9 Va. Admin. Code § 25-770-170 - Incapacity of Financial Providers, permittees
A. A permittee shall notify the director by
certified mail of the commencement of a voluntary or involuntary proceeding
under Title 11 (Bankruptcy), U.S. Code, naming the permittee as debtor, within
10 days after commencement of the proceeding.
B. A permittee who fulfills the requirements
of this chapter by obtaining a letter of credit, a surety bond, or a
certificate of deposit will be deemed to be without the required evidence of
financial responsibility in the event of bankruptcy of the issuing institution,
or a suspension or revocation of the authority of the institution issuing a
surety bond, letter of credit, or certificate of deposit to issue such
mechanisms. The permittee shall establish other financial responsibility within
60 days of such event.
Notes
Statutory Authority
§ 62.1-44.15 of the Code of Virginia.
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