{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-1139.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-1139.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-1139.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-1139.html"}],"law_id":64363,"edition_id":1,"section_id":64363,"structure_id":14529,"section_number":"51.1-1139","catch_line":"Policies to provide for accounting to Board; advance premium deposit reserve","history":"1998, c. 774; 2006, c. 641.","full_text":"A\n\nEach insurance product purchased by the Board or contract for administrative services related to a self-funded product shall provide for an accounting to the Board not later than 120 days after the end of each product year. For an insurance product, the accounting shall include (i) the amounts of premiums actually accrued under the policy during the policy year, (ii) the total amount of all claim charges incurred during the policy year, and (iii) the amount of fees accrued under the policy during the year plus the total amount of all claim charges incurred during the policy year. For a self-insured product, the accounting shall include the total amount of all claim charges incurred during the product year, the total amount of third party administrator expenses, and the total amount of other charges for administrative services.B\n\nAny portion of the excess of the total of clause A (i) over clause A (iii) may, with the approval of the Board, be held by the insurance company in an advance premium deposit reserve to be used by the company for charges under the policy only. Any expenses incurred by the Board in connection with the administration of the disability benefits provisions of the program may be deducted from the advance premium deposit reserve. The advance premium deposit reserve shall bear interest at a rate to be determined in advance of each policy year by the insurance company. The rate shall be subject to Board approval as being consistent with the rates generally used by the company for similar funds held under other disability insurance policies. Any portion of the excess not held by the insurance company shall be held by the Board to be used for charges under the policy only. If the Board determines that the advance premium deposit reserve, together with any portion of the excess accumulated and held by the Board, has attained an amount estimated to make satisfactory provision for adverse fluctuations in future charges under the policy, any further excess shall inure to the benefit of the Commonwealth as determined by the Board.C\n\nFor purposes of this section, the insurance company may combine and consolidate the policies issued by it as directed by the Board.","order_by":null,"text":{"0":{"id":234226,"text":"Each insurance product purchased by the Board or contract for administrative services related to a self-funded product shall provide for an accounting to the Board not later than 120 days after the end of each product year. For an insurance product, the accounting shall include (i) the amounts of premiums actually accrued under the policy during the policy year, (ii) the total amount of all claim charges incurred during the policy year, and (iii) the amount of fees accrued under the policy during the year plus the total amount of all claim charges incurred during the policy year. For a self-insured product, the accounting shall include the total amount of all claim charges incurred during the product year, the total amount of third party administrator expenses, and the total amount of other charges for administrative services.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":234227,"text":"Any portion of the excess of the total of clause A (i) over clause A (iii) may, with the approval of the Board, be held by the insurance company in an advance premium deposit reserve to be used by the company for charges under the policy only. Any expenses incurred by the Board in connection with the administration of the disability benefits provisions of the program may be deducted from the advance premium deposit reserve. The advance premium deposit reserve shall bear interest at a rate to be determined in advance of each policy year by the insurance company. The rate shall be subject to Board approval as being consistent with the rates generally used by the company for similar funds held under other disability insurance policies. Any portion of the excess not held by the insurance company shall be held by the Board to be used for charges under the policy only. If the Board determines that the advance premium deposit reserve, together with any portion of the excess accumulated and held by the Board, has attained an amount estimated to make satisfactory provision for adverse fluctuations in future charges under the policy, any further excess shall inure to the benefit of the Commonwealth as determined by the Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":234228,"text":"For purposes of this section, the insurance company may combine and consolidate the policies issued by it as directed by the Board.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14529,"edition_id":1,"name":"Administration of Program","identifier":"6","label":"article","depth":3,"order_by":1,"parent_id":14528,"metadata":{},"date_created":"2026-06-26 03:48:32","date_modified":"2026-06-26 03:48:32","permalink":{"id":235635,"object_type":"structure","relational_id":14529,"identifier":"6","token":"51.1\/11\/6","url":"\/51.1\/11\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14528,"edition_id":1,"name":"Sickness and Disability Program","identifier":"11","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:48:32","date_modified":"2026-06-26 03:48:32","permalink":{"id":235467,"object_type":"structure","relational_id":14528,"identifier":"11","token":"51.1\/11","url":"\/51.1\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55968,"structure_id":14529,"section_number":"51.1-1136","catch_line":"Limitation on coverage","url":"\/51.1-1136\/","token":"51.1\/11\/6\/51.1-1136","metadata":false},{"id":67249,"structure_id":14529,"section_number":"51.1-1137","catch_line":"Keeping records and furnishing information required by Board","url":"\/51.1-1137\/","token":"51.1\/11\/6\/51.1-1137","metadata":false},{"id":61733,"structure_id":14529,"section_number":"51.1-1138","catch_line":"Benefits exempt from process","url":"\/51.1-1138\/","token":"51.1\/11\/6\/51.1-1138","metadata":false},{"id":64363,"structure_id":14529,"section_number":"51.1-1139","catch_line":"Policies to provide for accounting to Board; advance premium deposit reserve","url":"\/51.1-1139\/","token":"51.1\/11\/6\/51.1-1139","metadata":false},{"id":62748,"structure_id":14529,"section_number":"51.1-1140","catch_line":"Funding of program; Disability Insurance Trust Fund established","url":"\/51.1-1140\/","token":"51.1\/11\/6\/51.1-1140","metadata":false}],"previous_section":{"id":61733,"structure_id":14529,"section_number":"51.1-1138","catch_line":"Benefits exempt from process","url":"\/51.1-1138\/","token":"51.1\/11\/6\/51.1-1138","metadata":false},"next_section":{"id":62748,"structure_id":14529,"section_number":"51.1-1140","catch_line":"Funding of program; Disability Insurance Trust Fund established","url":"\/51.1-1140\/","token":"51.1\/11\/6\/51.1-1140","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-1139\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapter 774<\/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. 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 2006, chapter 641<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":235649,"object_type":"law","relational_id":64363,"identifier":"51.1-1139","token":"51.1\/11\/6\/51.1-1139","url":"\/51.1-1139\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-1139\/","token":"51.1\/11\/6\/51.1-1139","dublin_core":{"Title":"Policies to provide for accounting to Board; advance premium deposit reserve","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-1139","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each insurance product purchased by the Board or contract<\/span> for administrative services related to a self-funded product shall provide for an accounting to the Board not later than 120 days after the end of each product year. For an insurance product, the accounting shall include (i) the amounts of premiums actually accrued under the policy during the policy year, (ii) the total amount of all claim charges incurred during the policy year, and (iii) the amount of fees accrued under the policy during the year plus the total amount of all claim charges incurred during the policy year. For a self-insured product, the accounting shall include the total amount of all claim charges incurred during the product year, the total amount of third party<\/span> administrator expenses, and the total amount of other charges for administrative services. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any portion of the excess of the total of clause A (i) over clause A (iii) may, with the approval of the Board, be held by the insurance company<\/span> in an advance premium deposit reserve to be used by the company<\/span> for charges under the policy only. Any expenses incurred by the Board in connection with the administration of the disability benefits<\/span> provisions of the program<\/span> may be deducted from the advance premium deposit reserve. The advance premium deposit reserve shall bear interest at a rate to be determined in advance of each policy year by the insurance company<\/span>. The rate shall be subject to Board approval as being consistent with the rates generally used by the company<\/span> for similar funds held under other disability insurance policies. Any portion of the excess not held by the insurance company<\/span> shall be held by the Board to be used for charges under the policy only. If the Board determines that the advance premium deposit reserve, together with any portion of the excess accumulated and held by the Board, has attained an amount estimated to make satisfactory provision for adverse fluctuations in future charges under the policy, any further excess shall inure to the benefit of the Commonwealth as determined by the Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For purposes of this section, the insurance company<\/span> may combine and consolidate the policies issued by it as directed by the Board. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOLICIES TO PROVIDE FOR ACCOUNTING TO BOARD; ADVANCE PREMIUM DEPOSIT RESERVE (\u00a7\n51.1-1139)\n\nA. Each insurance product purchased by the Board or contract for administrative\nservices related to a self-funded product shall provide for an accounting to the\nBoard not later than 120 days after the end of each product year. For an\ninsurance product, the accounting shall include (i) the amounts of premiums\nactually accrued under the policy during the policy year, (ii) the total amount\nof all claim charges incurred during the policy year, and (iii) the amount of\nfees accrued under the policy during the year plus the total amount of all claim\ncharges incurred during the policy year. For a self-insured product, the\naccounting shall include the total amount of all claim charges incurred during\nthe product year, the total amount of third party administrator expenses, and\nthe total amount of other charges for administrative services.\n\nB. Any portion of the excess of the total of clause A (i) over clause A (iii)\nmay, with the approval of the Board, be held by the insurance company in an\nadvance premium deposit reserve to be used by the company for charges under the\npolicy only. Any expenses incurred by the Board in connection with the\nadministration of the disability benefits provisions of the program may be\ndeducted from the advance premium deposit reserve. The advance premium deposit\nreserve shall bear interest at a rate to be determined in advance of each policy\nyear by the insurance company. The rate shall be subject to Board approval as\nbeing consistent with the rates generally used by the company for similar funds\nheld under other disability insurance policies. Any portion of the excess not\nheld by the insurance company shall be held by the Board to be used for charges\nunder the policy only. If the Board determines that the advance premium deposit\nreserve, together with any portion of the excess accumulated and held by the\nBoard, has attained an amount estimated to make satisfactory provision for\nadverse fluctuations in future charges under the policy, any further excess\nshall inure to the benefit of the Commonwealth as determined by the Board.\n\nC. For purposes of this section, the insurance company may combine and\nconsolidate the policies issued by it as directed by the Board.\n\nHISTORY: 1998, c. 774; 2006, c. 641.","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}}