Virginia Code 38.2-1857.1: Property and casualty insurance agents may be licensed as surplus lines brokers for certain insurance from eligible nonadmitted insurers
Current as of: 2023 | Check for updates
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The Commission may issue a surplus lines broker‘s license to any individual or business entity actively licensed as a property and casualty insurance agent for the procuring of insurance of the classes enumerated in §§ 38.2-109 through 38.2-122.2 and §§ 38.2-124 through 38.2-134 from eligible nonadmitted insurers in the Commonwealth. However, nothing in this article or in Chapter 48 (§ 38.2-4805.1 et seq.) shall apply to the sale, solicitation, or negotiation of (i) the contracts of insurance cited in subsection C of § 38.2-1802 or (ii) contracts of insurance for any insured whose home state, as defined in § 38.2-4805.2, is a state other than the Commonwealth.
Terms Used In Virginia Code 38.2-1857.1
- 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
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
- Surplus lines broker: means a person licensed pursuant to Article 5. See Virginia Code 38.2-1800