                                 CODE OF VIRGINIA

INTEREST ON DEPOSITS; TO WHOM PAID (§ 38.2-1053)

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.

HISTORY: Code 1950, § 38-48; 1952, c. 317, § 38.1-117; 1986, c. 562.