Code of Virginia - Title 38.2 Insurance - Section 38.2-2529 Unearned premium reserves required

§ 38.2-2529. Unearned premium reserves required

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.

(1986, c. 562; 1994, c. 316.)

Sections:  Previous  38.2-2515  38.2-2516  38.2-2517  38.2-2518  38.2-2519  38.2-2520  38.2-2521  38.2-2522  38.2-2523  38.2-2524  38.2-2525  38.2-2526  38.2-2527  38.2-2528  38.2-2529

Last modified: April 16, 2009