Code of Virginia - Title 38.2 Insurance - Chapter 24 Fidelity And Surety Insurance

38.2-2400 Class of insurance to which chapter applies
This chapter applies to fidelity and surety insurance as defined in §§ 38.2-120 and 38.2-121. (1952, c. 317, § 38.1-639; 1986, c. 562.) ...

38.2-2401 Fidelity and surety insurer defined
The term "fidelity and surety insurer" means any company licensed to transact fidelity or surety insurance in this Commonwealth, and includes any company elsewhere designated ...

38.2-2402 Fidelity and surety insurer not to transact insurance without appropriate license
No fidelity and surety insurer shall transact the business of fidelity insurance or surety insurance without first obtaining a license from the Commission to transact ...

38.2-2403 Limitation of liability on risks
In applying the limitation specified in § 38.2-208 to fidelity and surety risks, the net amount of exposure on any single risk shall be considered ...

38.2-2404 Limit when penalty of bond exceeds actual exposure to risk
When the penalty of a suretyship obligation exceeds (i) the amount of a judgment described on the obligation as appealed from and secured by the ...

38.2-2405 When insurer accepted as surety
Any fidelity and surety insurer shall be accepted as surety upon any bond required by the laws of this Commonwealth or by any court, judge, ...

38.2-2406 Requirements deemed met by insurer
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 ...

38.2-2407 Sureties with respect to guaranteed arrest bond certificates of automobile clubs and association...
A. Any domestic or foreign fidelity and surety insurer licensed to transact surety business in this Commonwealth may become surety in any year for any ...

38.2-2408 Guaranteed arrest bond certificate to be accepted in lieu of cash bail in event of violation of mot...
Any guaranteed arrest bond certificate for which a fidelity and surety insurer has become surety as provided in § 38.2-2407 shall be accepted as a ...

38.2-2409 Agreement for joint control of money and assets
Any person required to execute a bond, undertaking or other obligation may agree with his surety to deposit any or all assets for which he ...

38.2-2410 Expense of securing bond to be allowed in settlements; exceptions
Any court, judge or other officer whose duty it is to approve the account of any person required to execute a bond with surety shall, ...

38.2-2411 Furnishing court clerks with information as to licensed insurers
In July of each year the Commission shall furnish the Clerk of the Supreme Court of Virginia and the clerk of every circuit court in ...

38.2-2412 Notice to clerks of revocation of licenses
Whenever the Commission revokes, suspends or otherwise terminates the license of any fidelity and surety insurer it shall immediately give notice of the revocation, suspension ...

38.2-2412.1 Notice to Department of Criminal Justice Services of revocation of property and casualty insurance ...
Whenever the Commission revokes, suspends or otherwise terminates the license of any property and casualty agent who is also a licensed surety bail bondsman, it ...

38.2-2412.2 Surety bail bondsman; notice to Department of Criminal Justice Services of violations
A. The Commission shall notify the Department of Criminal Justice Services of any action taken or investigation concerning any violation by a property and casualty ...

38.2-2413 Release of insurers from liability; rights and remedies
Any fidelity and surety insurer shall be released from its liability on the same terms and conditions as are prescribed by law for the release ...

38.2-2414 Insurer estopped to deny power to assume liability
Any fidelity and surety insurer that executes any bond as surety under the provisions of this chapter shall be estopped, in any proceedings to enforce ...

38.2-2415 Where civil proceedings may be instituted
Any suit or other civil proceeding may be instituted against any fidelity and surety insurer (i) at the place where it became surety or assumed ...

38.2-2416 Power of attorney to be recorded or attached; filing with the Department of Criminal Justice Servic...
A. Each power of attorney from a fidelity and surety insurer to an agent making the agent an attorney-in-fact to execute any bail bond as ...

38.2-2417 Continuance of power; revocation
The power of an attorney-in-fact to bind the fidelity and surety insurer as surety within the authority conferred by a power of attorney recorded pursuant ...

38.2-2418 Recordation of instrument of revocation
Any instrument of revocation issued pursuant to § 38.2-2417 shall be recorded in the deed book in the office of the clerk in which the ...

38.2-2419 Marginal notation of revocation; indexing
When the power of attorney has been revoked in accordance with § 38.2-2417, the clerk in whose office the power of attorney is recorded shall ...

38.2-2420 Bonds executed under power of attorney binding on insurer
Any bond or obligation executed in the name and on behalf of the insurer as surety under the authority of the power of attorney shall ...