5.1-116 - Bonds, insurance or certificate of insurance required prior to issuance of certificate or permit. - Virginia Statutes

§ 5.1-116. Bonds, insurance or certificate of insurance required prior toissuance of certificate or permit.

No certificate or permit shall be issued by the Commission to any air carrieruntil and after such air carrier shall have filed with, and the same has beenapproved by, the Commission, an insurance policy, bond or certificate ofinsurance in lieu thereof, certifying that such policy or bond covers theliability of such air carrier in accordance with the provisions of thisarticle, issued by an insurance company or association or other insurerauthorized to transact business in this Commonwealth, or bonds, to an amountapproved by the Commission, of the Commonwealth of Virginia, of the UnitedStates of America, or of any municipality in this Commonwealth. Such state,federal, or municipal bonds shall be deposited with the State Treasurer, andsuch surety shall not be reduced during the life of such certificate orpermit, except in accordance with an order of the Commission.

(Code 1950, § 56-170; 1970, c. 708; 1975, c. 211.)