CODE OF VIRGINIA

ERRORS AND OMISSIONS INSURANCE; CASH OR LETTERS OF CREDIT (§ 55-525.4)

A. An exchange facilitator at all times shall:

   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: 2010, c. 409.