5.1-118 - Policies, bonds or certificates to be filed with Commission; securities deposited in lieu thereof. - Virginia Statutes

§ 5.1-118. Policies, bonds or certificates to be filed with Commission;securities deposited in lieu thereof.

Each holder of a certificate or permit issued by the Commission shall keep onfile with 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, and such insurance,bond or certificate of insurance filed with the Commission shall be kept infull force at all times. The policy, bond or certificate of insurance shallremain in the files of the Commission six months after the insurance or bondhas expired or has been cancelled for any cause. If federal, state ormunicipal bonds are deposited with the State Treasurer in lieu thereof, suchbonds shall remain so deposited until six months after the authority for useof equipment insured has expired or is cancelled for any cause, unlessotherwise ordered by the Commission.

(Code 1950, § 56-172; 1970, c. 708; 1975, c. 211.)