A. Concurrent with the filing of the declaration provided for in § 38.2-1219,the attorney of a domestic reciprocal shall certify to the Commission, andthereafter for each year in which the reciprocal is licensed under thischapter shall keep in force, a bond payable to this Commonwealth thatcomplies with the requirements of this chapter.
B. The bond shall be in an amount established at the discretion of theCommission, which shall be at least $50,000. The bond shall be on thecondition that the attorney will faithfully account for all moneys and otherproperty of the reciprocal coming into the attorney's control and that theattorney will not withdraw or appropriate for his own use from the funds ofthe reciprocal any moneys or property to which he is not entitled under thepower of attorney.
C. The bond shall provide that it is not subject to cancellation unlessthirty days' written notice of intent to cancel is given to both the attorneyand the Commission.
D. The bond shall be executed by the attorney and by a fidelity insurerlicensed in this Commonwealth and shall be subject to the approval of theCommission.
(1952, c. 317, § 38.1-710; 1986, c. 562; 2001, c. 706.)
A. Concurrent with the filing of the declaration provided for in § 38.2-1219,the attorney of a domestic reciprocal shall certify to the Commission, andthereafter for each year in which the reciprocal is licensed under thischapter shall keep in force, a bond payable to this Commonwealth thatcomplies with the requirements of this chapter.
B. The bond shall be in an amount established at the discretion of theCommission, which shall be at least $50,000. The bond shall be on thecondition that the attorney will faithfully account for all moneys and otherproperty of the reciprocal coming into the attorney's control and that theattorney will not withdraw or appropriate for his own use from the funds ofthe reciprocal any moneys or property to which he is not entitled under thepower of attorney.
C. The bond shall provide that it is not subject to cancellation unlessthirty days' written notice of intent to cancel is given to both the attorneyand the Commission.
D. The bond shall be executed by the attorney and by a fidelity insurerlicensed in this Commonwealth and shall be subject to the approval of theCommission.
(1952, c. 317, § 38.1-710; 1986, c. 562; 2001, c. 706.)
A. Concurrent with the filing of the declaration provided for in § 38.2-1219,the attorney of a domestic reciprocal shall certify to the Commission, andthereafter for each year in which the reciprocal is licensed under thischapter shall keep in force, a bond payable to this Commonwealth thatcomplies with the requirements of this chapter.
B. The bond shall be in an amount established at the discretion of theCommission, which shall be at least $50,000. The bond shall be on thecondition that the attorney will faithfully account for all moneys and otherproperty of the reciprocal coming into the attorney's control and that theattorney will not withdraw or appropriate for his own use from the funds ofthe reciprocal any moneys or property to which he is not entitled under thepower of attorney.
C. The bond shall provide that it is not subject to cancellation unlessthirty days' written notice of intent to cancel is given to both the attorneyand the Commission.
D. The bond shall be executed by the attorney and by a fidelity insurerlicensed in this Commonwealth and shall be subject to the approval of theCommission.
(1952, c. 317, § 38.1-710; 1986, c. 562; 2001, c. 706.)
