38.2-3128 - Decrease of standards higher than minimum. - Virginia Statutes

§ 38.2-3128. Decrease of standards higher than minimum.

Each insurer that has adopted a standard of valuation producing greateraggregate reserves than those calculated according to the minimum standardprovided in this article may, with the approval of the Commission, adopt anylower standard of valuation that equals or exceeds the minimum provided inthis article. However, for purposes of this section, the holding ofadditional reserves previously determined by a qualified actuary to benecessary to render the opinion required by § 38.2-3127.1 shall not be deemedto be the adoption of a higher standard of valuation.

(Code 1950, § 38-392; 1952, c. 317, § 38.1-454; 1986, c. 562; 1992, c. 588.)