Code of Virginia § 38.2-1054. Duty of State Treasurer when securities deposited are paid.

125 words·~1 min read·/va/title-38-2/chapter-10/38-2-1054

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

When the principal of any securities deposited under this title is paid to the State Treasurer, the money received shall be paid to the insurer. However, if the securities were required to be deposited under § 38.2-1045 , the payment shall not be made until the insurer deposits an equal amount of other securities of the character required for similar deposits. If the insurer fails to deliver to the State Treasurer, within thirty days after receiving notice of this requirement, the securities necessary to maintain its required deposit, the State Treasurer with the approval in writing of the Commission, may use the money to purchase and hold other securities of the required character.

Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.