                                 CODE OF VIRGINIA

WHAT CONSTITUTES PROOF OF FINANCIAL RESPONSIBILITY (§ 5.1-88.8)

The following shall constitute proof of financial responsibility as required by
§ 5.1-88.7:

1. The issuance, by an insurance company licensed to write such insurance in the
Commonwealth, of a policy of bodily injury and property damage liability
insurance or a policy or policies written pursuant to Chapter 48 (&#xA7;
38.2-4805.1 et seq.) of Title 38.2, which provide coverage with respect to each
airport or landing area in the amount of one million dollars covering bodily
injury and property damage liability in any one accident; or

2. The delivery to the Department of one million dollars cash or in securities
such as fiduciaries may invest in as provided by &#xA7;&#xA7; 64.2-1502 through
64.2-1505. Such money or securities so delivered to the Department shall be
placed by it in the custody of the State Treasurer and shall be subject to
execution to satisfy any judgment within the limits on amounts required by this
chapter for personal injury and property damage liability insurance.

HISTORY: 1995, cc. 682, 690.