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.

Terms Used In Virginia Code 38.2-1054

  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100

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

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