Virginia § 38.2-1334.3 - Definitions
Full text of Virginia Code of Virginia § 38.2-1334.3 — Definitions, with citation guidance and answers to common questions.
§ 38.2-1334.3. Definitions
As used in this article, unless the context requires a different meaning:
"Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in § 38.2-1322.
"Insurer" means an insurance company as defined in § 38.2-100, except that "insurer" shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
"NAIC" means the National Association of Insurance Commissioners.
"ORSA Guidance Manual" means the current version of the NAIC Own Risk and Solvency Assessment (ORSA) Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.
"ORSA summary report" means a confidential high-level summary of an insurer or insurance group's ORSA.
"Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.
2014, c. 248.
Frequently Asked Questions About Virginia § 38.2-1334.3
What does Code of Virginia § 38.2-1334.3 cover?
Section 38.2-1334.3 ("Definitions") 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 § 38.2-1334.3?
A common citation format is "Code of Virginia § 38.2-1334.3" (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 § 38.2-1334.3 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.