{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3730.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3730.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3730.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3730.html"}],"law_id":76093,"edition_id":1,"section_id":76093,"structure_id":15016,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","history":"1992, c. 586; 2015, c. 11; 2022, c. 412.","full_text":"A\n\nEach insurer doing insurance business in this Commonwealth shall annually file with the National Association of Insurance Commissioners a report of credit life and credit accident and sickness written on a calendar year basis. Such report shall utilize the Credit Insurance Supplement-Annual Statement Blank as then approved by the National Association of Insurance Commissioners. Such filing shall be made in accordance with and no later than the due date in the Instructions in the Annual Statement.B\n\nThe Commission shall, on a triennial basis, recalculate rates to determine the actual loss ratio for each form of insurance and adjust the prima facie rates, as provided in §§ 38.2-3726 and 38.2-3727, by applying the ratio of the actual loss ratio to the loss ratio standard set forth in § 38.2-3725 to the prima facie rates. The Commission shall publish notice of the adjusted actual statewide prima facie rates to be used by insurers during the next triennium and provide an opportunity for a hearing. As set forth in this section, the following formula shall be used to adjust the prima facie rates:\n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\tWhere PFR is the prima facie rate as provided in §§ 38.2-3726 and 38.2-3727, the Actual Loss Ratio is the ratio of the incurred claims to the earned premiums at prima facie rates for all companies for the preceding three years as reported in the Annual Statement Supplements and the Loss Ratio Standard is the loss ratio provided in § 38.2-3725.","order_by":null,"text":{"0":{"id":273104,"text":"Each insurer doing insurance business in this Commonwealth shall annually file with the National Association of Insurance Commissioners a report of credit life and credit accident and sickness written on a calendar year basis. Such report shall utilize the Credit Insurance Supplement-Annual Statement Blank as then approved by the National Association of Insurance Commissioners. Such filing shall be made in accordance with and no later than the due date in the Instructions in the Annual Statement.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":273105,"text":"The Commission shall, on a triennial basis, recalculate rates to determine the actual loss ratio for each form of insurance and adjust the prima facie rates, as provided in §§ 38.2-3726 and 38.2-3727, by applying the ratio of the actual loss ratio to the loss ratio standard set forth in § 38.2-3725 to the prima facie rates. The Commission shall publish notice of the adjusted actual statewide prima facie rates to be used by insurers during the next triennium and provide an opportunity for a hearing. As set forth in this section, the following formula shall be used to adjust the prima facie rates:\n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\tWhere PFR is the prima facie rate as provided in §§ 38.2-3726 and 38.2-3727, the Actual Loss Ratio is the ratio of the incurred claims to the earned premiums at prima facie rates for all companies for the preceding three years as reported in the Annual Statement Supplements and the Loss Ratio Standard is the loss ratio provided in § 38.2-3725.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15016,"edition_id":1,"name":"Credit Life Insurance and Credit Accident and Sickness Insurance","identifier":"37.1","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:51:32","date_modified":"2026-06-26 03:51:32","permalink":{"id":216059,"object_type":"structure","relational_id":15016,"identifier":"37.1","token":"38.2\/37.1","url":"\/38.2\/37.1\/","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":78738,"structure_id":15016,"section_number":"38.2-3717","catch_line":"Scope","url":"\/38.2-3717\/","token":"38.2\/37.1\/38.2-3717","metadata":false},{"id":61942,"structure_id":15016,"section_number":"38.2-3718","catch_line":"Definitions","url":"\/38.2-3718\/","token":"38.2\/37.1\/38.2-3718","metadata":false},{"id":68352,"structure_id":15016,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","metadata":false},{"id":71214,"structure_id":15016,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","metadata":false},{"id":83437,"structure_id":15016,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","metadata":false},{"id":74250,"structure_id":15016,"section_number":"38.2-3722","catch_line":"Variable interest rate indebtedness; amount; disclosure; refunds","url":"\/38.2-3722\/","token":"38.2\/37.1\/38.2-3722","metadata":false},{"id":60031,"structure_id":15016,"section_number":"38.2-3723","catch_line":"Reserves","url":"\/38.2-3723\/","token":"38.2\/37.1\/38.2-3723","metadata":false},{"id":72023,"structure_id":15016,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","url":"\/38.2-3724\/","token":"38.2\/37.1\/38.2-3724","metadata":false},{"id":79475,"structure_id":15016,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","url":"\/38.2-3725\/","token":"38.2\/37.1\/38.2-3725","metadata":false},{"id":81616,"structure_id":15016,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","url":"\/38.2-3726\/","token":"38.2\/37.1\/38.2-3726","metadata":false},{"id":64017,"structure_id":15016,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","url":"\/38.2-3727\/","token":"38.2\/37.1\/38.2-3727","metadata":false},{"id":67560,"structure_id":15016,"section_number":"38.2-3728","catch_line":"Use of rates","url":"\/38.2-3728\/","token":"38.2\/37.1\/38.2-3728","metadata":false},{"id":77928,"structure_id":15016,"section_number":"38.2-3729","catch_line":"Refunds","url":"\/38.2-3729\/","token":"38.2\/37.1\/38.2-3729","metadata":false},{"id":76093,"structure_id":15016,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","url":"\/38.2-3730\/","token":"38.2\/37.1\/38.2-3730","metadata":false},{"id":63767,"structure_id":15016,"section_number":"38.2-3731","catch_line":"Claims","url":"\/38.2-3731\/","token":"38.2\/37.1\/38.2-3731","metadata":false},{"id":78709,"structure_id":15016,"section_number":"38.2-3732","catch_line":"Insurer delegation of duties","url":"\/38.2-3732\/","token":"38.2\/37.1\/38.2-3732","metadata":false},{"id":76840,"structure_id":15016,"section_number":"38.2-3733","catch_line":"Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor's place of business","url":"\/38.2-3733\/","token":"38.2\/37.1\/38.2-3733","metadata":false},{"id":63261,"structure_id":15016,"section_number":"38.2-3734","catch_line":"License requirements","url":"\/38.2-3734\/","token":"38.2\/37.1\/38.2-3734","metadata":false},{"id":57264,"structure_id":15016,"section_number":"38.2-3735","catch_line":"Disclosure and readability","url":"\/38.2-3735\/","token":"38.2\/37.1\/38.2-3735","metadata":false},{"id":71653,"structure_id":15016,"section_number":"38.2-3736","catch_line":"Noncontributory coverage","url":"\/38.2-3736\/","token":"38.2\/37.1\/38.2-3736","metadata":false},{"id":69488,"structure_id":15016,"section_number":"38.2-3737","catch_line":"Application","url":"\/38.2-3737\/","token":"38.2\/37.1\/38.2-3737","metadata":false},{"id":70889,"structure_id":15016,"section_number":"38.2-3738","catch_line":"What laws applicable","url":"\/38.2-3738\/","token":"38.2\/37.1\/38.2-3738","metadata":false}],"previous_section":{"id":77928,"structure_id":15016,"section_number":"38.2-3729","catch_line":"Refunds","url":"\/38.2-3729\/","token":"38.2\/37.1\/38.2-3729","metadata":false},"next_section":{"id":63767,"structure_id":15016,"section_number":"38.2-3731","catch_line":"Claims","url":"\/38.2-3731\/","token":"38.2\/37.1\/38.2-3731","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3730\/","history_text":"

This law was first created in 1992. The record of its establishment is cataloged in chapter 586 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 1992 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 2015, chapter 11<\/a>; in 2022, chapter 412<\/a>.<\/p>","references":[{"id":61942,"section_number":"38.2-3718","catch_line":"Definitions","order_by":null,"url":"\/38.2-3718\/"},{"id":79475,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","order_by":null,"url":"\/38.2-3725\/"},{"id":64017,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","order_by":null,"url":"\/38.2-3727\/"},{"id":67560,"section_number":"38.2-3728","catch_line":"Use of rates","order_by":null,"url":"\/38.2-3728\/"}],"refers_to":[{"id":79475,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","order_by":null,"url":"\/38.2-3725\/"},{"id":81616,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","order_by":null,"url":"\/38.2-3726\/"},{"id":64017,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","order_by":null,"url":"\/38.2-3727\/"}],"permalink":{"id":216113,"object_type":"law","relational_id":76093,"identifier":"38.2-3730","token":"38.2\/37.1\/38.2-3730","url":"\/38.2-3730\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3730\/","token":"38.2\/37.1\/38.2-3730","dublin_core":{"Title":"Experience reports and adjustment of prima facie rates","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3730","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each insurer<\/span> doing insurance<\/span> business in this Commonwealth shall annually file with the National Association of Insurance<\/span> Commissioners<\/span> a report of credit life and credit accident and sickness written on a calendar year basis. Such report shall utilize the Credit Insurance<\/span> Supplement-Annual Statement Blank as then approved by the National Association of Insurance<\/span> Commissioners<\/span>. Such filing shall be made in accordance with and no later than the due date in the Instructions in the Annual Statement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission<\/span> shall, on a triennial basis, recalculate rates<\/span><\/span> to determine the actual loss ratio for each form<\/span> of insurance<\/span> and adjust the prima facie rates<\/span><\/span>, as provided in §§ 38.2-3726<\/a> and 38.2-3727<\/a>, by applying the ratio of the actual loss ratio to the loss ratio standard set forth in § 38.2-3725<\/a> to the prima facie rates<\/span><\/span>. The Commission<\/span> shall publish notice of the adjusted actual statewide prima facie rates<\/span><\/span> to be used by insurers<\/span> during the next triennium and provide an opportunity for a hearing<\/span>. As set forth in this section, the following formula shall be used to adjust the prima facie rates<\/span><\/span>:\n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\tWhere PFR is the prima facie rate<\/span> as provided in §§ 38.2-3726<\/a> and 38.2-3727<\/a>, the Actual Loss Ratio is the ratio of the incurred claims to the earned premiums at prima facie rates<\/span><\/span> for all companies for the preceding three years as reported in the Annual Statement Supplements and the Loss Ratio Standard is the loss ratio provided in § 38.2-3725<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXPERIENCE REPORTS AND ADJUSTMENT OF PRIMA FACIE RATES (\u00a7 38.2-3730)\n\nA. Each insurer doing insurance business in this Commonwealth shall annually\nfile with the National Association of Insurance Commissioners a report of credit\nlife and credit accident and sickness written on a calendar year basis. Such\nreport shall utilize the Credit Insurance Supplement-Annual Statement Blank as\nthen approved by the National Association of Insurance Commissioners. Such\nfiling shall be made in accordance with and no later than the due date in the\nInstructions in the Annual Statement.\n\nB. The Commission shall, on a triennial basis, recalculate rates to determine\nthe actual loss ratio for each form of insurance and adjust the prima facie\nrates, as provided in §§ 38.2-3726 and 38.2-3727, by applying the\nratio of the actual loss ratio to the loss ratio standard set forth in §\n38.2-3725 to the prima facie rates. The Commission shall publish notice of the\nadjusted actual statewide prima facie rates to be used by insurers during the\nnext triennium and provide an opportunity for a hearing. As set forth in this\nsection, the following formula shall be used to adjust the prima facie rates:\n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\t \n\t\t\tWhere PFR is the prima facie rate as provided in §§ 38.2-3726 and\n38.2-3727, the Actual Loss Ratio is the ratio of the incurred claims to the\nearned premiums at prima facie rates for all companies for the preceding three\nyears as reported in the Annual Statement Supplements and the Loss Ratio\nStandard is the loss ratio provided in § 38.2-3725.\n\nHISTORY: 1992, c. 586; 2015, c. 11; 2022, c. 412.","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}}