection B of\nthis section, shall be subject to the requirement of an unearned premium reserve\ncomputed in accordance with § 38.2-1312. The reserves may be reduced for\napplicable reinsurance in accordance with the provisions of Article 3.1 (§\n38.2-1316.1 et seq.) of Chapter 13 of this title.\n\nB. The amount each insurer shall maintain in reserves for unearned premium\nreserves shall be as follows:\n\n 1. For calendar year 1987, at least ten percent of the unearned premium\n reserve as calculated in subsection A of this section; and\n\n 2. For each subsequent year, at least an additional ten percent as calculated\n in subsection A for that subsequent year in order that the full amount of\n unearned premium reserves shall be established by December 31, 1996.\n\nHISTORY: 1986, c. 562; 1994, c. 316.","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}}