Virginia § 38.2-2529 Unearned premium reserves required

Virginia Statutes

§ 38.2-2529 — Unearned premium reserves required

Virginia § 38.2-2529

Title 38.2INSURANCE

Ch. 25MUTUAL ASSESSMENT PROPERTY AND CASUALTY INSURERS

Art. 5FINANCIAL PROVISIONS

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Bluebook

Va. Code Ann. § 38.2-2529 (2026).

Text

A.Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of this title.

B.The amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows:

1.For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and

2.For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in orde

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A. Advance assessments received by mutual assessment property and casualty insurers shall be considered premiums and, except as provided in subsection B of this section, shall be subject to the requirement of an unearned premium reserve computed in accordance with § 38.2-1312. The reserves may be reduced for applicable reinsurance in accordance with the provisions of Article 3.1 (§ 38.2-1316.1 et seq.) of Chapter 13 of this title.

B. The amount each insurer shall maintain in reserves for unearned premium reserves shall be as follows:

1. For calendar year 1987, at least ten percent of the unearned premium reserve as calculated in subsection A of this section; and

2. For each subsequent year, at least an additional ten percent as calculated in subsection A for that subsequent year in order that the full amount of unearned premium reserves shall be established by December 31, 1996.