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 bond or similar obligation, or the security or guaranty, may be executed by any fidelity and surety insurer licensed to execute such instruments. The execution by any fidelity and surety insurer of a bond, undertaking, recognizance, guaranty or similar obligation by its officer, attorney-in-fact, or other authorized representative shall be accepted as fully complying with every law or other requirement, now or hereafter in force, requiring that the bond, undertaking, recognizance, guaranty or similar obligation be given or accepted or that it be executed by one or more sureties, or that the surety or sureties be residents, householders or freeholders, or possess any other qualifications.
1952, c. 317, § 38.1-644; 1986, c. 562.
Structure Code of Virginia
Chapter 24 - Fidelity and Surety Insurance
§ 38.2-2400. Class of insurance to which chapter applies
§ 38.2-2401. Fidelity and surety insurer defined
§ 38.2-2402. Fidelity and surety insurer not to transact insurance without appropriate license
§ 38.2-2403. Limitation of liability on risks
§ 38.2-2404. Limit when penalty of bond exceeds actual exposure to risk
§ 38.2-2405. When insurer accepted as surety
§ 38.2-2406. Requirements deemed met by insurer
§ 38.2-2409. Agreement for joint control of money and assets
§ 38.2-2410. Expense of securing bond to be allowed in settlements; exceptions
§ 38.2-2412. Notice to clerks of revocation of licenses
§ 38.2-2412.2. Surety bail bondsman; notice to Department of Criminal Justice Services of violations
§ 38.2-2413. Release of insurers from liability; rights and remedies
§ 38.2-2414. Insurer estopped to deny power to assume liability
§ 38.2-2415. Where civil proceedings may be instituted
§ 38.2-2417. Continuance of power; revocation
§ 38.2-2418. Recordation of instrument of revocation
§ 38.2-2419. Notation of revocation; indexing
§ 38.2-2420. Bonds executed under power of attorney binding on insurer