{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-4230.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-4230.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-4230.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-4230.html"}],"law_id":57275,"edition_id":1,"section_id":57275,"structure_id":15019,"section_number":"38.2-4230","catch_line":"Definitions","history":"1989, c. 606; 1992, c. 588.","full_text":"As used in this article:\n\t\t“Affiliate” of a specific person or a person “affiliated” with a specific person means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the person specified.\n\t\t“Control,” including the terms “controlling,” “controlled by” and “under common control with,” means direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through (i) the ownership of voting securities, (ii) by contract other than a commercial contract for goods or nonmanagement services, or (iii) otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing collectively ten percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection H of \u00a7 38.2-4231 that control does not exist. After giving all interested persons notice and opportunity to be heard and making specific findings to support its determination, the Commission may determine that control exists, notwithstanding the absence of a presumption to that effect.\n\t\t“Holding company system” means two or more affiliated persons, one or more of which is a nonstock corporation licensed under this chapter.\n\t\t“Surplus” means the excess of total admitted assets over the liabilities of a nonstock corporation licensed under this chapter, and shall include any contingency reserves maintained pursuant to \u00a7 38.2-4208 and any voluntary reserves.\n\t\t“Transaction” means any (i) sale, purchase, exchange, renting or leasing arrangement, loan or extension of credit, arrangement for the assumption, extension or renewal of any obligation or liability, guaranty or surety arrangement, or investment; (ii) dividend or distribution of cash or property; (iii) reinsurance treaty or risk-sharing arrangement; (iv) management contract, service contract or cost-sharing arrangement; or (v) other arrangement, relationship or dealings that the Commission by order, rule or regulation determines to be a transaction contemplated by this article. A transaction shall not include any transaction which the Commission by rule or regulation exempts as not being material for the purpose of \u00a7\u00a7 38.2-4231 and 38.2-4233. Any series of transactions occurring within a twelve-month period that are sufficiently similar in nature as to be reasonably construed as a single transaction and that in the aggregate exceed any minimum set forth in \u00a7\u00a7 38.2-4231 and 38.2-4233 shall be deemed a transaction subject to the provisions of such sections.\n\t\t“Voting security” means any security that enables the owner to vote for the election of directors. Voting security includes any security convertible into or evidencing a right to acquire a voting security.","order_by":null,"text":{"0":{"id":209802,"text":"As used in this article:\n\t\t“Affiliate” of a specific person or a person “affiliated” with a specific person means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the person specified.\n\t\t“Control,” including the terms “controlling,” “controlled by” and “under common control with,” means direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through (i) the ownership of voting securities, (ii) by contract other than a commercial contract for goods or nonmanagement services, or (iii) otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing collectively ten percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection H of \u00a7 38.2-4231 that control does not exist. After giving all interested persons notice and opportunity to be heard and making specific findings to support its determination, the Commission may determine that control exists, notwithstanding the absence of a presumption to that effect.\n\t\t“Holding company system” means two or more affiliated persons, one or more of which is a nonstock corporation licensed under this chapter.\n\t\t“Surplus” means the excess of total admitted assets over the liabilities of a nonstock corporation licensed under this chapter, and shall include any contingency reserves maintained pursuant to \u00a7 38.2-4208 and any voluntary reserves.\n\t\t“Transaction” means any (i) sale, purchase, exchange, renting or leasing arrangement, loan or extension of credit, arrangement for the assumption, extension or renewal of any obligation or liability, guaranty or surety arrangement, or investment; (ii) dividend or distribution of cash or property; (iii) reinsurance treaty or risk-sharing arrangement; (iv) management contract, service contract or cost-sharing arrangement; or (v) other arrangement, relationship or dealings that the Commission by order, rule or regulation determines to be a transaction contemplated by this article. A transaction shall not include any transaction which the Commission by rule or regulation exempts as not being material for the purpose of \u00a7\u00a7 38.2-4231 and 38.2-4233. Any series of transactions occurring within a twelve-month period that are sufficiently similar in nature as to be reasonably construed as a single transaction and that in the aggregate exceed any minimum set forth in \u00a7\u00a7 38.2-4231 and 38.2-4233 shall be deemed a transaction subject to the provisions of such sections.\n\t\t“Voting security” means any security that enables the owner to vote for the election of directors. Voting security includes any security convertible into or evidencing a right to acquire a voting security.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15019,"edition_id":1,"name":"Holding Companies","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":12967,"metadata":{},"date_created":"2026-06-26 03:51:33","date_modified":"2026-06-26 03:51:33","permalink":{"id":216809,"object_type":"structure","relational_id":15019,"identifier":"2","token":"38.2\/42\/2","url":"\/38.2\/42\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12967,"edition_id":1,"name":"Health Services Plans","identifier":"42","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:05","date_modified":"2026-06-26 03:44:05","permalink":{"id":216657,"object_type":"structure","relational_id":12967,"identifier":"42","token":"38.2\/42","url":"\/38.2\/42\/","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":57275,"structure_id":15019,"section_number":"38.2-4230","catch_line":"Definitions","url":"\/38.2-4230\/","token":"38.2\/42\/2\/38.2-4230","metadata":false},{"id":73870,"structure_id":15019,"section_number":"38.2-4231","catch_line":"Registration of nonstock corporations that are members of holding company system","url":"\/38.2-4231\/","token":"38.2\/42\/2\/38.2-4231","metadata":false},{"id":72616,"structure_id":15019,"section_number":"38.2-4232","catch_line":"Standards for transactions with affiliates; adequacy of surplus; dividends and other distributions","url":"\/38.2-4232\/","token":"38.2\/42\/2\/38.2-4232","metadata":false},{"id":76421,"structure_id":15019,"section_number":"38.2-4233","catch_line":"Commission approval required for certain transactions","url":"\/38.2-4233\/","token":"38.2\/42\/2\/38.2-4233","metadata":false},{"id":72404,"structure_id":15019,"section_number":"38.2-4234","catch_line":"Examinations","url":"\/38.2-4234\/","token":"38.2\/42\/2\/38.2-4234","metadata":false},{"id":73864,"structure_id":15019,"section_number":"38.2-4235","catch_line":"Confidential treatment of information and documents","url":"\/38.2-4235\/","token":"38.2\/42\/2\/38.2-4235","metadata":false}],"next_section":{"id":73870,"structure_id":15019,"section_number":"38.2-4231","catch_line":"Registration of nonstock corporations that are members of holding company system","url":"\/38.2-4231\/","token":"38.2\/42\/2\/38.2-4231","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4230\/","history_text":"

This law was first created in 1989. The record of its establishment is cataloged in chapter 606 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 1989 \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 1992, chapter 588.<\/p>","references":[{"id":71309,"section_number":"38.2-1342","catch_line":"Applicability","order_by":null,"url":"\/38.2-1342\/"},{"id":58348,"section_number":"38.2-1347","catch_line":"Definitions","order_by":null,"url":"\/38.2-1347\/"},{"id":65484,"section_number":"38.2-1351","catch_line":"Duties of insurers utilizing the services of a reinsurance intermediary broker","order_by":null,"url":"\/38.2-1351\/"},{"id":82758,"section_number":"38.2-1353","catch_line":"Prohibited acts","order_by":null,"url":"\/38.2-1353\/"},{"id":58188,"section_number":"38.2-1354","catch_line":"Duties of reinsurers utilizing the services of a reinsurance intermediary manager","order_by":null,"url":"\/38.2-1354\/"},{"id":82605,"section_number":"38.2-1358","catch_line":"Definitions","order_by":null,"url":"\/38.2-1358\/"},{"id":57894,"section_number":"38.2-1361","catch_line":"Duties of insurers utilizing managing general agents","order_by":null,"url":"\/38.2-1361\/"}],"refers_to":[{"id":61631,"section_number":"38.2-4208","catch_line":"Nonstock corporation not required to act as agent","order_by":null,"url":"\/38.2-4208\/"},{"id":73870,"section_number":"38.2-4231","catch_line":"Registration of nonstock corporations that are members of holding company system","order_by":null,"url":"\/38.2-4231\/"},{"id":76421,"section_number":"38.2-4233","catch_line":"Commission approval required for certain transactions","order_by":null,"url":"\/38.2-4233\/"}],"permalink":{"id":216811,"object_type":"law","relational_id":57275,"identifier":"38.2-4230","token":"38.2\/42\/2\/38.2-4230","url":"\/38.2-4230\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-4230\/","token":"38.2\/42\/2\/38.2-4230","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4230","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article:\n\t\t“Affiliate<\/span>” of a specific person<\/span> or a person<\/span> “affiliated<\/span>” with a specific person<\/span> means a person<\/span> that directly or indirectly, through one or more intermediaries, controls, is controlled by<\/span> or is under common control with the person<\/span> specified.\n\t\t“Control,” including the terms “controlling,” “controlled by<\/span>” and “under common control with,” means direct or indirect possession<\/span> of the power to direct or cause the direction of the management and policies of a person<\/span> through (i) the ownership of voting securities, (ii) by contract<\/span> other than a commercial contract<\/span> for goods or nonmanagement services, or (iii) otherwise, unless the power is the result of an official position with or corporate office held by the person<\/span>. Control shall be presumed to exist if any person<\/span> directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing collectively ten percent or more of the voting securities of any other person<\/span>. This presumption<\/span> may be rebutted by a showing made in the manner provided by subsection H of \u00a7 38.2-4231<\/a> that control does not exist. After giving all interested persons<\/span> notice and opportunity to be heard and making specific findings<\/span> to support its determination, the Commission<\/span> may determine that control exists, notwithstanding the absence of a presumption<\/span> to that effect.\n\t\t“Holding company system<\/span>” means two or more affiliated<\/span> persons<\/span>, one or more of which is a nonstock corporation<\/span> licensed under this chapter.\n\t\t“Surplus<\/span>” means the excess of total admitted assets<\/span> over the liabilities of a nonstock corporation<\/span> licensed under this chapter, and shall include any contingency reserves maintained pursuant to \u00a7 38.2-4208<\/a> and any voluntary reserves.\n\t\t“Transaction<\/span>” means any (i) sale, purchase, exchange, renting or leasing arrangement, loan or extension of credit, arrangement for the assumption, extension or renewal of any obligation or liability, guaranty or surety<\/span> arrangement, or investment; (ii) dividend or distribution of cash or property; (iii) reinsurance treaty or risk-sharing arrangement; (iv) management contract<\/span>, service contract<\/span> or cost-sharing arrangement; or (v) other arrangement, relationship or dealings that the Commission<\/span> by order<\/span>, rule or regulation determines to be a transaction<\/span> contemplated by this article. A transaction<\/span> shall not include any transaction<\/span> which the Commission<\/span> by rule or regulation exempts as not being material<\/span> for the purpose of \u00a7\u00a7 38.2-4231<\/a> and 38.2-4233<\/a>. Any series of transactions<\/span> occurring within a twelve-month period that are sufficiently similar in nature as to be reasonably construed as a single transaction<\/span> and that in the aggregate exceed any minimum set forth in \u00a7\u00a7 38.2-4231<\/a> and 38.2-4233<\/a> shall be deemed a transaction<\/span> subject to the provisions of such sections.\n\t\t“Voting security<\/span>” means any security that enables the owner to vote for the election of directors. Voting security<\/span> includes any security convertible into or evidencing a right to acquire a voting security<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-4230)\n\nAs used in this article:\n\t\t“Affiliate” of a specific person or a person\n“affiliated” with a specific person means a person that directly or\nindirectly, through one or more intermediaries, controls, is controlled by or is\nunder common control with the person specified.\n\t\t“Control,” including the terms “controlling,”\n“controlled by” and “under common control with,” means\ndirect or indirect possession of the power to direct or cause the direction of\nthe management and policies of a person through (i) the ownership of voting\nsecurities, (ii) by contract other than a commercial contract for goods or\nnonmanagement services, or (iii) otherwise, unless the power is the result of an\nofficial position with or corporate office held by the person. Control shall be\npresumed to exist if any person directly or indirectly owns, controls, holds\nwith the power to vote, or holds proxies representing collectively ten percent\nor more of the voting securities of any other person. This presumption may be\nrebutted by a showing made in the manner provided by subsection H of \u00a7\n38.2-4231 that control does not exist. After giving all interested persons\nnotice and opportunity to be heard and making specific findings to support its\ndetermination, the Commission may determine that control exists, notwithstanding\nthe absence of a presumption to that effect.\n\t\t“Holding company system” means two or more affiliated persons, one\nor more of which is a nonstock corporation licensed under this chapter.\n\t\t“Surplus” means the excess of total admitted assets over the\nliabilities of a nonstock corporation licensed under this chapter, and shall\ninclude any contingency reserves maintained pursuant to \u00a7 38.2-4208 and any\nvoluntary reserves.\n\t\t“Transaction” means any (i) sale, purchase, exchange, renting or\nleasing arrangement, loan or extension of credit, arrangement for the\nassumption, extension or renewal of any obligation or liability, guaranty or\nsurety arrangement, or investment; (ii) dividend or distribution of cash or\nproperty; (iii) reinsurance treaty or risk-sharing arrangement; (iv) management\ncontract, service contract or cost-sharing arrangement; or (v) other\narrangement, relationship or dealings that the Commission by order, rule or\nregulation determines to be a transaction contemplated by this article. A\ntransaction shall not include any transaction which the Commission by rule or\nregulation exempts as not being material for the purpose of \u00a7\u00a7 38.2-4231 and\n38.2-4233. Any series of transactions occurring within a twelve-month period\nthat are sufficiently similar in nature as to be reasonably construed as a\nsingle transaction and that in the aggregate exceed any minimum set forth in\n\u00a7\u00a7 38.2-4231 and 38.2-4233 shall be deemed a transaction subject to the\nprovisions of such sections.\n\t\t“Voting security” means any security that enables the owner to\nvote for the election of directors. Voting security includes any security\nconvertible into or evidencing a right to acquire a voting security.\n\nHISTORY: 1989, c. 606; 1992, c. 588.","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}}