{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3101.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3101.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3101.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3101.html"}],"law_id":81650,"edition_id":1,"section_id":81650,"structure_id":13293,"section_number":"38.2-3101","catch_line":"Legal reserve insurers","history":"Code 1950, \u00a7 38-389; 1952, c. 317, \u00a7 38.1-432; 1986, c. 562; 2014, c. 571.","full_text":"Any life insurer, association or society whose policies or certificates are required to contain any provision that a person insured shall, upon surrender of the policy during his lifetime, receive a surrender value, either in cash, paid-up insurance, or extended insurance, shall be regarded as a &#8220;legal reserve insurer,&#8221; and shall maintain a reserve calculated in accordance with the provisions of Article 10 (\u00a7 38.2-1365 et seq.) of Chapter 13. Nothing in this section shall be construed to apply to any insurer in the transaction of industrial sick benefit insurance as defined in \u00a7 38.2-3544, nor to fraternal benefit societies.","order_by":null,"text":{"0":{"id":292437,"text":"Any life insurer, association or society whose policies or certificates are required to contain any provision that a person insured shall, upon surrender of the policy during his lifetime, receive a surrender value, either in cash, paid-up insurance, or extended insurance, shall be regarded as a &#8220;legal reserve insurer,&#8221; and shall maintain a reserve calculated in accordance with the provisions of Article 10 (\u00a7 38.2-1365 et seq.) of Chapter 13. Nothing in this section shall be construed to apply to any insurer in the transaction of industrial sick benefit insurance as defined in \u00a7 38.2-3544, nor to fraternal benefit societies.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13293,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13292,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214333,"object_type":"structure","relational_id":13293,"identifier":"1","token":"38.2\/31\/1","url":"\/38.2\/31\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13292,"edition_id":1,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214331,"object_type":"structure","relational_id":13292,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","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":79264,"structure_id":13293,"section_number":"38.2-3100","catch_line":"Scope of chapter","url":"\/38.2-3100\/","token":"38.2\/31\/1\/38.2-3100","metadata":false},{"id":59125,"structure_id":13293,"section_number":"38.2-3100.1","catch_line":"Forms of insurance authorized","url":"\/38.2-3100.1\/","token":"38.2\/31\/1\/38.2-3100.1","metadata":false},{"id":62806,"structure_id":13293,"section_number":"38.2-3100.2","catch_line":"Funding agreements","url":"\/38.2-3100.2\/","token":"38.2\/31\/1\/38.2-3100.2","metadata":false},{"id":73524,"structure_id":13293,"section_number":"38.2-3100.3","catch_line":"Requirements of life insurance or annuity contracts used to fund preneed funeral contracts","url":"\/38.2-3100.3\/","token":"38.2\/31\/1\/38.2-3100.3","metadata":false},{"id":81650,"structure_id":13293,"section_number":"38.2-3101","catch_line":"Legal reserve insurers","url":"\/38.2-3101\/","token":"38.2\/31\/1\/38.2-3101","metadata":false},{"id":86718,"structure_id":13293,"section_number":"38.2-3102","catch_line":"Domestic insurers prohibited from insuring lives and persons of residents of \"reciprocal states.\"","url":"\/38.2-3102\/","token":"38.2\/31\/1\/38.2-3102","metadata":false},{"id":79156,"structure_id":13293,"section_number":"38.2-3103","catch_line":"Fraudulent procurement of policy; penalty","url":"\/38.2-3103\/","token":"38.2\/31\/1\/38.2-3103","metadata":false},{"id":67546,"structure_id":13293,"section_number":"38.2-3104","catch_line":"No policy to be issued purporting to take effect more than six months before application made; conversion permitted","url":"\/38.2-3104\/","token":"38.2\/31\/1\/38.2-3104","metadata":false},{"id":62631,"structure_id":13293,"section_number":"38.2-3105","catch_line":"What contracts with respect to life insurance may be made by minors","url":"\/38.2-3105\/","token":"38.2\/31\/1\/38.2-3105","metadata":false},{"id":79143,"structure_id":13293,"section_number":"38.2-3106","catch_line":"Suicide and execution not grounds of defense; exception","url":"\/38.2-3106\/","token":"38.2\/31\/1\/38.2-3106","metadata":false},{"id":58805,"structure_id":13293,"section_number":"38.2-3107","catch_line":"Incontestability of certain policies","url":"\/38.2-3107\/","token":"38.2\/31\/1\/38.2-3107","metadata":false},{"id":54784,"structure_id":13293,"section_number":"38.2-3108","catch_line":"Misstatement of age","url":"\/38.2-3108\/","token":"38.2\/31\/1\/38.2-3108","metadata":false},{"id":58169,"structure_id":13293,"section_number":"38.2-3109","catch_line":"Contestability of reinstated policy","url":"\/38.2-3109\/","token":"38.2\/31\/1\/38.2-3109","metadata":false},{"id":85290,"structure_id":13293,"section_number":"38.2-3110","catch_line":"Incontestability not applicable to excluded or restricted coverage","url":"\/38.2-3110\/","token":"38.2\/31\/1\/38.2-3110","metadata":false},{"id":86363,"structure_id":13293,"section_number":"38.2-3111","catch_line":"Assignment of life insurance policies","url":"\/38.2-3111\/","token":"38.2\/31\/1\/38.2-3111","metadata":false},{"id":63114,"structure_id":13293,"section_number":"38.2-3111.1","catch_line":"Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval","url":"\/38.2-3111.1\/","token":"38.2\/31\/1\/38.2-3111.1","metadata":false},{"id":70263,"structure_id":13293,"section_number":"38.2-3112","catch_line":"Designation of testamentary trustee as beneficiary","url":"\/38.2-3112\/","token":"38.2\/31\/1\/38.2-3112","metadata":false},{"id":57329,"structure_id":13293,"section_number":"38.2-3113","catch_line":"Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners","url":"\/38.2-3113\/","token":"38.2\/31\/1\/38.2-3113","metadata":false},{"id":72467,"structure_id":13293,"section_number":"38.2-3113.1","catch_line":"Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses","url":"\/38.2-3113.1\/","token":"38.2\/31\/1\/38.2-3113.1","metadata":false},{"id":69792,"structure_id":13293,"section_number":"38.2-3113.2","catch_line":"Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unfair trade practices provisions not applicable","url":"\/38.2-3113.2\/","token":"38.2\/31\/1\/38.2-3113.2","metadata":false},{"id":65667,"structure_id":13293,"section_number":"38.2-3113.3","catch_line":"Educational loan provisions in life insurance policies","url":"\/38.2-3113.3\/","token":"38.2\/31\/1\/38.2-3113.3","metadata":false},{"id":85330,"structure_id":13293,"section_number":"38.2-3114","catch_line":"Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts","url":"\/38.2-3114\/","token":"38.2\/31\/1\/38.2-3114","metadata":false},{"id":77467,"structure_id":13293,"section_number":"38.2-3115","catch_line":"Interest on life insurance and annuity contract proceeds","url":"\/38.2-3115\/","token":"38.2\/31\/1\/38.2-3115","metadata":false},{"id":72867,"structure_id":13293,"section_number":"38.2-3115.1","catch_line":"Accelerated payment of benefits","url":"\/38.2-3115.1\/","token":"38.2\/31\/1\/38.2-3115.1","metadata":false},{"id":86306,"structure_id":13293,"section_number":"38.2-3116","catch_line":"Commission to establish standards for simplified and readable life insurance and annuity policies","url":"\/38.2-3116\/","token":"38.2\/31\/1\/38.2-3116","metadata":false},{"id":54283,"structure_id":13293,"section_number":"38.2-3117","catch_line":"Standards for certain policies; prohibited policies","url":"\/38.2-3117\/","token":"38.2\/31\/1\/38.2-3117","metadata":false},{"id":83030,"structure_id":13293,"section_number":"38.2-3117.01","catch_line":"Provision of life insurance information upon notification of insured's death","url":"\/38.2-3117.01\/","token":"38.2\/31\/1\/38.2-3117.01","metadata":false}],"previous_section":{"id":73524,"structure_id":13293,"section_number":"38.2-3100.3","catch_line":"Requirements of life insurance or annuity contracts used to fund preneed funeral contracts","url":"\/38.2-3100.3\/","token":"38.2\/31\/1\/38.2-3100.3","metadata":false},"next_section":{"id":86718,"structure_id":13293,"section_number":"38.2-3102","catch_line":"Domestic insurers prohibited from insuring lives and persons of residents of \"reciprocal states.\"","url":"\/38.2-3102\/","token":"38.2\/31\/1\/38.2-3102","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3101\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1952, chapter 317; in 1986, chapter 562; in 2014, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?141+ful+CHAP0571\">571<\/a>.<\/p>","references":false,"refers_to":[{"id":84586,"section_number":"38.2-1365","catch_line":"Definitions","order_by":null,"url":"\/38.2-1365\/"},{"id":83339,"section_number":"38.2-3544","catch_line":"Definition of industrial sick benefit insurance","order_by":null,"url":"\/38.2-3544\/"}],"permalink":{"id":214351,"object_type":"law","relational_id":81650,"identifier":"38.2-3101","token":"38.2\/31\/1\/38.2-3101","url":"\/38.2-3101\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3101\/","token":"38.2\/31\/1\/38.2-3101","dublin_core":{"Title":"Legal reserve insurers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3101","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Any life <span class=\"dictionary\">insurer<\/span>, association or society whose policies or certificates are required to contain any provision that a <span class=\"dictionary\">person<\/span> insured shall, upon surrender of the policy during his lifetime, receive a surrender value, either in cash, paid-up <span class=\"dictionary\">insurance<\/span>, or extended <span class=\"dictionary\">insurance<\/span>, shall be regarded as a &#8220;legal reserve <span class=\"dictionary\">insurer<\/span>,&#8221; and shall maintain a reserve calculated in accordance with the provisions of Article 10 (\u00a7&nbsp;<a class=\"law\" title=\"Definitions\" href=\"\/38.2-1365\/\">38.2-1365<\/a> et seq.) of Chapter 13. Nothing in this section shall be construed to apply to any <span class=\"dictionary\">insurer<\/span> in the transaction of industrial sick benefit <span class=\"dictionary\">insurance<\/span> as defined in \u00a7&nbsp;<a class=\"law\" title=\"Definition of industrial sick benefit insurance\" href=\"\/38.2-3544\/\">38.2-3544<\/a>, nor to fraternal benefit societies.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nLEGAL RESERVE INSURERS (\u00a7 38.2-3101)\n\nAny life insurer, association or society whose policies or certificates are\nrequired to contain any provision that a person insured shall, upon surrender of\nthe policy during his lifetime, receive a surrender value, either in cash,\npaid-up insurance, or extended insurance, shall be regarded as a &#8220;legal\nreserve insurer,&#8221; and shall maintain a reserve calculated in accordance\nwith the provisions of Article 10 (\u00a7 38.2-1365 et seq.) of Chapter 13. Nothing\nin this section shall be construed to apply to any insurer in the transaction of\nindustrial sick benefit insurance as defined in \u00a7 38.2-3544, nor to fraternal\nbenefit societies.\n\nHISTORY: Code 1950, \u00a7 38-389; 1952, c. 317, \u00a7 38.1-432; 1986, c. 562; 2014, c.\n571.","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}}