{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3923.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3923.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3923.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3923.html"}],"law_id":82798,"edition_id":1,"section_id":82798,"structure_id":16768,"section_number":"38.2-3923","catch_line":"Reserves required","history":"1985, c. 400, \u00a7 38.1-549.24; 1986, c. 562.","full_text":"In addition to providing for claims incurred but not settled, mutual assessment life, accident and sickness insurers shall maintain the following reserve liabilities:\n\n1\n\nLife policies written with the right to make additional assessments shall have reserves established as a single group in the same manner as group annual renewable term insurance is reserved for insurers licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.2\n\nLife or annuity policies written without the right to make additional assessments shall have reserves established using the standard valuation provisions required of insurers licensed under Chapter 10 of this title issuing similar types of policies.3\n\nAccident and sickness policies shall have reserves established in accordance with regulations promulgated by the Commission for insurers licensed pursuant to Chapter 10 of this title.4\n\nThe foregoing reserve computations for statutory accounting purposes shall be applicable to all policies hereafter in existence and shall supersede any separate reserve requirement or separate mortuary funds that have been previously used, pursuant to statute, custom or policy provision.","order_by":null,"text":{"0":{"id":296813,"text":"In addition to providing for claims incurred but not settled, mutual assessment life, accident and sickness insurers shall maintain the following reserve liabilities:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":296814,"text":"Life policies written with the right to make additional assessments shall have reserves established as a single group in the same manner as group annual renewable term insurance is reserved for insurers licensed pursuant to Chapter 10 (§ 38.2-1000 et seq.) of this title.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":296815,"text":"Life or annuity policies written without the right to make additional assessments shall have reserves established using the standard valuation provisions required of insurers licensed under Chapter 10 of this title issuing similar types of policies.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":296816,"text":"Accident and sickness policies shall have reserves established in accordance with regulations promulgated by the Commission for insurers licensed pursuant to Chapter 10 of this title.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":296817,"text":"The foregoing reserve computations for statutory accounting purposes shall be applicable to all policies hereafter in existence and shall supersede any separate reserve requirement or separate mortuary funds that have been previously used, pursuant to statute, custom or policy provision.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"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":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\/38.2-3923\/","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":58285,"section_number":"38.2-1000","catch_line":"Incorporation of domestic stock insurers","order_by":null,"url":"\/38.2-1000\/"}],"permalink":{"id":216335,"object_type":"law","relational_id":82798,"identifier":"38.2-3923","token":"38.2\/39\/5\/38.2-3923","url":"\/38.2-3923\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3923\/","token":"38.2\/39\/5\/38.2-3923","dublin_core":{"Title":"Reserves required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3923","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In addition to providing for claims incurred but not settled, mutual assessment life, accident and sickness insurers<\/span> shall maintain the following reserve liabilities:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Life policies written with the right to make additional assessments shall have reserves established as a single group in the same manner as group annual renewable term insurance<\/span> is reserved for insurers licensed pursuant to Chapter 10 (§ 38.2-1000<\/a> et seq.) of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Life or annuity policies written without the right to make additional assessments shall have reserves established using the standard valuation provisions required of insurers licensed under Chapter 10 of this title issuing similar types of policies. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Accident and sickness policies shall have reserves established in accordance with regulations promulgated by the Commission<\/span> for insurers licensed pursuant to Chapter 10 of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The foregoing reserve computations for statutory accounting purposes shall be applicable to all policies hereafter in existence and shall supersede any separate reserve requirement or separate mortuary funds that have been previously used, pursuant to statute<\/span>, custom or policy provision. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESERVES REQUIRED (\u00a7 38.2-3923)\n\nIn addition to providing for claims incurred but not settled, mutual assessment\nlife, accident and sickness insurers shall maintain the following reserve\nliabilities:\n\n1. Life policies written with the right to make additional assessments shall\nhave reserves established as a single group in the same manner as group annual\nrenewable term insurance is reserved for insurers licensed pursuant to Chapter\n10 (§ 38.2-1000 et seq.) of this title.\n\n2. Life or annuity policies written without the right to make additional\nassessments shall have reserves established using the standard valuation\nprovisions required of insurers licensed under Chapter 10 of this title issuing\nsimilar types of policies.\n\n3. Accident and sickness policies shall have reserves established in accordance\nwith regulations promulgated by the Commission for insurers licensed pursuant to\nChapter 10 of this title.\n\n4. The foregoing reserve computations for statutory accounting purposes shall be\napplicable to all policies hereafter in existence and shall supersede any\nseparate reserve requirement or separate mortuary funds that have been\npreviously used, pursuant to statute, custom or policy provision.\n\nHISTORY: 1985, c. 400, \u00a7 38.1-549.24; 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}}