38.2-2407 - Sureties with respect to guaranteed arrest bond certificates of automobile clubs and associations.
§ 38.2-2407. Sureties with respect to guaranteed arrest bond certificates ofautomobile clubs and associations.
A. Any domestic or foreign fidelity and surety insurer licensed to transactsurety business in this Commonwealth may become surety in any year for anyguaranteed arrest bond certificates issued in that year by an automobile clubor association by filing with the Commission an undertaking to become surety.The insurer shall file the undertaking on or before the date it is to becomeeffective.
B. The undertaking shall be in a form prescribed by the Commission and shallstate the following:
1. The name and address of the automobile club or automobile associationissuing the guaranteed arrest bond certificates for which the fidelity andsurety insurer undertakes to be surety.
2. The unqualified obligation of the fidelity and surety insurer to pay thefine or forfeiture of any person who, after posting a guaranteed arrest bondcertificate for which the fidelity and surety insurer has undertaken to besurety, fails to make the appearance guaranteed by the arrest bondcertificate.
C. The term "guaranteed arrest bond certificate" as used in this chaptermeans any printed card or other certificate (i) issued by an automobile clubor association to any of its members, (ii) signed by the member and (iii)containing a printed statement that the automobile club or association and afidelity and surety insurer guarantee the appearance of the person whosesignature appears on the card or certificate and that they will pay any fineor forfeiture imposed on that person in the event that the person fails toappear in court at the time of trial.
(1952, c. 186; 1952, c. 317, § 38.1-644.1; 1982, c. 63; 1986, c. 562; 1987,c. 519.)