                                 CODE OF VIRGINIA

REQUIRED PROVISIONS AS TO INSOLVENCY OR BANKRUPTCY, AND AS TO WHEN ACTION
MAINTAINED AGAINST INSURER (§ 38.2-2200)

No policy or contract insuring or indemnifying against liability for injury to
or the death of any person, liability for injury to or destruction of property,
or liability for injury to the economic interests of any person, shall be issued
or delivered in the Commonwealth unless it contains in substance the following
provisions or other provisions that are at least equally favorable to the
insured and to judgment creditors:

1. That the insolvency or bankruptcy of the insured, or the insolvency of the
insured&#8217;s estate, shall not relieve the insurer of any of its obligations
under the policy or contract.

2. That if execution on a judgment against the insured or his personal
representative is returned unsatisfied in an action brought to recover damages
for injury sustained or for loss or damage incurred during the life of the
policy or contract, then an action may be maintained against the insurer under
the terms of the policy or contract for the amount of the judgment not exceeding
the amount of the applicable limit of coverage under the policy or contract.

HISTORY: Code 1950, § 38-238; 1952, c. 317, § 38.1-380; 1986, c. 562; 2005, c.
290.