reglab/housing_qa huggingface dataset:
VA Code § 38.2-1407 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1407. Prohibited investments

A. No domestic insurer shall invest in or loan funds secured by:1. Issued shares of its own capital stock without the Commission's approval. This approval shall be based on an evaluation that indicates the investment does not adversely affect the insurer or its policyholders. The insurer shall not invest in or own more than 20 percent of its outstanding issued stock, except for the purpose of mutualization;2. Securities of an insolvent entity;3. Securities that, by their terms, will subject the insurer to any assessment other than for taxes or for wages; however, the term "assessment" shall not include ordinary contractual payments or the transfer of collateral or margin made under derivative instruments invested in or owned under § 38.2-1428;4. Investments that, as determined by the Commission, are designed to evade any prohibition of this title; or5. Any obligation or investment prohibited by § 38.2-1411.2.B. Notwithstanding the provisions of this chapter, the Commission may order a domestic insurer to limit or withdraw from certain investments, or discontinue certain investment practices, to the extent the Commission finds that such investment or investment practice endangers the solvency of the insurer or is otherwise hazardous to policyholders, creditors or the public in this Commonwealth.1983, c. 457, § 38.1-217.8; 1986, c. 562; 1992, c. 588; 2011, c. 198.
VA Code § 38.2-1408 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1408. Authorization of investments

No domestic insurer shall make any loan, investment, or any sale or exchange of a loan or investment, except policy loans of an insurer issuing life insurance policies or annuities, unless authorized or approved. Authorization or approval shall be made by (i) its board of directors, or other governing body, or (ii) a committee authorized by the governing body or bylaws, to make investments, loans, sales or exchanges. The minutes of the committee shall be recorded, and reports of the investments, loans, sales or exchanges authorized or approved shall be submitted to the board or other governing body at its next meeting.1983, c. 457, § 38.1-217.9; 1986, c. 562.
VA Code § 38.2-1409 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1409. Powers with respect to property

Subject to any applicable limitations and restrictions in this chapter, a domestic insurer may own, hold, maintain, manage, operate, lease, sell, convey, and collect and receive income from any property acquired as permitted in this chapter.1983, c. 457, § 38.1-217.10; 1986, c. 562.
VA Code § 38.2-1410 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1410. Items not deemed to be prior liens or encumbrances

In construing and applying this title, the following shall not be deemed prior liens or encumbrances: easements; rights-of-way; joint driveways; party wall agreements; current taxes and assessments not delinquent; restrictions as to building, use and occupancy unless there is a right of reentry or forfeiture for violation; instruments reserving mineral, oil, or timber rights; title matters for which the insurer is insured against loss by a title insurer; and leases under which rents are reserved to the owner of the real estate.1983, c. 457, § 38.1-217.11; 1986, c. 562.
VA Code § 38.2-1411.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1411.1. Investment limits generally

A. Any securities described in 15 U.S.C. § 77r-1 shall be subject to all the limitations prescribed by this chapter for investments not guaranteed by the full faith and credit of the United States. However, upon prior written application by an insurer, the Commission may, until July 1, 1992, at its discretion, allow such insurer to increase its investments in § 77r-1 securities to an amount not to exceed ten percent of the insurer's total admitted assets.B. On and after July 1, 1992, investments made in any securities described in 15 U.S.C. § 77r-1 shall be subject to the percentage limitations and requirements set forth in this chapter.1991, c. 283; 1992, c. 588.
VA Code § 38.2-1412 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1412. Scope of article

This article sets forth requirements for qualifying as a Category 1 investment. If an investment or portion thereof does not comply either with this article or Article 3 (§ 38.2-1443 et seq.) of this chapter, then that investment or portion of it shall be classified as a Category 2 investment or a prohibited investment, as provided in this chapter.1983, c. 457, § 38.1-217.15; 1986, c. 562.
VA Code § 38.2-1413 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1413. Investment limits for one obligor, one issue or one loan

A. No domestic insurer shall have at any one time any combination of investments in or loans upon the security of the property and securities of any one obligor or issuer aggregating an amount exceeding the lesser of five percent of the insurer's total admitted assets or twenty percent of the insurer's surplus to policyholders. The limitations prescribed by this section shall not apply to the following:1. Investments in or loans upon the security of general obligations of the United States;2. Investments in foreign securities made eligible by subsection A of § 38.2-1433;3. Investments in mortgage pass-through securities made eligible by § 38.2-1437.1;4. Deposits in institutions insured by a federal deposit insuring agency to the extent of coverage by such deposit insuring agency;5. Investments in subsidiaries made eligible by § 38.2-1427.3;6. Investments in obligations of an agency or instrumentality of the United States made eligible by subsection B of § 38.2-1415; provided that at no time shall the insurer invest pursuant to subsection B of § 38.2-1415 in excess of ten percent of its total admitted assets in any one obligor or issuer of such obligations; or7. Other assets defined or classified by the National Association of Insurance Commissioners accounting practices and procedure manual, or any successor publication, as cash or cash equivalents or as a short term investment that is rated "AAA" or better or the equivalent rating by Moody's Investors Service, Inc., Standard & Poor's or Fitch IBCA, or any successor to the rating business of any of them, provided that at no time shall the amount of any such asset placed for or by the insurer in or with any one depository, issue, obligor, or issuer exceed the lesser of ten percent of the insurer's total admitted assets or twenty percent of the insurer's surplus to policyholders.B. No domestic insurer shall invest in excess of one percent of its total admitted assets in any one issue of any obligations made eligible for investment under § 38.2-1423 or § 38.2-1424.C. No domestic insurer shall invest in excess of one-half of one percent of its total admitted assets in any one loan made eligible by subdivision 3 of § 38.2-1434.D. The principal loan amount disbursed, excluding advances made to enforce or protect the security for the loan, by a domestic insurer under any single wrap-around mortgage made pursuant to § 38.2-1435 shall not exceed one percent of its total admitted assets.E. The amount loaned under § 38.2-1430 shall be subject to the limitations of this section applicable to the kinds of securities or obligations pledged in connection with the loan.1983, c. 457, § 38.1-217.16; 1986, c. 562; 1990, c. 893; 1992, c. 588; 1995, c. 60; 1998, c. 414; 2002, c. 73.
VA Code § 38.2-1416 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1416. Canadian governmental obligations

A. Obligations of Canada. -- A domestic insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the government of Canada or for which the full faith and credit of the government of Canada are pledged for the payment of principal and interest.B. No domestic insurer shall invest in any obligation under this section unless the obligation is payable both as to principal and interest in lawful money of the United States or of Canada.C. Obligations of provinces. -- A domestic insurer may invest in direct, general obligations of any province of Canada for the payment of money, or obligations for the payment of money to the extent guaranteed or insured as to the payment of principal and interest by any province of Canada, on the following conditions:1. The province has the power to levy taxes for the prompt payment of the principal and interest of its obligations;2. The province is not in default in the payment of principal or interest on any of its direct, guaranteed or insured obligations as of the date of investment; and3. An insurer shall not invest under this subsection more than five percent of its admitted assets in obligations issued or guaranteed by any one province.D. Local government obligations. -- A domestic insurer may invest in direct, general obligations of any political subdivision of any province of Canada for the payment of money, or obligation for the payment of money, to the extent guaranteed as to the payment of principal and interest, by any such political subdivision, on the following conditions:1. The obligations are payable or guaranteed from ad valorem taxes;2. Such political subdivision is not in default in the payment of principal or interest on any of its direct or guaranteed obligations;3. No investment shall be made under this subsection in obligations which are secured only by special assessments for local improvements; and4. An insurer shall not invest more than two percent of its admitted assets in obligations issued or guaranteed by any one such political subdivision.1983, c. 457, § 38.1-217.19; 1986, c. 562; 1992, c. 588.
VA Code § 38.2-1417 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1417. Canadian corporate obligations

A domestic insurer may invest in obligations issued, assumed or guaranteed by any solvent corporation created or existing under the laws of Canada, or any province of Canada. However, those obligations shall meet the standards specified in § 38.2-1421 for obligations of any business entity created or existing under the laws of the United States or any state.1983, c. 457, § 38.1-217.20; 1986, c. 562; 1992, c. 588.
VA Code § 38.2-1418 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1418. Obligations of certain international agencies

A domestic insurer may invest in valid and legally authorized high grade obligations issued, assumed or guaranteed by an international development bank of which the United States is a member.1983, c. 457, § 38.1-217.21; 1985, c. 370; 1986, c. 562; 1992, c. 588.
VA Code § 38.2-1419 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1419. Railroad terminal and other securities

A domestic insurer may invest in obligations secured by first mortgages, first deeds of trust or other similar liens upon terminal, depot or tunnel property, including lands, buildings and appurtenances, used in the service of transportation by one or more railroad corporations whose obligations are eligible as investments under § 38.2-1421. However, these obligations shall be (i) the direct obligation of the corporation or corporations, or (ii) guaranteed by endorsement by, or guaranteed by endorsement assumed by the corporation for the payment of principal and interest of those obligations. If the guarantee or assumption of guarantee is by two or more of the corporations, it shall be joint and several as to each. No such investment shall be made if there has been any default in the payment of principal or interest since the issuance of the obligations but not to exceed five years from the date of investment.1983, c. 457, § 38.1-217.22; 1986, c. 562.
VA Code § 38.2-1420 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1420. Transportation equipment trust certificates

A domestic insurer may invest in adequately secured equipment trust certificates or other adequately secured instruments evidencing (i) an interest in transportation equipment wholly or partly within the United States and (ii) a right to receive determined portions of rental, purchase or other fixed obligatory payments for the use or purchase of the transportation equipment.1983, c. 457, § 38.1-217.23; 1986, c. 562.
VA Code § 38.2-1421 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1421. Business entity obligations

A. High grade. A domestic insurer may invest in any high grade obligations issued, assumed or guaranteed by any solvent business entity that is not in default as to principal or interest on the date of investment and which is created or existing under the laws of the United States or any state.B. Medium grade. A domestic issuer may invest in medium grade obligations issued, assumed or guaranteed by any solvent business entity that is not in default as to principal or interest on the date of investment and which is created or existing under the laws of the United States or any state.C. Lower grade. A domestic insurer may invest in lower grade obligations rated 4 by the Securities Valuation Office of the National Association of Insurance Commissioners or, if not rated by the Securities Valuation Office, rated in an equivalent grade by a national rating agency recognized by the Commission that are issued, assumed or guaranteed by any solvent business entity that is not in default as to principal or interest on the date of investment and which is created or existing under the laws of the United States or any state.D. As used in this section, "business entity obligations" shall not include any mortgage pass-through securities described in § 38.2-1437.1.1983, c. 457, § 38.1-217.24; 1986, c. 562; 1992, c. 588; 1998, c. 414.
VA Code § 38.2-1422 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1422. Obligations secured by certain leases

A. A domestic insurer may invest in obligations of any solvent company other than companies referred to in § 38.2-1419, incorporated under the laws of the United States or of any state if:1. The obligations are secured by an assignment to the insurer of a lease, and the rents payable under the lease, of real or personal property or both to (i) a domestic governmental entity; (ii) Canada, or any province of Canada; or (iii) one or more companies incorporated under the laws of the United States, any state, Canada or any province of Canada;2. The rentals assigned are sufficient to repay the indebtedness within the unexpired term of the lease, excluding any term that may be provided by an enforceable option of renewal;3. The lessee on any lease securing an obligation under this section, or the guarantor of the lease, is an entity whose obligations would be eligible for investment by an insurer in accordance with §§ 38.2-1415, 38.2-1421 or § 38.2-1425;4. The lessee or guarantor has not defaulted in payment of interest or principal on any of its obligations during the five fiscal years immediately preceding the date of investment; and5. A first lien on the interest of the lessor in the unencumbered leased property is obtained as additional security for any obligation acquired pursuant to this section.B. No domestic insurer shall invest under this section more than two percent of the insurer's admitted assets in the obligations of any one business entity or in the obligations secured by leases to any one business entity.1983, c. 457, § 38.1-217.25; 1986, c. 562; 1992, c. 588.
VA Code § 38.2-1423 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1423. Preferred stocks

A domestic insurer may invest in preferred stocks of any company incorporated under the laws of the United States or any state if:1. a. The preferred stock under consideration is not in arrears as to dividends if cumulative, orb. Full dividends on the preferred stock under consideration have been paid in the last three years, or since issue if issued less than three years before the date of investment, if noncumulative;2. Required sinking fund payments are on a current basis; and3. The preferred stock is rated highest quality, high quality, or medium quality by the Securities Valuation Office of the National Association of Insurance Commissioners, or if not rated by the Securities Valuation Office, is rated in an equivalent grade by a national rating agency recognized by the Commission.1983, c. 457, § 38.1-217.26; 1986, c. 562; 1998, c. 414; 2008, c. 93.
VA Code § 38.2-1424 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1424. Guaranteed stocks

A domestic insurer may invest in stocks guaranteed by a solvent company incorporated under the laws of the United States or of any state if for the past three years the guarantor's net earnings available for meeting fixed charges is at least 1 1/4 times the sum of (i) the fixed charges of the guarantor and (ii) the dividends on the guaranteed stock.1983, c. 457, § 38.1-217.27; 1986, c. 562.
VA Code § 38.2-1425 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1425. Common stock of banks or trust companies

A. A domestic insurer may invest in the common capital stock of any bank or trust company that is a member of the Federal Deposit Insurance Corporation.B. No domestic insurer shall invest in more than ten percent of the actually issued and outstanding common capital stock of any one such bank or trust company.C. For the purpose of this section, the term "bank" includes a registered bank holding company as defined by the Federal Bank Holding Act of 1956, as amended, and a registered bank holding company shall be considered a member of the Federal Deposit Insurance Corporation if all its subsidiary banks are members of the Federal Deposit Insurance Corporation.1983, c. 457, § 38.1-217.28; 1986, c. 562; 2000, c. 155.
VA Code § 38.2-1426 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1426. Application of earnings tests

If the issuing, assuming or guaranteeing business entity has not been in operation for the entire period for which earnings are being applied pursuant to § 38.2-1424, the earnings tests shall be based upon pro forma statements incorporating statements of any predecessor or constituent business entity for that portion of the earnings tests period that the current business entity was not in operation, if:1. The current business entity was formed as a consolidation or a merger of two or more business entities, at least one of which was in operation at the beginning of the period; or2. The current business entity has acquired all of the assets of a business entity or any division or other unit of a business entity that was in operation at the beginning of the test period.1983, c. 457, § 38.1-217.29; 1986, c. 562; 1992, c. 588; 2000, c. 155; 2002, c. 147.
VA Code § 38.2-1427 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1427. Common stock; covered call options

A. A domestic insurer may invest in the common capital stock of any company incorporated under the laws of the United States or any state, if the common capital stock of the corporation is traded on a securities exchange or on an over-the-counter market regulated under the Securities Exchange Act of 1934, as amended.B. A domestic insurer also may write exchange-traded, covered call options on shares of common capital stock it owns.C. No domestic insurer shall invest, pursuant to this section, in more than ten percent of the issued and outstanding common capital stock of any one corporation or issuer.1983, c. 457, § 38.1-217.30; 1986, c. 562; 1992, c. 588.
VA Code § 38.2-1427.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1427.1. Limited partnerships

A domestic insurer may become a limited partner in a partnership organized and governed under the laws of the United States or any state for the purpose of making or participating in investments otherwise permissible for domestic insurers under the provisions of this chapter.1992, c. 588.
VA Code § 38.2-1427.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1427.2. Investment company shares and units of beneficial interest

A domestic insurer may invest in shares of common stock or units of beneficial interest issued by any solvent business corporation or trust incorporated or organized under the laws of the United States, or of any state of the United States, under the following conditions:1. If the issuing corporation or trust is advised by an investment advisor which is the insurer or an affiliate of the insurer, the issuing corporation or trust shall have assets of $100,000 or more (which may be provided by the insurer or affiliate), or if the issuing corporation or trust has an unaffiliated investment advisor, the issuing corporation or trust shall have net assets of ten million dollars or more, and2. The issuing corporation or trust is registered as an investment company with the Federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended.1992, c. 588; 2002, c. 147.
VA Code § 38.2-1427.3 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1427.3. Investment authority; subsidiary corporations

A domestic insurer may invest in common stock, preferred stock, debt obligations, and other securities of a subsidiary.For investments in subsidiary corporations made prior to July 1, 1995, July 1, 1995, may be deemed the date of investment.1992, c. 588; 1993, c. 47; 1995, c. 60.
VA Code § 38.2-1429 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 14 - Investments|§ 38.2-1429. Lending of securities

A. A domestic insurer may lend securities held by it pursuant to §§ 38.2-1415 through 38.2-1427.2 if:1. Simultaneously with the delivery of the securities, the insurer receives collateral from the borrower consisting of cash or consisting of securities issued, assumed or guaranteed by the United States, an agency of the United States or any state. The securities shall have a present market value of at least 102 percent of the market value of the securities loaned;2. The securities are loaned only for the purpose of making delivery of securities in the case of short sales, in the case of failure to receive securities requested for delivery or in other similar cases;3. Prior to the loan, the borrower furnishes the insurer with the most recent statement of the borrower's financial condition and a representation by the borrower that there has been no material adverse change in its financial condition since the date of that statement;4. The insurer receives a reasonable fee related to the value of the borrowed securities and to the duration of the loan;5. The loan is made pursuant to a written loan agreement; and6. The borrower is required to furnish by the close of each business day during the term of the loan a report of the market value of all collateral and the market value of all borrowed securities as of the close of trading on the previous business day. If at the close of any business day the market value of the collateral is less than 102 percent of the market value of the securities loaned, then the borrower shall deliver by the close of the next business day an additional amount of cash or securities. The market value of these additional securities, together with the market value of all previously delivered collateral, shall equal at least 102 percent of the market value of the securities loaned.B. For the purposes of this section, "market value" includes accrued interest.1983, c. 457, § 38.1-217.32; 1986, c. 562; 1992, c. 588.