46.2-460 - When Commissioner to consent to cancellation of bond or policy, or return of money or securities. - Virginia Statutes

§ 46.2-460. When Commissioner to consent to cancellation of bond or policy,or return of money or securities.

The Commissioner, on request and subject to the provisions of § 46.2-461,shall consent to the cancellation of any bond or insurance policy or to thereturn to the person entitled thereto of any money or securities depositedpursuant to this chapter as proof of financial responsibility or he shall notrequire proof of financial responsibility in the event:

1. Of the death of the person on whose behalf the proof was filed;

2. Of his permanent incapacity to operate a motor vehicle; or

3. That the person who has given proof of financial responsibility surrendershis driver's license, and all of his registration cards, and license platesto the Commissioner.

(Code 1950, § 46-480; 1958, c. 541, § 46.1-491; 1984, c. 780; 1989, c. 727.)