Virginia § 38.2-2529 - Unearned premium reserves required
Full text of Virginia Code of Virginia § 38.2-2529 — Unearned premium reserves required, with citation guidance and answers to common questions.
§ 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.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-2529
What does Code of Virginia § 38.2-2529 cover?
Section 38.2-2529 ("Unearned premium reserves required") 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 § 38.2-2529?
A common citation format is "Code of Virginia § 38.2-2529" (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 § 38.2-2529 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.