Virginia Code 46.2-2146: Effect of unfair claims settlement practices on self-insured motor carriers.
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The provisions of subdivisions 4, 6, 11 and 12 of subsection A of § 38.2-510 shall apply to each holder of a certificate of fitness or permit issued by and under the authority of the Department who, in lieu of filing an insurance policy, has deposited with the State Treasurer state, federal or municipal bonds or has filed an unconditional letter of credit issued by a bank. The failure of any such 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 certificate or permit.
Terms Used In Virginia Code 46.2-2146
- Certificate of fitness: means a certificate issued by the Department to certain "household goods carriers" under this chapter. See Virginia Code 46.2-2100
- Department: means the Department of Motor Vehicles. See Virginia Code 46.2-2100
- Permit: means a permit issued by the Department authorizing the transportation of property, excluding household goods transported for a distance greater than 30 road miles. See Virginia Code 46.2-2100
- revocation: means that the document or privilege revoked is not subject to renewal or restoration except through reapplication after the expiration of the period of revocation. See Virginia Code 46.2-100
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- suspension: means that the document or privilege suspended has been temporarily withdrawn, but may be reinstated following the period of suspension unless it has expired prior to the end of the period of suspension. See Virginia Code 46.2-100