{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-5514.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-5514.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-5514.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-5514.html"}],"law_id":69834,"edition_id":1,"section_id":69834,"structure_id":14894,"section_number":"38.2-5514","catch_line":"Phase-in provision","history":"1995, c. 789.","full_text":"For RBC Reports required to be filed by insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of \u00a7\u00a7 38.2-5503, 38.2-5504, 38.2-5505 and 38.2-5506:\n\n1\n\nIn the event of a Company Action Level Event with respect to a domestic insurer, the Commission shall take no regulatory action hereunder.2\n\nIn the event of a Regulatory Action Level Event under subdivision A 1, A 2 or A 3 of § 38.2-5504, the Commission shall take the actions required under § 38.2-5503.3\n\nIn the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7, 8 or 9 of subsection A of § 38.2-5504 or an Authorized Control Level Event, the Commission shall take the actions required under § 38.2-5504 with respect to the insurer.4\n\nIn the event of a Mandatory Control Level Event with respect to an insurer, the Commission shall take the actions required under § 38.2-5505 with respect to the insurer.","order_by":null,"text":{"0":{"id":252391,"text":"For RBC Reports required to be filed by insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of \u00a7\u00a7 38.2-5503, 38.2-5504, 38.2-5505 and 38.2-5506:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":252392,"text":"In the event of a Company Action Level Event with respect to a domestic insurer, the Commission shall take no regulatory action hereunder.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":252393,"text":"In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or A 3 of § 38.2-5504, the Commission shall take the actions required under § 38.2-5503.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":252394,"text":"In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7, 8 or 9 of subsection A of § 38.2-5504 or an Authorized Control Level Event, the Commission shall take the actions required under § 38.2-5504 with respect to the insurer.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":252395,"text":"In the event of a Mandatory Control Level Event with respect to an insurer, the Commission shall take the actions required under § 38.2-5505 with respect to the insurer.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":14894,"edition_id":1,"name":"Risk-Based Capital Act","identifier":"55","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:50:37","date_modified":"2026-06-26 03:50:37","permalink":{"id":217847,"object_type":"structure","relational_id":14894,"identifier":"55","token":"38.2\/55","url":"\/38.2\/55\/","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":68244,"structure_id":14894,"section_number":"38.2-5500","catch_line":"Applicability","url":"\/38.2-5500\/","token":"38.2\/55\/38.2-5500","metadata":false},{"id":67232,"structure_id":14894,"section_number":"38.2-5501","catch_line":"Definitions","url":"\/38.2-5501\/","token":"38.2\/55\/38.2-5501","metadata":false},{"id":68713,"structure_id":14894,"section_number":"38.2-5502","catch_line":"RBC Reports","url":"\/38.2-5502\/","token":"38.2\/55\/38.2-5502","metadata":false},{"id":72298,"structure_id":14894,"section_number":"38.2-5503","catch_line":"Company Action Level Event","url":"\/38.2-5503\/","token":"38.2\/55\/38.2-5503","metadata":false},{"id":86775,"structure_id":14894,"section_number":"38.2-5504","catch_line":"Regulatory Action Level Event","url":"\/38.2-5504\/","token":"38.2\/55\/38.2-5504","metadata":false},{"id":85425,"structure_id":14894,"section_number":"38.2-5505","catch_line":"Authorized Control Level Event","url":"\/38.2-5505\/","token":"38.2\/55\/38.2-5505","metadata":false},{"id":69962,"structure_id":14894,"section_number":"38.2-5506","catch_line":"Mandatory Control Level Event","url":"\/38.2-5506\/","token":"38.2\/55\/38.2-5506","metadata":false},{"id":81704,"structure_id":14894,"section_number":"38.2-5507","catch_line":"Hearings","url":"\/38.2-5507\/","token":"38.2\/55\/38.2-5507","metadata":false},{"id":61072,"structure_id":14894,"section_number":"38.2-5508","catch_line":"Confidentiality; prohibition on announcements; prohibition on use in ratemaking","url":"\/38.2-5508\/","token":"38.2\/55\/38.2-5508","metadata":false},{"id":67266,"structure_id":14894,"section_number":"38.2-5509","catch_line":"Supplemental provisions; rules; exemption","url":"\/38.2-5509\/","token":"38.2\/55\/38.2-5509","metadata":false},{"id":80850,"structure_id":14894,"section_number":"38.2-5510","catch_line":"Foreign licensees","url":"\/38.2-5510\/","token":"38.2\/55\/38.2-5510","metadata":false},{"id":61601,"structure_id":14894,"section_number":"38.2-5511","catch_line":"Immunity","url":"\/38.2-5511\/","token":"38.2\/55\/38.2-5511","metadata":false},{"id":56865,"structure_id":14894,"section_number":"38.2-5512","catch_line":"Repealed","url":"\/38.2-5512\/","token":"38.2\/55\/38.2-5512","metadata":false},{"id":83503,"structure_id":14894,"section_number":"38.2-5513","catch_line":"Notices","url":"\/38.2-5513\/","token":"38.2\/55\/38.2-5513","metadata":false},{"id":69834,"structure_id":14894,"section_number":"38.2-5514","catch_line":"Phase-in provision","url":"\/38.2-5514\/","token":"38.2\/55\/38.2-5514","metadata":false},{"id":67792,"structure_id":14894,"section_number":"38.2-5515","catch_line":"Expired","url":"\/38.2-5515\/","token":"38.2\/55\/38.2-5515","metadata":false}],"previous_section":{"id":83503,"structure_id":14894,"section_number":"38.2-5513","catch_line":"Notices","url":"\/38.2-5513\/","token":"38.2\/55\/38.2-5513","metadata":false},"next_section":{"id":67792,"structure_id":14894,"section_number":"38.2-5515","catch_line":"Expired","url":"\/38.2-5515\/","token":"38.2\/55\/38.2-5515","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-5514\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 789<\/a> 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.<\/p>","references":false,"refers_to":[{"id":72298,"section_number":"38.2-5503","catch_line":"Company Action Level Event","order_by":null,"url":"\/38.2-5503\/"},{"id":86775,"section_number":"38.2-5504","catch_line":"Regulatory Action Level Event","order_by":null,"url":"\/38.2-5504\/"},{"id":85425,"section_number":"38.2-5505","catch_line":"Authorized Control Level Event","order_by":null,"url":"\/38.2-5505\/"},{"id":69962,"section_number":"38.2-5506","catch_line":"Mandatory Control Level Event","order_by":null,"url":"\/38.2-5506\/"}],"permalink":{"id":217905,"object_type":"law","relational_id":69834,"identifier":"38.2-5514","token":"38.2\/55\/38.2-5514","url":"\/38.2-5514\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-5514\/","token":"38.2\/55\/38.2-5514","dublin_core":{"Title":"Phase-in provision","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-5514","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

For RBC Reports<\/span> required to be filed by insurers<\/span> with respect to 1994, the following requirements shall apply in lieu of the provisions of \u00a7\u00a7 38.2-5503<\/a>, 38.2-5504<\/a>, 38.2-5505<\/a> and 38.2-5506<\/a>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> In the event of a Company<\/span> Action Level Event with respect to a domestic insurer<\/span>, the Commission<\/span> shall take no regulatory action hereunder. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or A 3 of § 38.2-5504<\/a>, the Commission<\/span> shall take the actions required under § 38.2-5503<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7, 8 or 9 of subsection A of § 38.2-5504<\/a> or an Authorized Control Level Event, the Commission<\/span> shall take the actions required under § 38.2-5504<\/a> with respect to the insurer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> In the event of a Mandatory Control Level Event with respect to an insurer, the Commission<\/span> shall take the actions required under § 38.2-5505<\/a> with respect to the insurer. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPHASE-IN PROVISION (\u00a7 38.2-5514)\n\nFor RBC Reports required to be filed by insurers with respect to 1994, the\nfollowing requirements shall apply in lieu of the provisions of \u00a7\u00a7 38.2-5503,\n38.2-5504, 38.2-5505 and 38.2-5506:\n\n1. In the event of a Company Action Level Event with respect to a domestic\ninsurer, the Commission shall take no regulatory action hereunder.\n\n2. In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or\nA 3 of § 38.2-5504, the Commission shall take the actions required under\n§ 38.2-5503.\n\n3. In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7,\n8 or 9 of subsection A of § 38.2-5504 or an Authorized Control Level Event,\nthe Commission shall take the actions required under § 38.2-5504 with\nrespect to the insurer.\n\n4. In the event of a Mandatory Control Level Event with respect to an insurer,\nthe Commission shall take the actions required under § 38.2-5505 with\nrespect to the insurer.\n\nHISTORY: 1995, c. 789.","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}}