™Your Policy Risk Impact Agent
32 chapters · 875 sections in this title.
Va. Code Ann. § 55.1-800 Definitions
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As used in this chapter, unless the context requires a different meaning: "Affiliated with" means that a person directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the other specified person. "Change in contr…
Va. Code Ann. § 55.1-801 Change in control
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An exchange facilitator shall notify all existing exchange clients whose relinquished property is located in the Commonwealth, or whose replacement property held under a Qualified Exchange Accommodation Agreement is located in the Commonwealth, of any change in control of the exc…
Va. Code Ann. § 55.1-802 Separately identified accounts, or qualified escrows or qualified trusts
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A. An exchange facilitator at all times shall: 1. Deposit the exchange funds in a deposit account that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the wri…
Va. Code Ann. § 55.1-803 Errors and omissions insurance; cash or letters of credit
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A. An exchange facilitator at all times shall: 1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or 2. Deposit an amount of cash or provide irrevocable letters of credit…