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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 80. Real Estate Settlement Agent Rules
11/21/2024

10VAC5-80-30. Financial responsibility requirements.

All financial institution subsidiaries and affiliates shall maintain in effect at all times while acting in the capacity of a settlement agent, and file original form or copy as specified in this chapter with the bureau at the time of registration with the Virginia State Bar and annually thereafter, the following:

1. An errors and omissions insurance policy, issued by an insurance company licensed to conduct business in Virginia, providing limits of at least $250,000 per occurrence or per claim, a copy thereof to be filed with the bureau;

2. A blanket fidelity bond with corporate surety licensed to conduct business in Virginia in the amount of at least $100,000 per occurrence or per claim, the original of such bond to be filed with the bureau; or an employee dishonesty insurance policy issued by an insurance company licensed to conduct business in Virginia, providing limits of at least $100,000 per occurrence or per claim, a copy thereof to be filed with the bureau. If the company has no employees except its owners, partners, shareholders or members, it may apply to the bureau for a waiver of the requirements of this subdivision; and

3. A bond with corporate surety licensed to conduct business in Virginia on a form prescribed by the Commissioner of Financial Institutions in the amount of at least $100,000, the original of such bond to be filed with the bureau.

Statutory Authority

§ 55-525.28 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 13, Issue 25, eff. September 1, 1997.

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