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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77501</law_id><section_number>38.2-1374</section_number><catch_line>Minimum reserves</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="13">Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents</unit><unit label="article" level="3" order_by="1" identifier="10">Standard Valuation</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> In no event shall an <span class="dictionary">insurer</span>&#x2019;s aggregate reserves for all life <span class="dictionary">insurance policies</span>, excluding disability and accidental death benefits, be less than the aggregate reserves calculated in accordance with the methods set forth in &#xA7;&#xA7; <a class="law" title="Reserve valuation method; life insurance and endowment benefits" href="/38.2-1372/">38.2-1372</a>, <a class="law" title="Reserve valuation method; annuity and pure endowment benefits" href="/38.2-1373/">38.2-1373</a>, <a class="law" title="Reserve calculation; valuation net premium exceeding the gross premium charged" href="/38.2-1376/">38.2-1376</a>, and <a class="law" title="Reserve calculation; indeterminate premium plans" href="/38.2-1377/">38.2-1377</a> and the mortality table or tables and <span class="dictionary">rate</span> or <span class="dictionary"><span class="dictionary">rates</span></span> of interest used in calculating nonforfeiture benefits for those policies. <a id="paragraph-278010" class="section-permalink" href="https://vacode.org/38.2-1374/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> In no event shall the aggregate reserves for all policies, <span class="dictionary">contracts</span>, and benefits be less than the aggregate reserves determined by the <span class="dictionary">appointed actuary</span> to be necessary to render the <span class="dictionary">opinion</span> required by &#xA7; <a class="law" title="Actuarial opinion of reserves" href="/38.2-1367/">38.2-1367</a>. <a id="paragraph-278011" class="section-permalink" href="https://vacode.org/38.2-1374/#B"><i class="fa fa-link"/></a></p></section></text><history>2014, c. 571.</history><metadata></metadata></law>
