46.2-2056 - Effect of unfair claims settlement practices on self-insured motor carriers.
§ 46.2-2056. Effect of unfair claims settlement practices on self-insuredmotor carriers.
The provisions of subdivisions 4, 6, 11, and 12 of subsection A of § 38.2-510shall apply to each holder of a certificate or permit issued by and under theauthority of the Department who, in lieu of filing an insurance policy, hasdeposited with the State Treasurer state, federal or municipal bonds or hasfiled an unconditional letter of credit issued by a bank. The failure of anysuch holder of a certificate or permit to comply with the provisions of §38.2-510 shall be the cause for revocation or suspension of the certificateor permit.
(2001, c. 596.)