Virginia § 38.2-1316.7 - Rules and regulations
Full text of Virginia Code of Virginia § 38.2-1316.7 — Rules and regulations, with citation guidance and answers to common questions.
§ 38.2-1316.7. Rules and regulations
A. The Commission may adopt rules and regulations implementing the provisions of this article.
B. The Commission is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in subdivision 1. A regulation adopted pursuant to:
1. This subsection shall apply only to reinsurance relating to:
a. Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;
b. Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
c. Variable annuities with guaranteed death or living benefits;
d. Long-term care insurance policies; or
e. Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
2. Subdivision 1 a or 1 b shall apply to any treaty containing (i) policies issued on or after January 1, 2015, and (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.
3. This subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under subdivision B 1 of § 38.2-1379, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
4. This subsection shall not apply to cessions to an assuming insurer that:
a. Is certified in the Commonwealth;
b. Meets the conditions set forth in subsection E of § 38.2-1316.2; or
c. Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is (i) licensed in at least 26 states or (ii) licensed in at least 10 states and licensed or accredited in a total of at least 35 states.
C. The authority to adopt regulations pursuant to subsection B does not limit the Commission's general authority to adopt regulations pursuant to subsection A.
Frequently Asked Questions About Virginia § 38.2-1316.7
What does Code of Virginia § 38.2-1316.7 cover?
Section 38.2-1316.7 ("Rules and regulations") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-1316.7?
A common citation format is "Code of Virginia § 38.2-1316.7" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-1316.7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.