Virginia Code 38.2-1430: Collateral loans.
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A domestic insurer may make loans secured by securities eligible for investment under this article. At the date of investment, the loan shall not exceed eighty percent of the market value of the collateral pledged. However, if the collateral consists of obligations issued, assumed or guaranteed by the United States, the loan may equal the market value of the collateral pledged.
Terms Used In Virginia Code 38.2-1430
- Date of investment: means the date on which funds are disbursed for an investment. See Virginia Code 38.2-1401
- Insurer: means a company licensed pursuant to Chapter 10 (§ Virginia Code 38.2-1401
- United States: includes 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 1-255
1983, c. 457, § 38.1-217.33; 1986, c. 562.