                                 CODE OF VIRGINIA

ERRORS AND OMISSIONS INSURANCE; CASH OR LETTERS OF CREDIT (§ 55.1-803)

A. An exchange facilitator at all times shall:

   1. Maintain a policy of errors and omissions insurance in an amount not less
   than $250,000 executed by an insurer authorized to do business in the
   Commonwealth; or

   2. Deposit an amount of cash or provide irrevocable letters of credit
   equivalent to the sum of not less than $250,000.

B. The exchange facilitator may maintain errors and omissions insurance, cash,
or irrevocable letters of credit in excess of the amounts required in this
section.

HISTORY: 2010, c. 409, § 55-525.4; 2019, c. 712.