Virginia Statutes
§ 38.2-1054 — Duty of State Treasurer when securities deposited are paid
Virginia § 38.2-1054
JurisdictionVirginia
Title 38.2INSURANCE
Ch. 10ORGANIZATION, ADMISSION AND LICENSING OF INSURERS
Art. 7DEPOSITS
This text of Virginia § 38.2-1054 (Duty of State Treasurer when securities deposited are paid) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-1054 (2026).
Text
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.
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Legislative History
Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-1054, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-1054.