§ 38.2-1054. Duty of State Treasurer when securities deposited are paid
When the principal of any securities deposited under this title is paid to the State Treasurer, the money received shall be paid to the insurer. However, if the securities were required to be deposited under § 38.2-1045, the payment shall not be made until the insurer deposits an equal amount of other securities of the character required for similar deposits. If the insurer fails to deliver to the State Treasurer, within thirty days after receiving notice of this requirement, the securities necessary to maintain its required deposit, the State Treasurer with the approval in writing of the Commission, may use the money to purchase and hold other securities of the required character.
(Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.)Sections: Previous 38.2-1044 38.2-1045 38.2-1046 38.2-1047 38.2-1048 38.2-1049 38.2-1050 38.2-1051 38.2-1052 38.2-1053 38.2-1054 38.2-1055 38.2-1056 38.2-1057 38.2-1058 Next
Last modified: April 16, 2009