Virginia Code 38.2-1845: Licensing nonresidents; reciprocal agreements with other states and Canadian provinces
A. An individual or business entity who is not a resident as defined in § 38.2-1800, but who is a resident of another state, territory, or province of Canada, shall receive a nonresident insurance consultant license if:
Terms Used In Virginia Code 38.2-1845
- Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity other than a sole proprietorship. See Virginia Code 38.2-1800
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Insurance consultant: means any individual or business entity who acts as an independent contractor in relation to his client and for a fee or compensation, other than from an insurer or agent or surplus lines broker, advises or offers or purports to advise, as to life and health or property and casualty insurance, any person actively or prospectively insured. See Virginia Code 38.2-1837
- Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
1. The applicant presents proof in a form acceptable to the Commission that the applicant is currently licensed or otherwise authorized as a resident insurance consultant and is in good standing in his home state;
2. The applicant has submitted the proper application for licensure or a copy of the application for licensure submitted to his home state, and has paid the fees required by § 38.2-1838; and
3. The applicant’s home state issues nonresident insurance consultant licenses to residents of this Commonwealth on the same basis, or will permit a resident of this Commonwealth to act as a consultant in such state without requiring a license.
B. For the purposes of this chapter, any individual whose place of residence and place of business are in a city or town located partly within the Commonwealth and partly within another state may be considered as meeting the requirements as a resident of this Commonwealth, provided the other state has established by law or regulation similar requirements as to residence of such individuals.
C. The Commission may enter into a reciprocal agreement with an appropriate official of any other state or province of Canada if such an agreement is required in order for a Virginia resident to be similarly licensed as a nonresident in that state or province.
D. The Commission may verify the insurance consultant’s licensing status through the Producer Database maintained by the NAIC, its affiliates or subsidiaries.
E. A nonresident insurance consultant who moves from one state or province to another state or province shall file a change of address and provide a certification from the new home state or province within thirty calendar days of the change of legal residence. No fee or license application is required.
F. Any licenses issued to nonresidents pursuant to this section shall be terminated at any time that the nonresident’s equivalent authority in his home state is terminated, suspended, or revoked.
1985, c. 3, § 38.1-327.70; 1986, c. 562; 1987, cc. 521, 678; 1988, c. 335; 2001, c. 706; 2008, c. 213.