{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3921.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3921.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3921.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3921.html"}],"law_id":84641,"edition_id":1,"section_id":84641,"structure_id":16768,"section_number":"38.2-3921","catch_line":"Limitation on single risk to be assumed","history":"1985, c. 400, \u00a7 38.1-549.22; 1986, c. 562.","full_text":"No single risk shall be assumed by a mutual assessment life, accident and sickness insurer if the risk exceeds fifteen percent of the company’s total surplus to policyowners. Any risk or portion of any risk that has been reinsured in accordance with \u00a7 38.2-3922 shall be deducted in determining the limitation of risk prescribed by this section. For the purposes of this section the amount of surplus to policyowners shall be determined on the basis of the last sworn statement of the insurer, or the last report of examination filed with the Commission, whichever is more recent at the time the risk is assumed. Mutual assessment life, accident and sickness insurers licensed on July 1, 1985, shall conform to this limitation by July 1, 1990. Until July 1, 1986, the single risk limit, after deducting for reinsurance, shall be twenty-five percent of surplus to policyowners. Between July 1, 1986, and July 1, 1988, single risk limits, after deducting for reinsurance, shall be twenty percent of surplus to policyowners. This section shall not apply to insurance coverages defined in \u00a7\u00a7 38.2-108 and 38.2-109 and Medicare supplement insurance defined in \u00a7 38.2-3600.","order_by":null,"text":{"0":{"id":303393,"text":"No single risk shall be assumed by a mutual assessment life, accident and sickness insurer if the risk exceeds fifteen percent of the company’s total surplus to policyowners. Any risk or portion of any risk that has been reinsured in accordance with \u00a7 38.2-3922 shall be deducted in determining the limitation of risk prescribed by this section. For the purposes of this section the amount of surplus to policyowners shall be determined on the basis of the last sworn statement of the insurer, or the last report of examination filed with the Commission, whichever is more recent at the time the risk is assumed. Mutual assessment life, accident and sickness insurers licensed on July 1, 1985, shall conform to this limitation by July 1, 1990. Until July 1, 1986, the single risk limit, after deducting for reinsurance, shall be twenty-five percent of surplus to policyowners. Between July 1, 1986, and July 1, 1988, single risk limits, after deducting for reinsurance, shall be twenty percent of surplus to policyowners. This section shall not apply to insurance coverages defined in \u00a7\u00a7 38.2-108 and 38.2-109 and Medicare supplement insurance defined in \u00a7 38.2-3600.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16768,"edition_id":1,"name":"Financial Provisions","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":14069,"metadata":{},"date_created":"2026-06-26 04:40:34","date_modified":"2026-06-26 04:40:34","permalink":{"id":216321,"object_type":"structure","relational_id":16768,"identifier":"5","token":"38.2\/39\/5","url":"\/38.2\/39\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14069,"edition_id":1,"name":"Mutual Assessment Life, Accident and Sickness Insurers","identifier":"39","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:46:47","date_modified":"2026-06-26 03:46:47","permalink":{"id":216231,"object_type":"structure","relational_id":14069,"identifier":"39","token":"38.2\/39","url":"\/38.2\/39\/","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":87143,"structure_id":16768,"section_number":"38.2-3920","catch_line":"Surplus to policyowners","url":"\/38.2-3920\/","token":"38.2\/39\/5\/38.2-3920","metadata":false},{"id":84641,"structure_id":16768,"section_number":"38.2-3921","catch_line":"Limitation on single risk to be assumed","url":"\/38.2-3921\/","token":"38.2\/39\/5\/38.2-3921","metadata":false},{"id":78200,"structure_id":16768,"section_number":"38.2-3922","catch_line":"Reinsurance","url":"\/38.2-3922\/","token":"38.2\/39\/5\/38.2-3922","metadata":false},{"id":82798,"structure_id":16768,"section_number":"38.2-3923","catch_line":"Reserves required","url":"\/38.2-3923\/","token":"38.2\/39\/5\/38.2-3923","metadata":false}],"previous_section":{"id":87143,"structure_id":16768,"section_number":"38.2-3920","catch_line":"Surplus to policyowners","url":"\/38.2-3920\/","token":"38.2\/39\/5\/38.2-3920","metadata":false},"next_section":{"id":78200,"structure_id":16768,"section_number":"38.2-3922","catch_line":"Reinsurance","url":"\/38.2-3922\/","token":"38.2\/39\/5\/38.2-3922","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3921\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 400 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 1985 \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":false,"refers_to":[{"id":62263,"section_number":"38.2-108","catch_line":"Credit accident and sickness","order_by":null,"url":"\/38.2-108\/"},{"id":75359,"section_number":"38.2-109","catch_line":"Accident and sickness","order_by":null,"url":"\/38.2-109\/"},{"id":84516,"section_number":"38.2-3600","catch_line":"Medicare supplement policy; definition","order_by":null,"url":"\/38.2-3600\/"},{"id":78200,"section_number":"38.2-3922","catch_line":"Reinsurance","order_by":null,"url":"\/38.2-3922\/"}],"permalink":{"id":216327,"object_type":"law","relational_id":84641,"identifier":"38.2-3921","token":"38.2\/39\/5\/38.2-3921","url":"\/38.2-3921\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3921\/","token":"38.2\/39\/5\/38.2-3921","dublin_core":{"Title":"Limitation on single risk to be assumed","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3921","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No single risk shall be assumed by a mutual assessment life, accident and sickness insurer<\/span> if the risk exceeds fifteen percent of the company<\/span>’s total surplus to policyowners. Any risk or portion of any risk that has been reinsured in accordance with \u00a7 38.2-3922<\/a> shall be deducted in determining the limitation of risk prescribed by this section. For the purposes of this section the amount of surplus to policyowners shall be determined on the basis of the last sworn statement of the insurer, or the last report of examination filed with the Commission<\/span>, whichever is more recent at the time the risk is assumed. Mutual assessment life, accident and sickness insurers<\/span> licensed on July 1, 1985, shall conform to this limitation by July 1, 1990. Until July 1, 1986, the single risk limit, after deducting for reinsurance, shall be twenty-five percent of surplus to policyowners. Between July 1, 1986, and July 1, 1988, single risk limits, after deducting for reinsurance, shall be twenty percent of surplus to policyowners. This section shall not apply to insurance<\/span> coverages defined in \u00a7\u00a7 38.2-108<\/a> and 38.2-109<\/a> and Medicare<\/span> supplement insurance<\/span> defined in \u00a7 38.2-3600<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATION ON SINGLE RISK TO BE ASSUMED (\u00a7 38.2-3921)\n\nNo single risk shall be assumed by a mutual assessment life, accident and\nsickness insurer if the risk exceeds fifteen percent of the company’s\ntotal surplus to policyowners. Any risk or portion of any risk that has been\nreinsured in accordance with \u00a7 38.2-3922 shall be deducted in determining the\nlimitation of risk prescribed by this section. For the purposes of this section\nthe amount of surplus to policyowners shall be determined on the basis of the\nlast sworn statement of the insurer, or the last report of examination filed\nwith the Commission, whichever is more recent at the time the risk is assumed.\nMutual assessment life, accident and sickness insurers licensed on July 1, 1985,\nshall conform to this limitation by July 1, 1990. Until July 1, 1986, the single\nrisk limit, after deducting for reinsurance, shall be twenty-five percent of\nsurplus to policyowners. Between July 1, 1986, and July 1, 1988, single risk\nlimits, after deducting for reinsurance, shall be twenty percent of surplus to\npolicyowners. This section shall not apply to insurance coverages defined in\n\u00a7\u00a7 38.2-108 and 38.2-109 and Medicare supplement insurance defined in \u00a7\n38.2-3600.\n\nHISTORY: 1985, c. 400, \u00a7 38.1-549.22; 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}}