                                 CODE OF VIRGINIA

REQUIREMENTS DEEMED MET BY INSURER (§ 38.2-2406)

Whenever a bond, undertaking, recognizance, guaranty, or similar obligation is
required, permitted, authorized or allowed by any law of this Commonwealth, or
whenever the performance of any act, duty or obligation, or the refraining from
any act, is required, permitted, authorized or allowed to be secured or
guaranteed by any law of this Commonwealth, the bond or similar obligation, or
the security or guaranty, may be executed by any fidelity and surety insurer
licensed to execute such instruments. The execution by any fidelity and surety
insurer of a bond, undertaking, recognizance, guaranty or similar obligation by
its officer, attorney-in-fact, or other authorized representative shall be
accepted as fully complying with every law or other requirement, now or
hereafter in force, requiring that the bond, undertaking, recognizance, guaranty
or similar obligation be given or accepted or that it be executed by one or more
sureties, or that the surety or sureties be residents, householders or
freeholders, or possess any other qualifications.

HISTORY: 1952, c. 317, § 38.1-644; 1986, c. 562.