§ 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 or referred to in this Code as a guaranty, indemnity, fidelity, surety or security company. 1952, c. 317, § 38.1-640; 1986, c. 562.
§ 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 that class of insurance. 1986, c. 562.
§ 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 to be within the prescribed limit if the fidelity and surety insurer is protected against losses in excess of the limit by: 1. Reinsurance with a fidelity and surety insurer […]
§ 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 obligation, (ii) the amount of the subject matter in controversy, or (iii) the amount of the estate held in trust by the person acting in a fiduciary capacity, the bond […]
§ 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, public officer, board, or organization upon presentation of evidence satisfactory to the court, judge, or other officer authorized to approve the bond that the insurer is licensed to transact surety […]
§ 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 of any act, duty or obligation, or the refraining from any act, is required, permitted, authorized or allowed to be secured or guaranteed by any law of this Commonwealth, the […]
§ 38.2-2407. Repealed
Repealed by Acts 2016, c. 250, cl. 2.
§ 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 and his surety may be held responsible. The deposit shall be with a bank, savings bank, safe deposit company, or trust company authorized by law to do business as such, […]
§ 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, whenever a fidelity and surety insurer has become surety on the bond, allow a sum for the expense of obtaining the surety in the settlement of the account. The sum […]
§ 38.2-2411. Repealed
Repealed by Acts 2012, c. 802, cl. 2.
§ 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 or termination to the Clerk of the Supreme Court of Virginia and each circuit court in the Commonwealth. Code 1950, § 38-335; 1952, c. 317, § 38.1-648; 1986, c. 562; […]
§ 38.2-2412.1. Notice to Department of Criminal Justice Services of revocation of property and casualty insurance license
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 shall immediately give notice of the revocation, suspension or termination to the Department of Criminal Justice Services. 2004, c. 460.
§ 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 agent who is also licensed as a surety bail bondsman of the prohibitions listed in this section within 30 days from the receipt of the initial report of a violation. […]
§ 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 of individuals. Any fidelity and surety insurer shall have all the rights, remedies and relief to which an individual guarantor, indemnitor, or surety is entitled. Code 1950, § 38-333; 1952, […]
§ 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 the liability it has assumed, to deny its power to execute the bond or assume the liability. Code 1950, § 38-348; 1952, c. 317, § 38.1-650; 1986, c. 562.
§ 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 any duty or obligation that may be the subject of suit or other civil proceeding; or (ii) at the place where the principal obligor for whom it has become surety […]