Virginia Code 38.2-1876: Licensure of vendors
A. A vendor is required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under a policy of portable electronics insurance.
Terms Used In Virginia Code 38.2-1876
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Customer: means a person who purchases portable electronics or services. See Virginia Code 38.2-1875
- Portable electronics: means electronic devices that are portable in nature, accessories to such devices, and services related to the use of the devices. See Virginia Code 38.2-1875
- Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that may cover portable electronics against any one or more of the following causes of loss: loss, theft, mechanical failure, malfunction, damage, or other applicable peril. See Virginia Code 38.2-1875
- Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Virginia Code 38.2-1875
B. On or before May 1, 2021, and biennially thereafter, each vendor licensed as a limited lines property and casualty insurance agent shall submit to the Commission a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Any limited lines property and casualty insurance agent license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any limited lines property and casualty insurance agent license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.
C. A license issued under this article shall authorize any employee or authorized representative of a licensed vendor to sell or offer portable electronics insurance coverage under a policy of portable electronics insurance to a customer at each location at which the vendor engages in portable electronics transactions.
D. The acts of a licensed vendor’s employee or authorized representative offering to sell coverage under a policy of portable electronics insurance shall be deemed to be the acts of the vendor for purposes of this article.
E. Every licensed vendor shall maintain a list of all locations in the Commonwealth where the vendor offers coverage under a policy of portable electronics insurance and shall make the list available to the Commissioner for inspection upon request.
F. Notwithstanding any other provision of law, a license issued pursuant to this article shall authorize the licensed vendor’s employees and authorized representatives to engage only in those activities that are expressly permitted in this article.