{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-403.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-403.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-403.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-403.html"}],"law_id":65532,"edition_id":1,"section_id":65532,"structure_id":15198,"section_number":"38.2-403","catch_line":"Assessment for expenses","history":"Code 1950, \u00a7 38-18; 1952, c. 317, \u00a7 38.1-45; 1977, c. 317; 1978, c. 4; 1986, c. 562; 1994, c. 316; 2012, c. 584; 2017, c. 39.","full_text":"The Commission shall assess each company annually for its just share of expenses. The assessment shall be in proportion to direct gross premium income for the year immediately preceding that for which the assessment is made. The Commission shall give the companies notice of the assessment which shall be paid to the Commission on or before March 1 of each year for deposit into the state treasury as provided in subsection B of \u00a7 38.2-400. Any company that fails to pay the assessment on or before the date herein prescribed shall be subject to a penalty imposed by the Commission. The penalty shall be ten percent of the assessment and interest shall be charged at a rate pursuant to \u00a7 58.1-1812 for the period between the due date and the date of full payment. If a payment is made in an amount later found to be in error, the Commission shall, (i) if an additional amount is due, notify the company of the additional amount and the company shall pay the additional amount within fourteen days of the date of the notice or, (ii) if an overpayment is made, process a refund.","order_by":null,"text":{"0":{"id":238245,"text":"The Commission shall assess each company annually for its just share of expenses. The assessment shall be in proportion to direct gross premium income for the year immediately preceding that for which the assessment is made. The Commission shall give the companies notice of the assessment which shall be paid to the Commission on or before March 1 of each year for deposit into the state treasury as provided in subsection B of \u00a7 38.2-400. Any company that fails to pay the assessment on or before the date herein prescribed shall be subject to a penalty imposed by the Commission. The penalty shall be ten percent of the assessment and interest shall be charged at a rate pursuant to \u00a7 58.1-1812 for the period between the due date and the date of full payment. If a payment is made in an amount later found to be in error, the Commission shall, (i) if an additional amount is due, notify the company of the additional amount and the company shall pay the additional amount within fourteen days of the date of the notice or, (ii) if an overpayment is made, process a refund.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15198,"edition_id":1,"name":"Assessment for Administration of Insurance Laws and Declarations of Estimated Assessments by Insurers","identifier":"4","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:52:54","date_modified":"2026-06-26 03:52:54","permalink":{"id":216339,"object_type":"structure","relational_id":15198,"identifier":"4","token":"38.2\/4","url":"\/38.2\/4\/","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":57860,"structure_id":15198,"section_number":"38.2-400","catch_line":"Expense of administration of insurance laws borne by licensees; minimum contribution","url":"\/38.2-400\/","token":"38.2\/4\/38.2-400","metadata":false},{"id":76092,"structure_id":15198,"section_number":"38.2-401","catch_line":"(Effective July 1, 2026) Fire Programs Fund","url":"\/38.2-401\/","token":"38.2\/4\/38.2-401","metadata":false},{"id":64176,"structure_id":15198,"section_number":"38.2-401.1","catch_line":"Dam Safety, Flood Prevention and Protection Assistance Fund assessment","url":"\/38.2-401.1\/","token":"38.2\/4\/38.2-401.1","metadata":false},{"id":77505,"structure_id":15198,"section_number":"38.2-402","catch_line":"Definitions","url":"\/38.2-402\/","token":"38.2\/4\/38.2-402","metadata":false},{"id":65532,"structure_id":15198,"section_number":"38.2-403","catch_line":"Assessment for expenses","url":"\/38.2-403\/","token":"38.2\/4\/38.2-403","metadata":false},{"id":75388,"structure_id":15198,"section_number":"38.2-403.1","catch_line":"Omitted assessments","url":"\/38.2-403.1\/","token":"38.2\/4\/38.2-403.1","metadata":false},{"id":59580,"structure_id":15198,"section_number":"38.2-404","catch_line":"Recovery of such assessments; revocation or suspension of license","url":"\/38.2-404\/","token":"38.2\/4\/38.2-404","metadata":false},{"id":73951,"structure_id":15198,"section_number":"38.2-405","catch_line":"Application for correction of assessment","url":"\/38.2-405\/","token":"38.2\/4\/38.2-405","metadata":false},{"id":69572,"structure_id":15198,"section_number":"38.2-406","catch_line":"Report of gross premium income","url":"\/38.2-406\/","token":"38.2\/4\/38.2-406","metadata":false},{"id":76137,"structure_id":15198,"section_number":"38.2-407","catch_line":"Repealed","url":"\/38.2-407\/","token":"38.2\/4\/38.2-407","metadata":false},{"id":79634,"structure_id":15198,"section_number":"38.2-412","catch_line":"Companies going out of business","url":"\/38.2-412\/","token":"38.2\/4\/38.2-412","metadata":false},{"id":80377,"structure_id":15198,"section_number":"38.2-413","catch_line":"Double assessment respecting same direct gross premium income negated","url":"\/38.2-413\/","token":"38.2\/4\/38.2-413","metadata":false},{"id":66062,"structure_id":15198,"section_number":"38.2-414","catch_line":"Assessments to fund program to reduce losses from motor vehicle thefts","url":"\/38.2-414\/","token":"38.2\/4\/38.2-414","metadata":false},{"id":61655,"structure_id":15198,"section_number":"38.2-415","catch_line":"Assessment to fund program to reduce losses from insurance fraud","url":"\/38.2-415\/","token":"38.2\/4\/38.2-415","metadata":false}],"previous_section":{"id":77505,"structure_id":15198,"section_number":"38.2-402","catch_line":"Definitions","url":"\/38.2-402\/","token":"38.2\/4\/38.2-402","metadata":false},"next_section":{"id":75388,"structure_id":15198,"section_number":"38.2-403.1","catch_line":"Omitted assessments","url":"\/38.2-403.1\/","token":"38.2\/4\/38.2-403.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-403\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 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 1977, chapter 317; in 1978, chapter 4; in 1986, chapter 562; in 1994, chapter 316<\/a>; in 2012, chapter 584<\/a>; in 2017, chapter 39<\/a>.<\/p>","references":[{"id":55432,"section_number":"38.2-1857.4:1","catch_line":"Renewal application and fee; reinstatement; waiver","order_by":null,"url":"\/38.2-1857.4_1\/"},{"id":57860,"section_number":"38.2-400","catch_line":"Expense of administration of insurance laws borne by licensees; minimum contribution","order_by":null,"url":"\/38.2-400\/"},{"id":76092,"section_number":"38.2-401","catch_line":"(Effective July 1, 2026) Fire Programs Fund","order_by":null,"url":"\/38.2-401\/"},{"id":64176,"section_number":"38.2-401.1","catch_line":"Dam Safety, Flood Prevention and Protection Assistance Fund assessment","order_by":null,"url":"\/38.2-401.1\/"},{"id":59580,"section_number":"38.2-404","catch_line":"Recovery of such assessments; revocation or suspension of license","order_by":null,"url":"\/38.2-404\/"},{"id":61655,"section_number":"38.2-415","catch_line":"Assessment to fund program to reduce losses from insurance fraud","order_by":null,"url":"\/38.2-415\/"},{"id":65701,"section_number":"38.2-4809.1","catch_line":"Licensees to pay assessments on insurers","order_by":null,"url":"\/38.2-4809.1\/"},{"id":56344,"section_number":"58.1-2533","catch_line":"Reimbursement for certain costs","order_by":null,"url":"\/58.1-2533\/"}],"refers_to":[{"id":57860,"section_number":"38.2-400","catch_line":"Expense of administration of insurance laws borne by licensees; minimum contribution","order_by":null,"url":"\/38.2-400\/"},{"id":72336,"section_number":"58.1-1812","catch_line":"Assessment of omitted taxes by the Department of Taxation","order_by":null,"url":"\/58.1-1812\/"}],"permalink":{"id":216357,"object_type":"law","relational_id":65532,"identifier":"38.2-403","token":"38.2\/4\/38.2-403","url":"\/38.2-403\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-403\/","token":"38.2\/4\/38.2-403","dublin_core":{"Title":"Assessment for expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-403","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Commission<\/span> shall assess each company<\/span> annually for its just share of expenses. The assessment shall be in proportion to direct gross premium income<\/span> for the year immediately preceding that for which the assessment is made. The Commission<\/span> shall give the companies notice of the assessment which shall be paid to the Commission<\/span> on or before March 1 of each year for deposit into the state<\/span> treasury as provided in subsection B of \u00a7 38.2-400<\/a>. Any company<\/span> that fails to pay the assessment on or before the date herein prescribed shall be subject to a penalty<\/span> imposed by the Commission<\/span>. The penalty<\/span> shall be ten percent of the assessment and interest shall be charged at a rate<\/span> pursuant to \u00a7 58.1-1812<\/a> for the period between the due date and the date of full payment. If a payment is made in an amount later found to be in error, the Commission<\/span> shall, (i) if an additional amount is due, notify the company<\/span> of the additional amount and the company<\/span> shall pay the additional amount within fourteen days of the date of the notice or, (ii) if an overpayment is made, process a refund.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT FOR EXPENSES (\u00a7 38.2-403)\n\nThe Commission shall assess each company annually for its just share of\nexpenses. The assessment shall be in proportion to direct gross premium income\nfor the year immediately preceding that for which the assessment is made. The\nCommission shall give the companies notice of the assessment which shall be paid\nto the Commission on or before March 1 of each year for deposit into the state\ntreasury as provided in subsection B of \u00a7 38.2-400. Any company that fails to\npay the assessment on or before the date herein prescribed shall be subject to a\npenalty imposed by the Commission. The penalty shall be ten percent of the\nassessment and interest shall be charged at a rate pursuant to \u00a7 58.1-1812 for\nthe period between the due date and the date of full payment. If a payment is\nmade in an amount later found to be in error, the Commission shall, (i) if an\nadditional amount is due, notify the company of the additional amount and the\ncompany shall pay the additional amount within fourteen days of the date of the\nnotice or, (ii) if an overpayment is made, process a refund.\n\nHISTORY: Code 1950, \u00a7 38-18; 1952, c. 317, \u00a7 38.1-45; 1977, c. 317; 1978, c.\n4; 1986, c. 562; 1994, c. 316; 2012, c. 584; 2017, c. 39.","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}}