2006 Code of Virginia § 46.2-440 - Certificate for nonresident may be by carrier not qualified in Commonwealth

46.2-440. Certificate for nonresident may be by carrier not qualified inCommonwealth.

A nonresident owner of a vehicle not registered in Virginia may give proof offinancial responsibility by filing with the Commissioner a writtencertificate or certificates of an insurance carrier not authorized totransact business in the Commonwealth but authorized to transact business inany other state, any territory or possession of the United States and underits exclusive control, Canada or its provinces, or the territorialsubdivisions of such states or countries, in which any motor vehicledescribed in the certificate and all replacement vehicles of similarclassification are registered or, if the nonresident does not own a motorvehicle, then in the like jurisdiction in which the insured resides andotherwise conforming to the provisions of this chapter. The Commissionershall accept the same if the insurance carrier, in addition to havingcomplied with all other provisions of this chapter as requisite, shall:

1. Execute a power of attorney authorizing the Commissioner to accept serviceon its behalf of notice or process in any action arising out of a motorvehicle accident in the Commonwealth;

2. Duly adopt a resolution, which shall be binding upon it, declaring thatits policies are to be deemed to be modified to comply with the law of theCommonwealth and the terms of this chapter relating to the terms of motorvehicle liability policies issued herein;

3. Agree to accept as final and binding the judgment of any court ofcompetent jurisdiction in the Commonwealth from which judgment no appeal isor can be taken, duly rendered in any action arising out of a motor vehicleaccident;

4. Deposit with the State Treasurer cash or securities as are mentioned in 46.2-453 or the surety bond of a company authorized to do business inVirginia equal in value to $60,000 for each insurance policy filed as proofof financial responsibility.

(Code 1950, 46-460; 1954, c. 378; 1958, cc. 501, 541, 46.1-472; 1968, c.685; 1972, c. 433; 1975, c. 382; 1976, c. 143; 1978, c. 220; 1989, cc. 621,727; 1993, c. 164; 1995, c. 121.)