Insurance licensing, biennial; renewal for individuals and business entities, etc. (SB1222)

Introduced By

Sen. Ben Chafin (R-Lebanon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Insurance licensing. Requires the biennial renewal, for individuals and business entities, of licenses by insurance agents, consultants, public adjusters, surplus lines brokers, and viatical settlement brokers by a producer's year and month of birth. The measure also requires fingerprinting for the purpose of conducting state and federal criminal background checks on new resident applicants. The measure establishes fees for processing license renewal applications, requires proof of compliance with continuing education requirements, addresses reinstatement of licenses, and provides for waivers of certain requirements. The measure requires licensed persons to report changes in their name or address. The measure provides that the registration fee for settlement agents will be prescribed by the Commission and that the Commission will retain the authority to enforce these provisions against any person who is under investigation for or charged with a violation. The measure also includes clarifications and removes obsolete requirements. Amends § 19.2-389, § 38.2-1819, § 38.2-1820, § 38.2-1824, § 38.2-1826, § 38.2-1838, § 38.2-1840, § 38.2-1841, § 38.2-1842, § 38.2-1845.17, § 38.2-1845.2, § 38.2-1845.22, § 38.2-1845.8, § 38.2-1845.9, § 38.2-1857.2, § 38.2-1857.5, § 38.2-1857.9, § 38.2-1865.1, § 38.2-1865.5, § 38.2-1876, § 55-525.30, of the Code of Virginia. Read the Bill »

Status

01/04/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/04/2019Prefiled and ordered printed; offered 01/09/19 19103129D
01/04/2019Referred to Committee on Commerce and Labor

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