Virginia State Laws and Regulations Flashcards
The Period of time for which each licensed agent must retain records related to their insurance transactions
3 years
The period of time during which the commission must conduct an examination of every authorized domestic insurer
every 5 years
Penalty for NON-WILLFUL Violations including fines, license suspension/revocation, or both.
$1,000
Penalty for willful violation includes fines, suspension / revocation, or both
$5,000
Penalty for willful violation includes fines, suspension / revocation, or both
$5,000
Applicants minimum age for licensing
18 years
The number of days from the date of the first insurance application that the insurer must either reject the application or file a notice of appointment with the commission
30 days
An insurer must notify an agent within ___ days of an appointment termination.
5
An insurer must notify the Commission within ___ days after a termination date.
30
Firms should inform DOI of any changes of principals or managers within
30 days of the change
Licensed agents must report any felony convictions, administrative actions, or changes of residence or name to the commission within how many days?
30
Agents must renew their licenses every
2 years/ biennially
An agent that holds one license must complete how many continuing education courses every 2 years?
16
An agent that holds one license must complete how many continuing education courses every 2 years?
24
What date on each even numbered year are agents required to meet the CE requirement?
December 31
