                                 CODE OF VIRGINIA

BONDS, INSURANCE OR CERTIFICATE OF INSURANCE REQUIRED PRIOR TO ISSUANCE OF
CERTIFICATE OR PERMIT (§ 5.1-116)

No certificate or permit shall be issued by the Commission to any air carrier
until and after such air carrier shall have filed with, and the same has been
approved by, the Commission, an insurance policy, bond or certificate of
insurance in lieu thereof, certifying that such policy or bond covers the
liability of such air carrier in accordance with the provisions of this article,
issued by an insurance company or association or other insurer authorized to
transact business in this Commonwealth, or bonds, to an amount approved by the
Commission, of the Commonwealth of Virginia, of the United States of America, or
of any municipality in this Commonwealth. Such state, federal, or municipal
bonds shall be deposited with the State Treasurer, and such surety shall not be
reduced during the life of such certificate or permit, except in accordance with
an order of the Commission.

HISTORY: Code 1950, § 56-170; 1970, c. 708; 1975, c. 211.