38.2-3923 - Reserves required. - Virginia Statutes

§ 38.2-3923. Reserves required.

In addition to providing for claims incurred but not settled, mutualassessment life, accident and sickness insurers shall maintain the followingreserve liabilities:

1. Life policies written with the right to make additional assessments shallhave reserves established as a single group in the same manner as groupannual renewable term insurance is reserved for insurers licensed pursuant toChapter 10 (§ 38.2-1000 et seq.) of this title.

2. Life or annuity policies written without the right to make additionalassessments shall have reserves established using the standard valuationprovisions required of insurers licensed under Chapter 10 of this titleissuing similar types of policies.

3. Accident and sickness policies shall have reserves established inaccordance with regulations promulgated by the Commission for insurerslicensed pursuant to Chapter 10 of this title.

4. The foregoing reserve computations for statutory accounting purposes shallbe applicable to all policies hereafter in existence and shall supersede anyseparate reserve requirement or separate mortuary funds that have beenpreviously used, pursuant to statute, custom or policy provision.

(1985, c. 400, § 38.1-549.24; 1986, c. 562.)