{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1048.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1048.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1048.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1048.html"}],"law_id":70085,"edition_id":1,"section_id":70085,"structure_id":13190,"section_number":"38.2-1048","catch_line":"Return of deposits","history":"Code 1950, \u00a7 38-52; 1952, c. 317, \u00a7 38.1-112; 1986, c. 562; 1988, c. 298; 1995, c. 60.","full_text":"A\n\nThe Commission, at its discretion, may direct the State Treasurer to return to any insurer all or a part of the deposit made by it under § 38.2-1045 if the insurer (i) has complied with § 38.2-1049, or (ii) has ceased to transact business in this Commonwealth. In the case of the latter, the fixed or contingent liabilities secured by the deposit shall have been satisfied or terminated or shall have been assumed by another insurer licensed to transact the business of insurance in this Commonwealth. If the Commission finds that any voluntary deposit of any insurer made under § 38.2-1050 no longer is required in whole or in part to comply with the laws of this or any other state, it may to such extent direct the return of that deposit. The Commission, before directing the return of any deposit, may require evidence it considers satisfactory that the insurer is entitled to the return of all or part of the deposit.B\n\nNotwithstanding the provisions in § 38.2-1046 and subsection A of this section, if an insurer domiciled in this Commonwealth is placed in receivership, and a receiver is appointed, pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.) of this title, the Commission shall direct the State Treasurer to return any deposit made with it by the insurer to such receiver for distribution, disbursement, or other application in accordance with provisions set forth in Chapter 15 (§ 38.2-1500 et seq.) of this title and any applicable order of liquidation, conservation or rehabilitation.","order_by":null,"text":{"0":{"id":253099,"text":"The Commission, at its discretion, may direct the State Treasurer to return to any insurer all or a part of the deposit made by it under § 38.2-1045 if the insurer (i) has complied with § 38.2-1049, or (ii) has ceased to transact business in this Commonwealth. In the case of the latter, the fixed or contingent liabilities secured by the deposit shall have been satisfied or terminated or shall have been assumed by another insurer licensed to transact the business of insurance in this Commonwealth. If the Commission finds that any voluntary deposit of any insurer made under § 38.2-1050 no longer is required in whole or in part to comply with the laws of this or any other state, it may to such extent direct the return of that deposit. The Commission, before directing the return of any deposit, may require evidence it considers satisfactory that the insurer is entitled to the return of all or part of the deposit.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":253100,"text":"Notwithstanding the provisions in § 38.2-1046 and subsection A of this section, if an insurer domiciled in this Commonwealth is placed in receivership, and a receiver is appointed, pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.) of this title, the Commission shall direct the State Treasurer to return any deposit made with it by the insurer to such receiver for distribution, disbursement, or other application in accordance with provisions set forth in Chapter 15 (§ 38.2-1500 et seq.) of this title and any applicable order of liquidation, conservation or rehabilitation.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13190,"edition_id":1,"name":"Deposits","identifier":"7","label":"article","depth":3,"order_by":1,"parent_id":12858,"metadata":{},"date_created":"2026-06-26 03:44:25","date_modified":"2026-06-26 03:44:25","permalink":{"id":211113,"object_type":"structure","relational_id":13190,"identifier":"7","token":"38.2\/10\/7","url":"\/38.2\/10\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12858,"edition_id":1,"name":"Organization, Admission and Licensing of Insurers","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:43:57","date_modified":"2026-06-26 03:43:57","permalink":{"id":210851,"object_type":"structure","relational_id":12858,"identifier":"10","token":"38.2\/10","url":"\/38.2\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":57089,"structure_id":13190,"section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","url":"\/38.2-1045\/","token":"38.2\/10\/7\/38.2-1045","metadata":false},{"id":74487,"structure_id":13190,"section_number":"38.2-1046","catch_line":"Purpose of deposits; enforcement of lien","url":"\/38.2-1046\/","token":"38.2\/10\/7\/38.2-1046","metadata":false},{"id":84776,"structure_id":13190,"section_number":"38.2-1047","catch_line":"How deposits applied to payment of claims; deficit to be made good","url":"\/38.2-1047\/","token":"38.2\/10\/7\/38.2-1047","metadata":false},{"id":70085,"structure_id":13190,"section_number":"38.2-1048","catch_line":"Return of deposits","url":"\/38.2-1048\/","token":"38.2\/10\/7\/38.2-1048","metadata":false},{"id":76125,"structure_id":13190,"section_number":"38.2-1049","catch_line":"Alternate deposit requirements","url":"\/38.2-1049\/","token":"38.2\/10\/7\/38.2-1049","metadata":false},{"id":68732,"structure_id":13190,"section_number":"38.2-1050","catch_line":"Voluntary deposit in excess of amount required","url":"\/38.2-1050\/","token":"38.2\/10\/7\/38.2-1050","metadata":false},{"id":71747,"structure_id":13190,"section_number":"38.2-1051","catch_line":"Repealed","url":"\/38.2-1051\/","token":"38.2\/10\/7\/38.2-1051","metadata":false},{"id":54504,"structure_id":13190,"section_number":"38.2-1052","catch_line":"Exchange of securities","url":"\/38.2-1052\/","token":"38.2\/10\/7\/38.2-1052","metadata":false},{"id":77959,"structure_id":13190,"section_number":"38.2-1053","catch_line":"Interest on deposits; to whom paid","url":"\/38.2-1053\/","token":"38.2\/10\/7\/38.2-1053","metadata":false},{"id":80518,"structure_id":13190,"section_number":"38.2-1054","catch_line":"Duty of State Treasurer when securities deposited are paid","url":"\/38.2-1054\/","token":"38.2\/10\/7\/38.2-1054","metadata":false},{"id":56201,"structure_id":13190,"section_number":"38.2-1055","catch_line":"Annual report of State Treasurer to Commission","url":"\/38.2-1055\/","token":"38.2\/10\/7\/38.2-1055","metadata":false},{"id":68518,"structure_id":13190,"section_number":"38.2-1056","catch_line":"Treasurer to receipt for deposits; responsibility of Commonwealth; taxation of deposited bonds","url":"\/38.2-1056\/","token":"38.2\/10\/7\/38.2-1056","metadata":false},{"id":54205,"structure_id":13190,"section_number":"38.2-1057","catch_line":"Assessment for expense of holding deposits; Insurance Collateral Assessment Fund","url":"\/38.2-1057\/","token":"38.2\/10\/7\/38.2-1057","metadata":false},{"id":74173,"structure_id":13190,"section_number":"38.2-1058","catch_line":"Felony for State Treasurer to dispose of securities illegally","url":"\/38.2-1058\/","token":"38.2\/10\/7\/38.2-1058","metadata":false}],"previous_section":{"id":84776,"structure_id":13190,"section_number":"38.2-1047","catch_line":"How deposits applied to payment of claims; deficit to be made good","url":"\/38.2-1047\/","token":"38.2\/10\/7\/38.2-1047","metadata":false},"next_section":{"id":76125,"structure_id":13190,"section_number":"38.2-1049","catch_line":"Alternate deposit requirements","url":"\/38.2-1049\/","token":"38.2\/10\/7\/38.2-1049","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1048\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562; in 1988, chapter 298; in 1995, chapter 60<\/a>.<\/p>","references":false,"refers_to":[{"id":57089,"section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","order_by":null,"url":"\/38.2-1045\/"},{"id":74487,"section_number":"38.2-1046","catch_line":"Purpose of deposits; enforcement of lien","order_by":null,"url":"\/38.2-1046\/"},{"id":76125,"section_number":"38.2-1049","catch_line":"Alternate deposit requirements","order_by":null,"url":"\/38.2-1049\/"},{"id":68732,"section_number":"38.2-1050","catch_line":"Voluntary deposit in excess of amount required","order_by":null,"url":"\/38.2-1050\/"},{"id":66658,"section_number":"38.2-1500","catch_line":"Scope of chapter","order_by":null,"url":"\/38.2-1500\/"}],"permalink":{"id":211127,"object_type":"law","relational_id":70085,"identifier":"38.2-1048","token":"38.2\/10\/7\/38.2-1048","url":"\/38.2-1048\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1048\/","token":"38.2\/10\/7\/38.2-1048","dublin_core":{"Title":"Return of deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1048","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span>, at its discretion, may direct the State<\/span> Treasurer to return to any insurer<\/span> all or a part of the deposit made by it under § 38.2-1045<\/a> if the insurer<\/span> (i) has complied with § 38.2-1049<\/a>, or (ii) has ceased to transact business in this Commonwealth. In the case of the latter, the fixed or contingent liabilities secured by the deposit shall have been satisfied or terminated or shall have been assumed by another insurer<\/span> licensed to transact the business of insurance<\/span> in this Commonwealth. If the Commission<\/span> finds that any voluntary deposit of any insurer<\/span> made under § 38.2-1050<\/a> no longer is required in whole or in part to comply with the laws<\/span> of this or any other state<\/span>, it may to such extent direct the return of that deposit. The Commission<\/span>, before directing the return of any deposit, may require evidence<\/span> it considers satisfactory that the insurer<\/span> is entitled to the return of all or part of the deposit. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding the provisions in § 38.2-1046<\/a> and subsection A of this section, if an insurer<\/span> domiciled in this Commonwealth is placed in receivership, and a receiver is appointed, pursuant to the provisions of Chapter 15 (§ 38.2-1500<\/a> et seq.) of this title, the Commission<\/span> shall direct the State<\/span> Treasurer to return any deposit made with it by the insurer<\/span> to such receiver for distribution, disbursement, or other application in accordance with provisions set forth in Chapter 15 (§ 38.2-1500<\/a> et seq.) of this title and any applicable order<\/span> of liquidation<\/span>, conservation or rehabilitation. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRETURN OF DEPOSITS (\u00a7 38.2-1048)\n\nA. The Commission, at its discretion, may direct the State Treasurer to return\nto any insurer all or a part of the deposit made by it under § 38.2-1045 if\nthe insurer (i) has complied with § 38.2-1049, or (ii) has ceased to\ntransact business in this Commonwealth. In the case of the latter, the fixed or\ncontingent liabilities secured by the deposit shall have been satisfied or\nterminated or shall have been assumed by another insurer licensed to transact\nthe business of insurance in this Commonwealth. If the Commission finds that any\nvoluntary deposit of any insurer made under § 38.2-1050 no longer is\nrequired in whole or in part to comply with the laws of this or any other state,\nit may to such extent direct the return of that deposit. The Commission, before\ndirecting the return of any deposit, may require evidence it considers\nsatisfactory that the insurer is entitled to the return of all or part of the\ndeposit.\n\nB. Notwithstanding the provisions in § 38.2-1046 and subsection A of this\nsection, if an insurer domiciled in this Commonwealth is placed in receivership,\nand a receiver is appointed, pursuant to the provisions of Chapter 15 (§\n38.2-1500 et seq.) of this title, the Commission shall direct the State\nTreasurer to return any deposit made with it by the insurer to such receiver for\ndistribution, disbursement, or other application in accordance with provisions\nset forth in Chapter 15 (§ 38.2-1500 et seq.) of this title and any\napplicable order of liquidation, conservation or rehabilitation.\n\nHISTORY: Code 1950, \u00a7 38-52; 1952, c. 317, \u00a7 38.1-112; 1986, c. 562; 1988, c.\n298; 1995, c. 60.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}