{"data":{"id":"us-va/va.-code-38.2-1437.1","jurisdiction":"us-va","citation":"Va. Code § 38.2-1437.1","heading":"Mortgage pass-through securities","body":"A domestic insurer may invest in mortgage pass-through securities backed by a pool of mortgages of the kind, class and investment quality as those eligible for investment under §§ 38.2-1434 through 38.2-1437, under the following conditions:1. The servicer of the pool of mortgages shall be a business entity created under the laws of the United States or any state;2. The pool of mortgages is assigned to a business entity, other than a sole proprietorship, having a net worth of at least five million dollars, as trustee for the benefit of the holders of the securities;3. A domestic insurer shall not invest under this section more than two percent of its admitted assets in securities backed by any single mortgage pass-through pool;4. All mortgage pass-through securities acquired by a domestic insurer under this section shall provide for flow-through of both principal and interest payments payable on the underlying mortgage loan assets; mortgage pass-through securities promising principal-only, interest-only or residual interests-only in the underlying mortgage assets shall not be acquired; and5. The securities on the date of investment shall be high grade obligations.1992, c. 588; 1999, c. 483.","path":["Title 38.2. INSURANCE","Chapter 14. INVESTMENTS","Article 2. CATEGORY 1 INVESTMENTS"],"source_url":"https://law.lis.virginia.gov/vacode/38.2-1437.1/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:16:05Z","sha256":"55d9992310159e167c2476db1d9c922f0ffeb0e18883c80b358e1a724fc1b7c1","source_id":"us-va","stale":true,"prev":"us-va/va.-code-38.2-1437","next":"us-va/va.-code-38.2-1438"},"notice":"GroundRules: Original legal text. Not legal advice."}