{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-4410.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-4410.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-4410.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-4410.html"}],"law_id":63734,"edition_id":1,"section_id":63734,"structure_id":14544,"section_number":"38.2-4410","catch_line":"Financial reports","history":"1978, c. 658, \u00a7 38.1-799; 1986, c. 562; 2020, c. 408.","full_text":"On or before March 1 of each year, each legal services organization shall file with the Commission a financial statement in accordance with \u00a7 38.2-1300. In lieu of a financial statement filed in accordance with \u00a7 38.2-1300, a foreign legal services organization may file a financial statement that is (i) prepared using an annual statement convention blank developed by the National Association of Insurance Commissioners (NAIC); (ii) prepared in accordance with the annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization in its state of domicile.\n\t\tOn or before May 15, August 15, and November 15 of each year, each legal services organization shall file with the Commission a financial statement in accordance with \u00a7 38.2-1301. In lieu of a financial statement filed in accordance with \u00a7 38.2-1301, a foreign legal services organization, may file a financial statement that is (i) prepared using a quarterly statement convention blank developed by the NAIC; (ii) prepared in accordance with the quarterly statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization in its state of domicile.\n\t\tOn or before June 1 of each year, each legal services organization shall file with the Commission an audited financial statement. The Commission may request supplemental financial information to ensure a legal services organization’s financial stability.\n\t\tA legal services organization operating, conducting, or administering a legal services plan shall not be required to file with the Commission any management discussion and analysis of financial condition and results of operations.","order_by":null,"text":{"0":{"id":232166,"text":"On or before March 1 of each year, each legal services organization shall file with the Commission a financial statement in accordance with \u00a7 38.2-1300. In lieu of a financial statement filed in accordance with \u00a7 38.2-1300, a foreign legal services organization may file a financial statement that is (i) prepared using an annual statement convention blank developed by the National Association of Insurance Commissioners (NAIC); (ii) prepared in accordance with the annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization in its state of domicile.\n\t\tOn or before May 15, August 15, and November 15 of each year, each legal services organization shall file with the Commission a financial statement in accordance with \u00a7 38.2-1301. In lieu of a financial statement filed in accordance with \u00a7 38.2-1301, a foreign legal services organization, may file a financial statement that is (i) prepared using a quarterly statement convention blank developed by the NAIC; (ii) prepared in accordance with the quarterly statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization in its state of domicile.\n\t\tOn or before June 1 of each year, each legal services organization shall file with the Commission an audited financial statement. The Commission may request supplemental financial information to ensure a legal services organization’s financial stability.\n\t\tA legal services organization operating, conducting, or administering a legal services plan shall not be required to file with the Commission any management discussion and analysis of financial condition and results of operations.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14544,"edition_id":1,"name":"Legal Services Plans","identifier":"44","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:48:36","date_modified":"2026-06-26 03:48:36","permalink":{"id":216961,"object_type":"structure","relational_id":14544,"identifier":"44","token":"38.2\/44","url":"\/38.2\/44\/","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":67200,"structure_id":14544,"section_number":"38.2-4400","catch_line":"Definitions","url":"\/38.2-4400\/","token":"38.2\/44\/38.2-4400","metadata":false},{"id":66172,"structure_id":14544,"section_number":"38.2-4401","catch_line":"Certain contracts, etc., not deemed plans","url":"\/38.2-4401\/","token":"38.2\/44\/38.2-4401","metadata":false},{"id":56893,"structure_id":14544,"section_number":"38.2-4402","catch_line":"Repealed","url":"\/38.2-4402\/","token":"38.2\/44\/38.2-4402","metadata":false},{"id":56000,"structure_id":14544,"section_number":"38.2-4402.1","catch_line":"Corporate organization required","url":"\/38.2-4402.1\/","token":"38.2\/44\/38.2-4402.1","metadata":false},{"id":72704,"structure_id":14544,"section_number":"38.2-4403","catch_line":"The Virginia State Bar may sponsor plans","url":"\/38.2-4403\/","token":"38.2\/44\/38.2-4403","metadata":false},{"id":76693,"structure_id":14544,"section_number":"38.2-4404","catch_line":"Liability of participating providers","url":"\/38.2-4404\/","token":"38.2\/44\/38.2-4404","metadata":false},{"id":65331,"structure_id":14544,"section_number":"38.2-4405","catch_line":"Change of participating providers","url":"\/38.2-4405\/","token":"38.2\/44\/38.2-4405","metadata":false},{"id":68956,"structure_id":14544,"section_number":"38.2-4406","catch_line":"Board of directors of corporation operating plan","url":"\/38.2-4406\/","token":"38.2\/44\/38.2-4406","metadata":false},{"id":61494,"structure_id":14544,"section_number":"38.2-4407","catch_line":"Board of directors of plan created by attorneys","url":"\/38.2-4407\/","token":"38.2\/44\/38.2-4407","metadata":false},{"id":60078,"structure_id":14544,"section_number":"38.2-4408","catch_line":"Application of certain provisions","url":"\/38.2-4408\/","token":"38.2\/44\/38.2-4408","metadata":false},{"id":75181,"structure_id":14544,"section_number":"38.2-4408.1","catch_line":"Rehabilitation, liquidation, conservation","url":"\/38.2-4408.1\/","token":"38.2\/44\/38.2-4408.1","metadata":false},{"id":86796,"structure_id":14544,"section_number":"38.2-4409","catch_line":"Payments under plan","url":"\/38.2-4409\/","token":"38.2\/44\/38.2-4409","metadata":false},{"id":63734,"structure_id":14544,"section_number":"38.2-4410","catch_line":"Financial reports","url":"\/38.2-4410\/","token":"38.2\/44\/38.2-4410","metadata":false},{"id":77355,"structure_id":14544,"section_number":"38.2-4410.1","catch_line":"Examinations","url":"\/38.2-4410.1\/","token":"38.2\/44\/38.2-4410.1","metadata":false},{"id":74551,"structure_id":14544,"section_number":"38.2-4411","catch_line":"Subscriber to have free choice of participating providers available","url":"\/38.2-4411\/","token":"38.2\/44\/38.2-4411","metadata":false},{"id":67937,"structure_id":14544,"section_number":"38.2-4412","catch_line":"Subscriber to be advised in writing as to benefits and limitations thereon","url":"\/38.2-4412\/","token":"38.2\/44\/38.2-4412","metadata":false},{"id":85323,"structure_id":14544,"section_number":"38.2-4413","catch_line":"Licensing of organization","url":"\/38.2-4413\/","token":"38.2\/44\/38.2-4413","metadata":false},{"id":56736,"structure_id":14544,"section_number":"38.2-4414","catch_line":"Renewal of organization license","url":"\/38.2-4414\/","token":"38.2\/44\/38.2-4414","metadata":false},{"id":66329,"structure_id":14544,"section_number":"38.2-4415","catch_line":"Repealed","url":"\/38.2-4415\/","token":"38.2\/44\/38.2-4415","metadata":false},{"id":62348,"structure_id":14544,"section_number":"38.2-4416","catch_line":"Taxation","url":"\/38.2-4416\/","token":"38.2\/44\/38.2-4416","metadata":false},{"id":65595,"structure_id":14544,"section_number":"38.2-4417","catch_line":"Misleading applications or contracts","url":"\/38.2-4417\/","token":"38.2\/44\/38.2-4417","metadata":false},{"id":70492,"structure_id":14544,"section_number":"38.2-4418","catch_line":"Controversies involving subscription contracts","url":"\/38.2-4418\/","token":"38.2\/44\/38.2-4418","metadata":false}],"previous_section":{"id":86796,"structure_id":14544,"section_number":"38.2-4409","catch_line":"Payments under plan","url":"\/38.2-4409\/","token":"38.2\/44\/38.2-4409","metadata":false},"next_section":{"id":77355,"structure_id":14544,"section_number":"38.2-4410.1","catch_line":"Examinations","url":"\/38.2-4410.1\/","token":"38.2\/44\/38.2-4410.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4410\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 658 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 1978 \u201cActs\u201d aren\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 1986, chapter 562; in 2020, chapter 408<\/a>.<\/p>","references":false,"refers_to":[{"id":81115,"section_number":"38.2-1300","catch_line":"Annual statements","order_by":null,"url":"\/38.2-1300\/"},{"id":85708,"section_number":"38.2-1301","catch_line":"Additional reports","order_by":null,"url":"\/38.2-1301\/"}],"permalink":{"id":217011,"object_type":"law","relational_id":63734,"identifier":"38.2-4410","token":"38.2\/44\/38.2-4410","url":"\/38.2-4410\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-4410\/","token":"38.2\/44\/38.2-4410","dublin_core":{"Title":"Financial reports","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4410","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

On or before March 1 of each year, each legal services organization<\/span> shall file with the Commission<\/span> a financial statement in accordance with \u00a7 38.2-1300<\/a>. In lieu of a financial statement filed in accordance with \u00a7 38.2-1300<\/a>, a foreign legal services organization<\/span> may file a financial statement that is (i) prepared using an annual statement convention blank developed by the National Association of Insurance<\/span> Commissioners<\/span> (NAIC); (ii) prepared in accordance with the annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization<\/span> in its state<\/span> of domicile.\n\t\tOn or before May 15, August 15, and November 15 of each year, each legal services organization<\/span> shall file with the Commission<\/span> a financial statement in accordance with \u00a7 38.2-1301<\/a>. In lieu of a financial statement filed in accordance with \u00a7 38.2-1301<\/a>, a foreign legal services organization<\/span>, may file a financial statement that is (i) prepared using a quarterly statement convention blank developed by the NAIC; (ii) prepared in accordance with the quarterly statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any other successor publications; and (iii) filed by the foreign legal services organization<\/span> in its state<\/span> of domicile.\n\t\tOn or before June 1 of each year, each legal services organization<\/span> shall file with the Commission<\/span> an audited financial statement. The Commission<\/span> may request supplemental financial information to ensure a legal services organization<\/span>’s financial stability.\n\t\tA legal services organization<\/span> operating, conducting, or administering a legal services plan<\/span> shall not be required to file with the Commission<\/span> any management discussion and analysis of financial condition and results of operations.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCIAL REPORTS (\u00a7 38.2-4410)\n\nOn or before March 1 of each year, each legal services organization shall file\nwith the Commission a financial statement in accordance with \u00a7 38.2-1300. In\nlieu of a financial statement filed in accordance with \u00a7 38.2-1300, a foreign\nlegal services organization may file a financial statement that is (i) prepared\nusing an annual statement convention blank developed by the National Association\nof Insurance Commissioners (NAIC); (ii) prepared in accordance with the annual\nstatement instructions and the accounting practices and procedures manuals\nadopted by the NAIC, or any other successor publications; and (iii) filed by the\nforeign legal services organization in its state of domicile.\n\t\tOn or before May 15, August 15, and November 15 of each year, each legal\nservices organization shall file with the Commission a financial statement in\naccordance with \u00a7 38.2-1301. In lieu of a financial statement filed in\naccordance with \u00a7 38.2-1301, a foreign legal services organization, may file a\nfinancial statement that is (i) prepared using a quarterly statement convention\nblank developed by the NAIC; (ii) prepared in accordance with the quarterly\nstatement instructions and the accounting practices and procedures manuals\nadopted by the NAIC, or any other successor publications; and (iii) filed by the\nforeign legal services organization in its state of domicile.\n\t\tOn or before June 1 of each year, each legal services organization shall file\nwith the Commission an audited financial statement. The Commission may request\nsupplemental financial information to ensure a legal services\norganization’s financial stability.\n\t\tA legal services organization operating, conducting, or administering a legal\nservices plan shall not be required to file with the Commission any management\ndiscussion and analysis of financial condition and results of operations.\n\nHISTORY: 1978, c. 658, \u00a7 38.1-799; 1986, c. 562; 2020, c. 408.","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}}