§ 55.1-803 Errors and omissions insurance; cash or letters of credit
1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or
2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.
B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.
History
This law was first created in 2010. The record of its establishment is cataloged in chapter 409 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2019, chapter 712.
2010, c. 409, § 55-525.4; 2019, c. 712.