{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-4010.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-4010.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-4010.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-4010.html"}],"law_id":68003,"edition_id":1,"section_id":68003,"structure_id":15749,"section_number":"38.2-4010","catch_line":"Accumulation of reserve for an emergency fund","history":"Code 1950, \u00a7\u00a7 38-149, 38-461; 1952, c. 317, \u00a7\u00a7 38.1-534, 38.1-559; 1986, c. 562.","full_text":"A\n\nIn addition to provision for liability incurred on account of claims reported but not settled, claims incurred but not reported, and premiums, dues or assessments collected in advance, every company shall accumulate and maintain a reserve for an emergency fund, which in the preparation of financial statements shall be considered a liability of the corporation, of at least $10,000.B\n\nEach burial society shall, in each calendar year, add to that reserve for an emergency fund at least five percent of its net receipts from premiums, dues or assessments from policies of life insurance until the total accumulated reserve fund equals twenty percent of the total benefits provided in the outstanding certificates of life insurance. However, when the corporation has issued policies of life insurance on a legal reserve basis, the net receipts from those policies shall not be considered in the calculation of the reserve for an emergency fund, but the burial society shall be required to maintain only the reserve provided for in the certificates.","order_by":null,"text":{"0":{"id":246216,"text":"In addition to provision for liability incurred on account of claims reported but not settled, claims incurred but not reported, and premiums, dues or assessments collected in advance, every company shall accumulate and maintain a reserve for an emergency fund, which in the preparation of financial statements shall be considered a liability of the corporation, of at least $10,000.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":246217,"text":"Each burial society shall, in each calendar year, add to that reserve for an emergency fund at least five percent of its net receipts from premiums, dues or assessments from policies of life insurance until the total accumulated reserve fund equals twenty percent of the total benefits provided in the outstanding certificates of life insurance. However, when the corporation has issued policies of life insurance on a legal reserve basis, the net receipts from those policies shall not be considered in the calculation of the reserve for an emergency fund, but the burial society shall be required to maintain only the reserve provided for in the certificates.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15749,"edition_id":1,"name":"Burial Societies","identifier":"40","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:58:53","date_modified":"2026-06-26 03:58:53","permalink":{"id":216397,"object_type":"structure","relational_id":15749,"identifier":"40","token":"38.2\/40","url":"\/38.2\/40\/","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":65613,"structure_id":15749,"section_number":"38.2-4000","catch_line":"Societies to which chapter applies","url":"\/38.2-4000\/","token":"38.2\/40\/38.2-4000","metadata":false},{"id":65619,"structure_id":15749,"section_number":"38.2-4001","catch_line":"Society may be incorporated","url":"\/38.2-4001\/","token":"38.2\/40\/38.2-4001","metadata":false},{"id":87377,"structure_id":15749,"section_number":"38.2-4002","catch_line":"Continuation of existing societies","url":"\/38.2-4002\/","token":"38.2\/40\/38.2-4002","metadata":false},{"id":60519,"structure_id":15749,"section_number":"38.2-4003","catch_line":"Licensing of additional societies prohibited","url":"\/38.2-4003\/","token":"38.2\/40\/38.2-4003","metadata":false},{"id":70192,"structure_id":15749,"section_number":"38.2-4004","catch_line":"What laws applicable","url":"\/38.2-4004\/","token":"38.2\/40\/38.2-4004","metadata":false},{"id":68582,"structure_id":15749,"section_number":"38.2-4005","catch_line":"License may be renewed annually","url":"\/38.2-4005\/","token":"38.2\/40\/38.2-4005","metadata":false},{"id":87130,"structure_id":15749,"section_number":"38.2-4006","catch_line":"Annual meeting","url":"\/38.2-4006\/","token":"38.2\/40\/38.2-4006","metadata":false},{"id":84295,"structure_id":15749,"section_number":"38.2-4007","catch_line":"Adoption of bylaws","url":"\/38.2-4007\/","token":"38.2\/40\/38.2-4007","metadata":false},{"id":85526,"structure_id":15749,"section_number":"38.2-4008","catch_line":"Fidelity bond required","url":"\/38.2-4008\/","token":"38.2\/40\/38.2-4008","metadata":false},{"id":83967,"structure_id":15749,"section_number":"38.2-4009","catch_line":"Inspection of books and papers","url":"\/38.2-4009\/","token":"38.2\/40\/38.2-4009","metadata":false},{"id":68003,"structure_id":15749,"section_number":"38.2-4010","catch_line":"Accumulation of reserve for an emergency fund","url":"\/38.2-4010\/","token":"38.2\/40\/38.2-4010","metadata":false},{"id":66599,"structure_id":15749,"section_number":"38.2-4011","catch_line":"Maintenance of reserve for an emergency fund","url":"\/38.2-4011\/","token":"38.2\/40\/38.2-4011","metadata":false},{"id":84318,"structure_id":15749,"section_number":"38.2-4012","catch_line":"Disposition of reserve for an emergency fund; discontinuance of business; receiver","url":"\/38.2-4012\/","token":"38.2\/40\/38.2-4012","metadata":false},{"id":67686,"structure_id":15749,"section_number":"38.2-4013","catch_line":"Certificates of membership","url":"\/38.2-4013\/","token":"38.2\/40\/38.2-4013","metadata":false},{"id":68126,"structure_id":15749,"section_number":"38.2-4014","catch_line":"Required grace period","url":"\/38.2-4014\/","token":"38.2\/40\/38.2-4014","metadata":false},{"id":71208,"structure_id":15749,"section_number":"38.2-4015","catch_line":"Certificate to specify amount of payment and when to be paid","url":"\/38.2-4015\/","token":"38.2\/40\/38.2-4015","metadata":false},{"id":68736,"structure_id":15749,"section_number":"38.2-4016","catch_line":"Payments become liens on society's property","url":"\/38.2-4016\/","token":"38.2\/40\/38.2-4016","metadata":false},{"id":73409,"structure_id":15749,"section_number":"38.2-4017","catch_line":"Notice of assessment","url":"\/38.2-4017\/","token":"38.2\/40\/38.2-4017","metadata":false},{"id":65416,"structure_id":15749,"section_number":"38.2-4018","catch_line":"Liability on officers and directors for failing to levy assessments","url":"\/38.2-4018\/","token":"38.2\/40\/38.2-4018","metadata":false},{"id":70270,"structure_id":15749,"section_number":"38.2-4019","catch_line":"Beneficiaries","url":"\/38.2-4019\/","token":"38.2\/40\/38.2-4019","metadata":false},{"id":78842,"structure_id":15749,"section_number":"38.2-4020","catch_line":"When certificate invalid","url":"\/38.2-4020\/","token":"38.2\/40\/38.2-4020","metadata":false},{"id":68230,"structure_id":15749,"section_number":"38.2-4021","catch_line":"Interest in benefits; assignability; liability to attachment, etc","url":"\/38.2-4021\/","token":"38.2\/40\/38.2-4021","metadata":false},{"id":63812,"structure_id":15749,"section_number":"38.2-4022","catch_line":"Certain contracts with undertakers, etc., forbidden","url":"\/38.2-4022\/","token":"38.2\/40\/38.2-4022","metadata":false}],"previous_section":{"id":83967,"structure_id":15749,"section_number":"38.2-4009","catch_line":"Inspection of books and papers","url":"\/38.2-4009\/","token":"38.2\/40\/38.2-4009","metadata":false},"next_section":{"id":66599,"structure_id":15749,"section_number":"38.2-4011","catch_line":"Maintenance of reserve for an emergency fund","url":"\/38.2-4011\/","token":"38.2\/40\/38.2-4011","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4010\/","history_text":"

The record of this law\u2019s original creation isn\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 1952, chapter 317; in 1986, chapter 562.<\/p>","references":[{"id":66599,"section_number":"38.2-4011","catch_line":"Maintenance of reserve for an emergency fund","order_by":null,"url":"\/38.2-4011\/"},{"id":84318,"section_number":"38.2-4012","catch_line":"Disposition of reserve for an emergency fund; discontinuance of business; receiver","order_by":null,"url":"\/38.2-4012\/"}],"refers_to":false,"permalink":{"id":216439,"object_type":"law","relational_id":68003,"identifier":"38.2-4010","token":"38.2\/40\/38.2-4010","url":"\/38.2-4010\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-4010\/","token":"38.2\/40\/38.2-4010","dublin_core":{"Title":"Accumulation of reserve for an emergency fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4010","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In addition to provision for liability incurred on account of claims reported but not settled, claims incurred but not reported, and premiums, dues or assessments collected in advance, every company<\/span> shall accumulate and maintain a reserve for an emergency fund, which in the preparation of financial statements shall be considered a liability of the corporation, of at least $10,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each burial society shall, in each calendar year, add to that reserve for an emergency fund at least five percent of its net receipts from premiums, dues or assessments from policies of life insurance<\/span> until the total accumulated reserve fund equals twenty percent of the total benefits provided in the outstanding certificates of life insurance<\/span>. However, when the corporation has issued policies of life insurance<\/span> on a legal reserve basis, the net receipts from those policies shall not be considered in the calculation of the reserve for an emergency fund, but the burial society shall be required to maintain only the reserve provided for in the certificates. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACCUMULATION OF RESERVE FOR AN EMERGENCY FUND (\u00a7 38.2-4010)\n\nA. In addition to provision for liability incurred on account of claims reported\nbut not settled, claims incurred but not reported, and premiums, dues or\nassessments collected in advance, every company shall accumulate and maintain a\nreserve for an emergency fund, which in the preparation of financial statements\nshall be considered a liability of the corporation, of at least $10,000.\n\nB. Each burial society shall, in each calendar year, add to that reserve for an\nemergency fund at least five percent of its net receipts from premiums, dues or\nassessments from policies of life insurance until the total accumulated reserve\nfund equals twenty percent of the total benefits provided in the outstanding\ncertificates of life insurance. However, when the corporation has issued\npolicies of life insurance on a legal reserve basis, the net receipts from those\npolicies shall not be considered in the calculation of the reserve for an\nemergency fund, but the burial society shall be required to maintain only the\nreserve provided for in the certificates.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-149, 38-461; 1952, c. 317, \u00a7\u00a7 38.1-534, 38.1-559;\n1986, 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}}