{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-1231.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-1231.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-1231.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-1231.html"}],"law_id":361268,"edition_id":2,"section_id":361268,"structure_id":51661,"section_number":"38.2-1231","catch_line":"Attorney’s financial statement","history":"1996, c. 304.","full_text":"A\n\nThe subscribers’ advisory committee of a domestic reciprocal shall annually obtain from its attorney an audited financial report of the attorney’s financial position and the results of its operations as related to its management of the reciprocal. A copy of the report shall be filed with the Commission.\n\nB\n\nUnless the Commission provides otherwise in writing, the report required by this section shall be due within 120 days after the end of the attorney’s fiscal year, shall be prepared in conformity with generally accepted accounting practices, and shall be audited by an independent certified public accountant.\n\nC\n\nIf the attorney obtains an independent audit on a consolidated basis, the audited consolidated financial statements shall satisfy the requirements of this section provided the attorney’s financial position and results of its operation as related to its management of the reciprocal are separately disclosed.\n\nD\n\nThe report filed pursuant to this section and any information provided in connection with the preparation of such report shall not be open to public inspection and shall receive confidential treatment by the Commission.\n\n","order_by":null,"text":{"0":{"id":1344240,"text":"The subscribers’ advisory committee of a domestic reciprocal shall annually obtain from its attorney an audited financial report of the attorney’s financial position and the results of its operations as related to its management of the reciprocal. A copy of the report shall be filed with the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1344241,"text":"Unless the Commission provides otherwise in writing, the report required by this section shall be due within 120 days after the end of the attorney’s fiscal year, shall be prepared in conformity with generally accepted accounting practices, and shall be audited by an independent certified public accountant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1344242,"text":"If the attorney obtains an independent audit on a consolidated basis, the audited consolidated financial statements shall satisfy the requirements of this section provided the attorney’s financial position and results of its operation as related to its management of the reciprocal are separately disclosed.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1344243,"text":"The report filed pursuant to this section and any information provided in connection with the preparation of such report shall not be open to public inspection and shall receive confidential treatment by the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":51661,"edition_id":2,"name":"Domestic Reciprocals","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":51659,"metadata":{"child_laws":13,"child_structures":0},"date_created":"2026-08-02 02:45:50","date_modified":"2026-08-02 12:33:00","permalink":{"id":1438295,"object_type":"structure","relational_id":51661,"identifier":"2","token":"38.2\/12\/2","url":"\/38.2\/12\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51659,"edition_id":2,"name":"Reciprocal Insurance","identifier":"12","label":"chapter","depth":2,"order_by":12,"parent_id":51644,"metadata":{"child_laws":32,"child_structures":2},"date_created":"2026-08-02 02:45:46","date_modified":"2026-08-02 12:32:59","permalink":{"id":1438215,"object_type":"structure","relational_id":51659,"identifier":"12","token":"38.2\/12","url":"\/38.2\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":361252,"structure_id":51661,"section_number":"38.2-1219","catch_line":"Organization of reciprocals; what declaration to contain","url":"\/38.2-1219\/","token":"38.2\/12\/2\/38.2-1219","metadata":false},{"id":361256,"structure_id":51661,"section_number":"38.2-1220","catch_line":"Attorney to file bond","url":"\/38.2-1220\/","token":"38.2\/12\/2\/38.2-1220","metadata":false},{"id":361257,"structure_id":51661,"section_number":"38.2-1221","catch_line":"Deposit instead of bond","url":"\/38.2-1221\/","token":"38.2\/12\/2\/38.2-1221","metadata":false},{"id":361258,"structure_id":51661,"section_number":"38.2-1222","catch_line":"Subscribers' advisory committee","url":"\/38.2-1222\/","token":"38.2\/12\/2\/38.2-1222","metadata":false},{"id":361259,"structure_id":51661,"section_number":"38.2-1223","catch_line":"Subscriber's agreement and power of attorney","url":"\/38.2-1223\/","token":"38.2\/12\/2\/38.2-1223","metadata":false},{"id":361260,"structure_id":51661,"section_number":"38.2-1224","catch_line":"Modification of power of attorney and subscriber's agreement","url":"\/38.2-1224\/","token":"38.2\/12\/2\/38.2-1224","metadata":{"court_decisions":""}},{"id":361261,"structure_id":51661,"section_number":"38.2-1225","catch_line":"Contributions","url":"\/38.2-1225\/","token":"38.2\/12\/2\/38.2-1225","metadata":{"court_decisions":""}},{"id":361262,"structure_id":51661,"section_number":"38.2-1226","catch_line":"Assessments","url":"\/38.2-1226\/","token":"38.2\/12\/2\/38.2-1226","metadata":{"court_decisions":""}},{"id":361263,"structure_id":51661,"section_number":"38.2-1227","catch_line":"Time limit for assessment","url":"\/38.2-1227\/","token":"38.2\/12\/2\/38.2-1227","metadata":false},{"id":361264,"structure_id":51661,"section_number":"38.2-1228","catch_line":"Subscribers' share in assets","url":"\/38.2-1228\/","token":"38.2\/12\/2\/38.2-1228","metadata":false},{"id":361265,"structure_id":51661,"section_number":"38.2-1229","catch_line":"Impaired reciprocals","url":"\/38.2-1229\/","token":"38.2\/12\/2\/38.2-1229","metadata":false},{"id":361267,"structure_id":51661,"section_number":"38.2-1230","catch_line":"Material transactions","url":"\/38.2-1230\/","token":"38.2\/12\/2\/38.2-1230","metadata":{"court_decisions":""}},{"id":361268,"structure_id":51661,"section_number":"38.2-1231","catch_line":"Attorney's financial statement","url":"\/38.2-1231\/","token":"38.2\/12\/2\/38.2-1231","metadata":false}],"previous_section":{"id":361267,"structure_id":51661,"section_number":"38.2-1230","catch_line":"Material transactions","url":"\/38.2-1230\/","token":"38.2\/12\/2\/38.2-1230","metadata":{"court_decisions":""}},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1231\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 304<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1438345,"object_type":"law","relational_id":361268,"identifier":"38.2-1231","token":"38.2\/12\/2\/38.2-1231","url":"\/38.2-1231\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-1231\/","token":"38.2\/12\/2\/38.2-1231","dublin_core":{"Title":"Attorney’s financial statement","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1231","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The subscribers’ advisory committee of a domestic reciprocal shall annually obtain from its attorney an audited financial report of the attorney’s financial position and the results of its operations as related to its management of the reciprocal. A copy of the report shall be filed with the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Unless the Commission<\/span> provides otherwise in writing, the report required by this section shall be due within 120 days after the end of the attorney’s fiscal year, shall be prepared in conformity with generally accepted accounting practices, and shall be audited by an independent certified public accountant. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the attorney obtains an independent audit on a consolidated basis, the audited consolidated financial statements shall satisfy the requirements of this section provided the attorney’s financial position and results of its operation as related to its management of the reciprocal are separately disclosed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The report filed pursuant to this section and any information provided in connection with the preparation of such report shall not be open to public inspection and shall receive confidential treatment by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nATTORNEY’S FINANCIAL STATEMENT (\u00a7 38.2-1231)\n\nA. The subscribers’ advisory committee of a domestic reciprocal shall\nannually obtain from its attorney an audited financial report of the\nattorney’s financial position and the results of its operations as related\nto its management of the reciprocal. A copy of the report shall be filed with\nthe Commission.\n\nB. Unless the Commission provides otherwise in writing, the report required by\nthis section shall be due within 120 days after the end of the attorney’s\nfiscal year, shall be prepared in conformity with generally accepted accounting\npractices, and shall be audited by an independent certified public accountant.\n\nC. If the attorney obtains an independent audit on a consolidated basis, the\naudited consolidated financial statements shall satisfy the requirements of this\nsection provided the attorney’s financial position and results of its\noperation as related to its management of the reciprocal are separately\ndisclosed.\n\nD. The report filed pursuant to this section and any information provided in\nconnection with the preparation of such report shall not be open to public\ninspection and shall receive confidential treatment by the Commission.\n\nHISTORY: 1996, c. 304.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}