The general receiver shall obtain bond through the Department of the Treasury's Division of Risk Management. No later than October 1 of each year, he shall report to the Division the amount of moneys under his control pursuant to § 8.01-582 as of June 30 of the current year and shall report the amount he expects to come under his control for the year ending on June 30 of the following year. He shall also report any other information reasonably required by the Division concerning bond coverage of moneys under his control. The cost of the bond shall be apportioned among the funds under his control as of the billing date based on the amount of each owner's or beneficiary's moneys. This section shall not apply to any financial institution fulfilling the requirements set out in § 6.2-1003 or § 6.2-1085.
§ 8.01-588.1.Bonds apportioned to funds under control; annual reports.
Chapter 22. Receivers, General and Special · Article 1. General Receivers · Last amended 2000 · Last verified July 16, 2026
In one sentenceThis section directs general receivers to obtain their required bond through the Division of Risk Management, file annual reports on the funds under their control, and spread the bond's cost among individual funds in proportion to each beneficiary's share, exempting qualifying financial institutions.
Full Text of § 8.01-588.1
Plain-English Summary
Rather than shopping for bond coverage on the open market, a general receiver obtains it through the Department of the Treasury's Division of Risk Management. This section builds the reporting relationship that makes that arrangement work: no later than October 1 each year, the receiver reports to the Division the amount of money under his control as of the prior June 30, and the amount he expects to come under his control in the following year, along with any other information the Division reasonably needs for bond coverage.
The bond is not a flat cost the receiver absorbs alone. Its price gets apportioned among the individual funds under the receiver's control as of the billing date, based on the size of each owner's or beneficiary's share — so the cost of protecting the money tracks who benefits from that protection.
This section carves out one category of receiver entirely: it does not apply to a financial institution that already meets the bonding or deposit-insurance requirements set out in § 6.2-1003 or § 6.2-1085.
Frequently Asked Questions
Where does a general receiver obtain the bond required by § 8.01-588?
Through the Department of the Treasury's Division of Risk Management.
What must the receiver report to the Division each year, and by when?
No later than October 1, the amount of money under his control as of June 30, and the amount he expects to come under his control the following year.
How is the cost of the bond divided among the funds a receiver holds?
It is apportioned among the funds under his control as of the billing date, based on the amount of each owner's or beneficiary's money.
Who is exempt from this section?
Any financial institution fulfilling the requirements set out in § 6.2-1003 or § 6.2-1085.
What other information might the receiver have to report to the Division?
Any other information the Division reasonably requires concerning bond coverage of the moneys under the receiver's control.
Amendment History
1988, c. 841; 2000, cc. 618, 632.
Source & verification. Section text and amendment history are
reproduced verbatim from the Code of Virginia, published by the
Code of Virginia, Virginia Division of Legislative Automated Systems. Last verified July 16, 2026.
· Official source
Also known as: virginia receiver bond division of risk managementreceiver bond cost apportionment virginiaannual bond report general receiver virginia