55-525.4 - Errors and omissions insurance; cash or letters of credit.
§ 55-525.4. Errors and omissions insurance; cash or letters of credit.
A. An exchange facilitator at all times shall:
1. Maintain a policy of errors and omissions insurance in an amount not lessthan $250,000 executed by an insurer authorized to do business in theCommonwealth; or
2. Deposit an amount of cash or provide irrevocable letters of creditequivalent to the sum of not less than $250,000.
B. The exchange facilitator may maintain errors and omissions insurance,cash, or irrevocable letters of credit in excess of the amounts required inthis section.
(2010, c. 409.)