{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1054.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1054.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1054.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1054.html"}],"law_id":80518,"edition_id":1,"section_id":80518,"structure_id":13190,"section_number":"38.2-1054","catch_line":"Duty of State Treasurer when securities deposited are paid","history":"Code 1950, \u00a7 38-51; 1952, c. 317, \u00a7 38.1-118; 1986, c. 562.","full_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 \u00a7 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.","order_by":null,"text":{"0":{"id":288445,"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 \u00a7 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.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1054\/","history_text":"

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":[{"id":57089,"section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","order_by":null,"url":"\/38.2-1045\/"}],"permalink":{"id":211151,"object_type":"law","relational_id":80518,"identifier":"38.2-1054","token":"38.2\/10\/7\/38.2-1054","url":"\/38.2-1054\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1054\/","token":"38.2\/10\/7\/38.2-1054","dublin_core":{"Title":"Duty of State Treasurer when securities deposited are paid","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1054","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

When the principal of any securities deposited under this title is paid to the State<\/span> Treasurer, the money received shall be paid to the insurer<\/span>. However, if the securities were required to be deposited under \u00a7 38.2-1045<\/a>, the payment shall not be made until the insurer<\/span> deposits an equal amount of other securities of the character required for similar deposits. If the insurer<\/span> fails to deliver to the State<\/span> Treasurer, within thirty days after receiving notice of this requirement, the securities necessary to maintain its required deposit, the State<\/span> Treasurer with the approval in writing of the Commission<\/span>, may use the money to purchase and hold other securities of the required character.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTY OF STATE TREASURER WHEN SECURITIES DEPOSITED ARE PAID (\u00a7 38.2-1054)\n\nWhen the principal of any securities deposited under this title is paid to the\nState Treasurer, the money received shall be paid to the insurer. However, if\nthe securities were required to be deposited under \u00a7 38.2-1045, the payment\nshall not be made until the insurer deposits an equal amount of other securities\nof the character required for similar deposits. If the insurer fails to deliver\nto the State Treasurer, within thirty days after receiving notice of this\nrequirement, the securities necessary to maintain its required deposit, the\nState Treasurer with the approval in writing of the Commission, may use the\nmoney to purchase and hold other securities of the required character.\n\nHISTORY: Code 1950, \u00a7 38-51; 1952, c. 317, \u00a7 38.1-118; 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}}