                                 CODE OF VIRGINIA

ATTORNEY TO FILE BOND (§ 38.2-1220)

A. Concurrent with the filing of the declaration provided for in &#xA7;
38.2-1219, the attorney of a domestic reciprocal shall certify to the
Commission, and thereafter for each year in which the reciprocal is licensed
under this chapter shall keep in force, a bond payable to this Commonwealth that
complies with the requirements of this chapter.

B. The bond shall be in an amount established at the discretion of the
Commission, which shall be at least $50,000. The bond shall be on the condition
that the attorney will faithfully account for all moneys and other property of
the reciprocal coming into the attorney&#8217;s control and that the attorney
will not withdraw or appropriate for his own use from the funds of the
reciprocal any moneys or property to which he is not entitled under the power of
attorney.

C. The bond shall provide that it is not subject to cancellation unless thirty
days&#8217; written notice of intent to cancel is given to both the attorney and
the Commission.

D. The bond shall be executed by the attorney and by a fidelity insurer licensed
in this Commonwealth and shall be subject to the approval of the Commission.

HISTORY: 1952, c. 317, § 38.1-710; 1986, c. 562; 2001, c. 706.