                                 CODE OF VIRGINIA

DUTY OF STATE TREASURER WHEN SECURITIES DEPOSITED ARE PAID (§ 38.2-1054)

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 § 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.

HISTORY: Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.