                                 CODE OF VIRGINIA

POLICIES, BONDS OR CERTIFICATES TO BE FILED WITH COMMISSION; SECURITIES
DEPOSITED IN LIEU THEREOF (§ 5.1-118)

Each holder of a certificate or permit issued by the Commission shall keep on
file with 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, and such insurance, bond or certificate of
insurance filed with the Commission shall be kept in full force at all times.
The policy, bond or certificate of insurance shall remain in the files of the
Commission six months after the insurance or bond has expired or has been
cancelled for any cause. If federal, state or municipal bonds are deposited with
the State Treasurer in lieu thereof, such bonds shall remain so deposited until
six months after the authority for use of equipment insured has expired or is
cancelled for any cause, unless otherwise ordered by the Commission.

HISTORY: Code 1950, § 56-172; 1970, c. 708; 1975, c. 211.