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Conversions
Virginia General Partnerships:
Virginia general partnerships may convert to a Virginia corporation, limited liability company, limited partnership or business trust. A Virginia general partnership may not convert to any other foreign business entity type.| Convert to | Required Form(s) | Fee |
| Stock Corporation |
|
$25 + any additional charter fee |
| Limited Liability Company |
|
$100 File Online |
| Limited Partnership | $100 | |
| Business Trust |
|
$100 File Online |
Foreign General Partnerships:
A foreign general partnership may convert to a Virginia stock corporation or limited partnership.| Convert to | Required Form(s) | Fee |
| Stock Corporation |
|
$25 + any additional charter fees |
| Limited Partnership | $100 |
Public Adjusters
In the event that a Partnership, Corporation, or Limited Liability Company acts as a public adjuster, then it must obtain a public adjuster license.
In addition, each partner and employee in a Partnership must be licensed if he/she acts as a public adjuster; and each officer, director, or employee of a Corporation or member, manager, or employee of a Limited Liability Company must be licensed if he/she is acting as a public adjuster.
If the Partnership, Corporation, or Limited Liability Company is also involved in the business of selling, soliciting, or negotiating insurance and receiving commission, then the insurance agency licensing requirements must be met. Virginia does not license Sole Proprietorships.
A Certificate of Authority (COA) or its equivalent must be obtained from the Office of the Clerk of the State Corporation Commission within 90 days of licensure. Failure to obtain a COA within 90 days of licensure will result in license termination. Visit Entity Forms & Fees or contact the Clerk's Office at (804) 371-9733 to obtain a COA.
Insurance agencies are required to maintain a Designated Licensed Producer (DLP), who is licensed in Virginia, as a public adjuster to be responsible for the agency's compliance with insurance laws and regulations. The DLP must be an employee, officer, or director of the agency. With regards to Limited Liability Companies and Partnerships, the Bureau will accept members and partners respectively as the DLP. Business entities are required, within 30 calendar days, to report the removal of the DLP and the name of the new DLP.
As a condition of licensure, the electronic application includes an “attestation” wherein the applicant must certify that they have, and will keep in force for as long as the license remains in effect, a $50,000 bond in favor of the Commonwealth with corporate sureties licensed by the Commission. The surety bond number, effective date and the name of the insurer must be included on the application for licensure. Currently, the Bureau does not require receipt of the actual bond as a condition of licensure.
Life & Health
- Product Information
- Health Carriers
- Life & Health Data Calls
- Long Term Care Annual Rate Reports (Instructions and Reporting Forms)
- Long Term Care Forms (14 VAC 5-200)
- Common Problems Identified by the L&H Market Conduct Section
- Medicare Supplement Forms (14 VAC 5-170)
- Credit Insurance Experience Exhibit and Questionnaire
- Shared Savings Program Demonstration (§38.2-3462) Carriers submit updates for review prior to offering any Program that varies from the previously filed and reviewed Program. See Administrative Letter 2020-01 for submission requirements and information.
- Shared Savings Annual Report (§ 38.2-3462) (Due April 1)
- Virginia Group Health Insurance Medical History Form (currently unavailable)
- Interstate Insurance Compact
- The Interstate Insurance Compact is an important modernization initiative that benefits state insurance regulators, consumers and the insurance industry. The Compact established a multi-state public entity, the Interstate Insurance Product Regulation Commission (IIPRC) which serves the Member States. The IIPRC serves as a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income and long-term care insurance to develop uniform product standards, affording a high level of protection to purchasers of asset protection insurance products. We encourage insurance companies to submit filings through the Interstate Compact. Learn more about the Compact.
