5.1-88.4 - Cancellation of insurance or corporate surety bond. - Virginia Statutes

§ 5.1-88.4. Cancellation of insurance or corporate surety bond.

No policy of insurance or corporate surety bond issued pursuant to thischapter may be canceled or terminated, except for nonpayment of premiums,until at least thirty days after notice of cancellation or termination ofsaid policy of insurance or corporate surety bond has been filed in theoffice of the Department, except that a subsequent policy or corporate suretybond procured and certified to the Department shall on the effective datethereof terminate the insurance or corporate surety bond previously in effectwith respect to any aircraft designated in both policies or corporate suretybonds.

(Code 1950, § 5.1-87; 1968, c. 773; 1970, c. 707; 1979, c. 272.)