{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1053.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1053.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1053.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1053.html"}],"law_id":77959,"edition_id":1,"section_id":77959,"structure_id":13190,"section_number":"38.2-1053","catch_line":"Interest on deposits; to whom paid","history":"Code 1950, \u00a7 38-48; 1952, c. 317, \u00a7 38.1-117; 1986, c. 562.","full_text":"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.","order_by":null,"text":{"0":{"id":279529,"text":"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1053\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":211147,"object_type":"law","relational_id":77959,"identifier":"38.2-1053","token":"38.2\/10\/7\/38.2-1053","url":"\/38.2-1053\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1053\/","token":"38.2\/10\/7\/38.2-1053","dublin_core":{"Title":"Interest on deposits; to whom paid","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1053","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">State<\/span> Treasurer, at the time of receiving any securities deposited under this title, shall give the <span class=\"dictionary\">insurer<\/span> authority to collect the interest for its own use as the interest is paid. This authority shall continue in force until the <span class=\"dictionary\">insurer<\/span> fails to pay any of its liabilities for which the deposit is security. In that case, the <span class=\"dictionary\">party<\/span> paying interest shall be notified of the failure, and thereafter the interest shall be payable to the <span class=\"dictionary\">State<\/span> Treasurer, and shall be applied, if necessary, to the payment of the liabilities.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nINTEREST ON DEPOSITS; TO WHOM PAID (\u00a7 38.2-1053)\n\nThe State Treasurer, at the time of receiving any securities deposited under\nthis title, shall give the insurer authority to collect the interest for its own\nuse as the interest is paid. This authority shall continue in force until the\ninsurer fails to pay any of its liabilities for which the deposit is security.\nIn that case, the party paying interest shall be notified of the failure, and\nthereafter the interest shall be payable to the State Treasurer, and shall be\napplied, if necessary, to the payment of the liabilities.\n\nHISTORY: Code 1950, \u00a7 38-48; 1952, c. 317, \u00a7 38.1-117; 1986, c. 562.","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}}