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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>63734</law_id><section_number>38.2-4410</section_number><catch_line>Financial reports</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="44">Legal Services Plans</unit></structure><text>
						<section><p>On or before March 1 of each year, each <span class="dictionary">legal services organization</span> shall file with the <span class="dictionary">Commission</span> a financial statement in accordance with &#xA7;&#xA0;<a class="law" title="Annual statements" href="/38.2-1300/">38.2-1300</a>. In lieu of a financial statement filed in accordance with &#xA7;&#xA0;<a class="law" title="Annual statements" href="/38.2-1300/">38.2-1300</a>, a foreign <span class="dictionary">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 <span class="dictionary">Insurance</span> <span class="dictionary">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 <span class="dictionary">legal services organization</span> in its <span class="dictionary">state</span> of domicile.
		On or before May 15, August 15, and November 15 of each year, each <span class="dictionary">legal services organization</span> shall file with the <span class="dictionary">Commission</span> a financial statement in accordance with &#xA7;&#xA0;<a class="law" title="Additional reports" href="/38.2-1301/">38.2-1301</a>. In lieu of a financial statement filed in accordance with &#xA7;&#xA0;<a class="law" title="Additional reports" href="/38.2-1301/">38.2-1301</a>, a foreign <span class="dictionary">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 <span class="dictionary">legal services organization</span> in its <span class="dictionary">state</span> of domicile.
		On or before June 1 of each year, each <span class="dictionary">legal services organization</span> shall file with the <span class="dictionary">Commission</span> an audited financial statement. The <span class="dictionary">Commission</span> may request supplemental financial information to ensure a <span class="dictionary">legal services organization</span>&#x2019;s financial stability.
		A <span class="dictionary">legal services organization</span> operating, conducting, or administering a <span class="dictionary">legal services plan</span> shall not be required to file with the <span class="dictionary">Commission</span> any management discussion and analysis of financial condition and results of operations.</p></section></text><history>1978, c. 658, &#xA7; 38.1-799; 1986, c. 562; 2020, c. 408.</history><metadata></metadata></law>
