{"law_id":"770818","section_number":"38.2-1049","catch_line":"Alternate deposit requirements","history":"Code 1950, \u00a7\u00a7 38-37, 38-40, 37-175, 38-516; 1952, c. 317, \u00a7 38.1-113; 1964, c. 605; 1975, c. 556; 1986, c. 562; 1992, c. 14.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-1049\/","refers_to":[{"id":"772667","section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","url":"\/38.2-1045\/"}],"url":"\/38.2-1049\/","token":"38.2\/10\/7\/38.2-1049","structure":{"1":{"id":"1613","name":"Deposits","identifier":"7","label":"article","url":"\/38.2\/10\/7\/"},"2":{"id":"1251","name":"Organization, Admission And Licensing Of Insurers","identifier":"10","label":"chapter","url":"\/38.2\/10\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"770818","structure_id":"1613","full_text":"A The insurer, at the discretion of the Commission, may be relieved of making the deposit required by \u00a7 38.2-1045 if the insurer makes deposits according to the following provisions:\r\rB For the purpose of this section, acceptable securities are defined as bonds of the United States, or of any state, or of any city, county or town of any state, or bonds or notes secured by mortgages or deeds of trust on otherwise unencumbered real estate of a market value in each case of not less than double the amount loaned, or other securities approved by the Commission.\r\r","text":{"0":{"id":"2484435","text":"The insurer, at the discretion of the Commission, may be relieved of making the deposit required by \u00a7 38.2-1045 if the insurer makes deposits according to the following provisions:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2484436","text":" Acceptable securities as defined in subsection B of this section are deposited with the State Treasurer in the form prescribed in clause (iv) of subsection A of \u00a7 38.2-1045 or with the insurance commissioner, treasurer or other officer or official body of any other state first for the protection of the insurer’s policyholders.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2},"2":{"id":"2484437","text":" The securities are not to be in default as to principal and interest.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2},"3":{"id":"2484438","text":" The securities have a market value of at least $ 500,000.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2},"4":{"id":"2484439","text":" A certificate is furnished to the Commission and authenticated by the appropriate state official holding the deposit that the requirements of this subsection have been met.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2},"5":{"id":"2484440","text":"For the purpose of this section, acceptable securities are defined as bonds of the United States, or of any state, or of any city, county or town of any state, or bonds or notes secured by mortgages or deeds of trust on otherwise unencumbered real estate of a market value in each case of not less than double the amount loaned, or other securities approved by the Commission.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1}},"ancestry":{"1":{"id":"1613","name":"Deposits","identifier":"7","label":"article","url":"\/38.2\/10\/7\/"},"2":{"id":"1251","name":"Organization, Admission And Licensing Of Insurers","identifier":"10","label":"chapter","url":"\/38.2\/10\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"772667","structure_id":"1613","section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","url":"\/38.2-1045\/","token":"38.2\/10\/7\/38.2-1045"},"1":{"id":"775839","structure_id":"1613","section_number":"38.2-1046","catch_line":"Purpose of deposits; enforcement of lien","url":"\/38.2-1046\/","token":"38.2\/10\/7\/38.2-1046"},"2":{"id":"780988","structure_id":"1613","section_number":"38.2-1047","catch_line":"How deposits applied to payment of claims; deficit to be made good","url":"\/38.2-1047\/","token":"38.2\/10\/7\/38.2-1047"},"3":{"id":"778798","structure_id":"1613","section_number":"38.2-1048","catch_line":"Return of deposits","url":"\/38.2-1048\/","token":"38.2\/10\/7\/38.2-1048"},"4":{"id":"770818","structure_id":"1613","section_number":"38.2-1049","catch_line":"Alternate deposit requirements","url":"\/38.2-1049\/","token":"38.2\/10\/7\/38.2-1049"},"5":{"id":"777602","structure_id":"1613","section_number":"38.2-1050","catch_line":"Voluntary deposit in excess of amount required","url":"\/38.2-1050\/","token":"38.2\/10\/7\/38.2-1050"},"6":{"id":"789115","structure_id":"1613","section_number":"38.2-1051","catch_line":"Repealed","url":"\/38.2-1051\/","token":"38.2\/10\/7\/38.2-1051"},"7":{"id":"793245","structure_id":"1613","section_number":"38.2-1052","catch_line":"Exchange of securities","url":"\/38.2-1052\/","token":"38.2\/10\/7\/38.2-1052"},"8":{"id":"773155","structure_id":"1613","section_number":"38.2-1053","catch_line":"Interest on deposits; to whom paid","url":"\/38.2-1053\/","token":"38.2\/10\/7\/38.2-1053"},"9":{"id":"792778","structure_id":"1613","section_number":"38.2-1054","catch_line":"Duty of State Treasurer when securities deposited are paid","url":"\/38.2-1054\/","token":"38.2\/10\/7\/38.2-1054"},"10":{"id":"773706","structure_id":"1613","section_number":"38.2-1055","catch_line":"Annual report of State Treasurer to Commission","url":"\/38.2-1055\/","token":"38.2\/10\/7\/38.2-1055"},"11":{"id":"766699","structure_id":"1613","section_number":"38.2-1056","catch_line":"Treasurer to receipt for deposits; responsibility of Commonwealth; taxation of deposited bonds","url":"\/38.2-1056\/","token":"38.2\/10\/7\/38.2-1056"},"12":{"id":"781418","structure_id":"1613","section_number":"38.2-1057","catch_line":"Assessment for expense of holding deposits; Insurance Collateral Assessment Fund","url":"\/38.2-1057\/","token":"38.2\/10\/7\/38.2-1057"},"13":{"id":"772846","structure_id":"1613","section_number":"38.2-1058","catch_line":"Felony for State Treasurer to dispose of securities illegally","url":"\/38.2-1058\/","token":"38.2\/10\/7\/38.2-1058"}},"previous_section":{"id":"778798","structure_id":"1613","section_number":"38.2-1048","catch_line":"Return of deposits","url":"\/38.2-1048\/","token":"38.2\/10\/7\/38.2-1048"},"next_section":{"id":"777602","structure_id":"1613","section_number":"38.2-1050","catch_line":"Voluntary deposit in excess of amount required","url":"\/38.2-1050\/","token":"38.2\/10\/7\/38.2-1050"},"references":[{"id":"772667","section_number":"38.2-1045","catch_line":"Deposits required of insurers generally","url":"\/38.2-1045\/"},{"id":"778798","section_number":"38.2-1048","catch_line":"Return of deposits","url":"\/38.2-1048\/"}],"formats":{"txt":"\/38.2-1049.txt","json":"\/38.2-1049.json","xml":"\/38.2-1049.xml"},"dublin_core":{"Title":"Alternate deposit requirements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1049","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nALTERNATE DEPOSIT REQUIREMENTS (\u00a7 38.2-1049)\n\nA. The insurer, at the discretion of the Commission, may be relieved of making\nthe deposit required by \u00a7 38.2-1045 if the insurer makes deposits according to\nthe following provisions:\n\n   1.  Acceptable securities as defined in subsection B of this section are\n   deposited with the State Treasurer in the form prescribed in clause (iv) of\n   subsection A of \u00a7 38.2-1045 or with the insurance commissioner, treasurer or\n   other officer or official body of any other state first for the protection of\n   the insurer’s policyholders.\n\n   2.  The securities are not to be in default as to principal and interest.\n\n   3.  The securities have a market value of at least $ 500,000.\n\n   4.  A certificate is furnished to the Commission and authenticated by the\n   appropriate state official holding the deposit that the requirements of this\n   subsection have been met.\n\nB. For the purpose of this section, acceptable securities are defined as bonds\nof the United States, or of any state, or of any city, county or town of any\nstate, or bonds or notes secured by mortgages or deeds of trust on otherwise\nunencumbered real estate of a market value in each case of not less than double\nthe amount loaned, or other securities approved by the Commission.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-37, 38-40, 37-175, 38-516; 1952, c. 317, \u00a7\n38.1-113; 1964, c. 605; 1975, c. 556; 1986, c. 562; 1992, c. 14."}