The State Treasurer, at the time of receiving any securities deposited under this title, shall give the insurer authority to collect the interest for its own use as the interest is paid. This authority shall continue in force until the insurer fails to pay any of its liabilities for which the deposit is security. In that case, the party paying interest shall be notified of the failure, and thereafter the interest shall be payable to the State Treasurer, and shall be applied, if necessary, to the payment of the liabilities.

Terms Used In Virginia Code 38.2-1053

  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100

Code 1950, § 38-48; 1952, c. 317, § 38.1-117; 1986, c. 562.

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