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2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 38.2-1057 of the Code of Virginia is amended and reenacted as follows:
§ 38.2-1057. Assessment for expense of holding deposits.
A. For the purpose of defraying the expense of the
State Treasurer's office in the safekeeping and handling of the securities or
surety bonds deposited under the provisions of this title, the State Treasurer
shall levy annually against each insurer an assessment of not more than one
tenth of one percent of the par or face value of the securities or surety bonds
deposited to its account. The assessment shall be a percentage of the
par or face value of the securities or surety bonds on deposit with the State
Treasurer's office in each insurer's account at the end of each calendar year.
The percentage shall be determined annually by the State Treasurer as the
amount necessary to meet the estimated annual expenses incurred by the State
Treasurer to meet the provisions of this title. The percentage shall not exceed
one-fourth of one percent of the par or face value of the securities or surety
bonds on deposit with the State Treasurer's office. Assessment collections that
are more than actual expenses in any year shall be added to the next year's
assessment calculation. The assessment shall be collected every January. No
part of the amount collected shall be used to increase the compensation of any
person connected with the office of the State Treasurer. Whatever remains of
the assessment after the payment of the expense described above shall be paid
into the general fund of the state treasury.
B. All moneys collected from the annual assessment imposed under subsection A shall be paid into the state treasury and credited to a special, nonreverting fund known as the Insurance Collateral Assessment Fund which is hereby established. The Fund shall be established on the books of the Comptroller and be administered by the State Treasurer's office. Disbursements from the Fund shall be on warrants issued by the Comptroller to pay expenses associated with the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title. Any moneys remaining in the Fund at the end of a fiscal year shall not revert to the general fund but shall remain in the Fund and be used to offset subsequent years' expenses as provided in subsection A.