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- Virginia Surplus Lines Broker, Consultant and Viatical Settlement Broker licenses must be renewed prior to July 1. Non-renewed licenses terminate June 30. All other Virginia licenses are perpetual. Online renewal is now open.
- Managing General Agent licenses renew on a biennial basis. Failure to renew at the appropriate time will result in termination of your Managing General Agent license. Online renewal is now open for licenses that expire on June 30, 2017.
- ALL VIATICAL SETTLEMENT BROKERS As required by Virginia Code, a Viatical Settlement Broker shall within 60 days of licensure and annually thereafter by March 1 of each year certify to the Commission implementation of anti-fraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent viatical settlement acts. Review a copy of Virginia Code § 38.2-6011 E at http://law.lis.virginia.gov/vacode/38.2-6011/.
Visit www.scc.virginia.gov/boi/pro/formapp.aspx to download and properly complete the Annual Certification of Anti-Fraud Initiatives Form. Email completed certifications and any questions concerning your compliance status to VSBAnti-FraudPlan@scc.virginia.gov.
- Notification of Virginia Adopting Rules Governing Suitability in Annuity Transactions
The Virginia Bureau of Insurance (“Bureau”) has revised the Rules Governing Suitability in
Annuity Transactions, incorporating provisions contained in the National Association of
Insurance Commissioners’ Suitability in Annuity Transactions Model Regulation. The
revised Rules can be accessed at www.scc.virginia.gov/case by selecting “Docket Search,”
“Search Cases” and entering the Case Number INS-2016-00267.
The new rules go into effect April 1, 2017.
Revisions include a new definition for suitability information, additional requirements for
providing information to consumers regarding the annuity, and a five year record keeping
retention requirement. The revised Rules also require agents to complete a one-time
Virginia approved four credit continuing education course on annuity products. Agents
licensed to sell annuities must complete the required training on or before January 1, 2018.
Agents who obtain a license to sell annuities on or after January 1, 2018, must complete
the required training prior to engaging in the sale of annuities in Virginia. Insurers are
responsible for verifying that an agent selling an annuity product in Virginia on their behalf,
on or after January 1, 2018, have completed the required training. (See 14 VAC 5-45-45 B
10 of the Virginia Administrative Code.)
It is the Bureau’s position that Virginia residents are required to complete a four credit
Virginia approved annuity suitability course. Non-residents are exempt if they have already
completed "substantially similar" training in their home state.
On April 1, 2017 visit www.sircon.com/virginia
to review a list of approved providers,
courses and course offerings.
- Insurance Agencies Designated Licensed Producers
Effective July 1, 2016, insurance agencies are required to maintain a Designated Licensed Producer (DLP) responsible for the agency's compliance with insurance laws and regulations. The DLP must be an employee, officer, or director of the agency. Regarding Limited Liability Companies and Partnerships, the Bureau will accept members and partners respectively as the DLP. With respect to a business entity holding certain types of a limited lines license, the DLP is not required to be an employee, officer, or director of the vendor or lessor. Business entities are required within 30 calendar days to report the removal of the DLP and the name of the new DLP. This makes DLP requirements uniform among various lines of insurance.
Review and make updates to the business entity DLP (Supporting Agent) via Sircon’s Compliance Express service by visiting www.sircon.com/virginia
and selecting Maintain Designated Licensed Producer located on the menu on the left side of the page. A nominal Sircon service fee may apply. See Step-by-step instructions.
- Discontinuation of Automobile Club Licensing
Effective July 1, 2016, Virginia repeals statutes relating to the licensure of automobile clubs by the State Corporation Commission, including provisions regarding the authority of insurance agents to negotiate automobile club contracts on behalf of licensed automobile clubs and the issuance of guaranteed arrest bond certificates by an automobile club or association.
- ACA Rate & Form Filing Information
- Certified Reinsurer Applications – The Commission is posting notices of applications
for certified reinsurers in the Commonwealth of Virginia and inviting members of
the public to respond to the application. Information regarding comments on applications
of certified reinsurers is available at www.scc.virginia.gov/cons/rein
April 03, 2017 08:30 AM