{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1057.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1057.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1057.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1057.html"}],"law_id":54205,"edition_id":1,"section_id":54205,"structure_id":13190,"section_number":"38.2-1057","catch_line":"Assessment for expense of holding deposits; Insurance Collateral Assessment Fund","history":"Code 1950, \u00a7 38-43; 1952, c. 317, \u00a7 38.1-121; 1973, c. 173; 1986, c. 562; 2005, c. 38.","full_text":"A\n\nFor the purpose of defraying the expense of the State Treasurer’s office in the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title, the State Treasurer shall levy annually against each insurer an assessment. The assessment shall be a percentage of the par or face value of the securities or surety bonds on deposit with the State Treasurer’s office in each insurer’s account at the end of each calendar year. The percentage shall be determined annually by the State Treasurer as the amount necessary to meet the estimated annual expenses incurred by the State Treasurer to meet the provisions of this title. The percentage shall not exceed one-fourth of one percent of the par or face value of the securities or surety bonds on deposit with the State Treasurer’s office. Assessment collections that are more than actual expenses in any year shall be added to the next year’s assessment calculation. The assessment shall be collected every January. No part of the amount collected shall be used to increase the compensation of any person connected with the office of the State Treasurer.B\n\nAll moneys collected from the annual assessment imposed under subsection A shall be paid into the state treasury and credited to a special, nonreverting fund known as the Insurance Collateral Assessment Fund which is hereby established. The Fund shall be established on the books of the Comptroller and be administered by the State Treasurer’s office. Disbursements from the Fund shall be on warrants issued by the Comptroller to pay expenses associated with the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title. Any moneys remaining in the Fund at the end of a fiscal year shall not revert to the general fund but shall remain in the Fund and be used to offset subsequent years’ expenses as provided in subsection A.","order_by":null,"text":{"0":{"id":199059,"text":"For the purpose of defraying the expense of the State Treasurer’s office in the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title, the State Treasurer shall levy annually against each insurer an assessment. The assessment shall be a percentage of the par or face value of the securities or surety bonds on deposit with the State Treasurer’s office in each insurer’s account at the end of each calendar year. The percentage shall be determined annually by the State Treasurer as the amount necessary to meet the estimated annual expenses incurred by the State Treasurer to meet the provisions of this title. The percentage shall not exceed one-fourth of one percent of the par or face value of the securities or surety bonds on deposit with the State Treasurer’s office. Assessment collections that are more than actual expenses in any year shall be added to the next year’s assessment calculation. The assessment shall be collected every January. No part of the amount collected shall be used to increase the compensation of any person connected with the office of the State Treasurer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":199060,"text":"All moneys collected from the annual assessment imposed under subsection A shall be paid into the state treasury and credited to a special, nonreverting fund known as the Insurance Collateral Assessment Fund which is hereby established. The Fund shall be established on the books of the Comptroller and be administered by the State Treasurer’s office. Disbursements from the Fund shall be on warrants issued by the Comptroller to pay expenses associated with the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title. Any moneys remaining in the Fund at the end of a fiscal year shall not revert to the general fund but shall remain in the Fund and be used to offset subsequent years’ expenses as provided in subsection A.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1057\/","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 1973, chapter 173; in 1986, chapter 562; in 2005, chapter 38<\/a>.<\/p>","references":[{"id":67952,"section_number":"38.2-4319","catch_line":"Statutory construction and relationship to other laws","order_by":null,"url":"\/38.2-4319\/"}],"refers_to":false,"permalink":{"id":211163,"object_type":"law","relational_id":54205,"identifier":"38.2-1057","token":"38.2\/10\/7\/38.2-1057","url":"\/38.2-1057\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1057\/","token":"38.2\/10\/7\/38.2-1057","dublin_core":{"Title":"Assessment for expense of holding deposits; Insurance Collateral Assessment Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1057","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For the purpose of defraying the expense of the State<\/span> Treasurer’s office in the safekeeping and handling of the securities or surety<\/span> bonds<\/span> deposited under the provisions of this title, the State<\/span> Treasurer shall levy<\/span> annually against each insurer<\/span> an assessment. The assessment shall be a percentage of the par or face value of the securities or surety<\/span> bonds<\/span> on deposit with the State<\/span> Treasurer’s office in each insurer<\/span>’s account at the end of each calendar year. The percentage shall be determined annually by the State<\/span> Treasurer as the amount necessary to meet the estimated annual expenses incurred by the State<\/span> Treasurer to meet the provisions of this title. The percentage shall not exceed one-fourth of one percent of the par or face value of the securities or surety<\/span> bonds<\/span> on deposit with the State<\/span> Treasurer’s office. Assessment collections that are more than actual expenses in any year shall be added to the next year’s assessment calculation. The assessment shall be collected every January. No part of the amount collected shall be used to increase the compensation of any person<\/span> connected with the office of the State<\/span> Treasurer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> All moneys collected from the annual assessment imposed under subsection A shall be paid into the state<\/span> treasury and credited to a special, nonreverting fund known as the Insurance<\/span> Collateral<\/span> Assessment Fund which is hereby established. The Fund shall be established on the books of the Comptroller and be administered by the State<\/span> Treasurer’s office. Disbursements from the Fund shall be on warrants issued by the Comptroller to pay expenses associated with the safekeeping and handling of the securities or surety<\/span> bonds<\/span> deposited under the provisions of this title. Any moneys remaining in the Fund at the end of a fiscal year shall not revert to the general fund but shall remain in the Fund and be used to offset subsequent years’ expenses as provided in subsection A. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT FOR EXPENSE OF HOLDING DEPOSITS; INSURANCE COLLATERAL ASSESSMENT FUND\n(\u00a7 38.2-1057)\n\nA. For the purpose of defraying the expense of the State Treasurer’s\noffice in the safekeeping and handling of the securities or surety bonds\ndeposited under the provisions of this title, the State Treasurer shall levy\nannually against each insurer an assessment. The assessment shall be a\npercentage of the par or face value of the securities or surety bonds on deposit\nwith the State Treasurer’s office in each insurer’s account at the\nend of each calendar year. The percentage shall be determined annually by the\nState Treasurer as the amount necessary to meet the estimated annual expenses\nincurred by the State Treasurer to meet the provisions of this title. The\npercentage shall not exceed one-fourth of one percent of the par or face value\nof the securities or surety bonds on deposit with the State Treasurer’s\noffice. Assessment collections that are more than actual expenses in any year\nshall be added to the next year’s assessment calculation. The assessment\nshall be collected every January. No part of the amount collected shall be used\nto increase the compensation of any person connected with the office of the\nState Treasurer.\n\nB. All moneys collected from the annual assessment imposed under subsection A\nshall be paid into the state treasury and credited to a special, nonreverting\nfund known as the Insurance Collateral Assessment Fund which is hereby\nestablished. The Fund shall be established on the books of the Comptroller and\nbe administered by the State Treasurer’s office. Disbursements from the\nFund shall be on warrants issued by the Comptroller to pay expenses associated\nwith the safekeeping and handling of the securities or surety bonds deposited\nunder the provisions of this title. Any moneys remaining in the Fund at the end\nof a fiscal year shall not revert to the general fund but shall remain in the\nFund and be used to offset subsequent years’ expenses as provided in\nsubsection A.\n\nHISTORY: Code 1950, \u00a7 38-43; 1952, c. 317, \u00a7 38.1-121; 1973, c. 173; 1986, c.\n562; 2005, c. 38.","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}}