The value of Category 2 investments shall be excluded from the value of admitted assets to the extent the value of Category 2 investments exceeds seventy-five percent of the amount by which an insurer‘s surplus to policyholders exceeds its minimum capital and surplus.

Terms Used In Virginia Code 38.2-1403

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Insurer: means a company licensed pursuant to Chapter 10 (§ 38. See Virginia Code 38.2-1401
  • Minimum capital and surplus: means the minimum surplus to policyholders, or minimum net worth, a particular insurer must have to obtain and maintain its license to transact business in this Commonwealth pursuant to the applicable provisions of this title. See Virginia Code 38.2-1401
  • Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100

1983, c. 457, § 38.1-217.4; 1986, c. 562; 1992, c. 588; 1998, c. 414.

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