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- Insurance Agencies Designated Licensed Producers
Effective July 1, 2016, insurance agencies are required to maintain a Designated Licensed Producer (DLP) responsible for the agency's compliance with insurance laws and regulations. The DLP must be an employee, officer, or director of the agency. With respect to a business entity holding certain types of a limited lines license, the DLP is not required to be an employee, officer, or director of the vendor or lessor. Business entities are required within 30 calendar days to report the removal of the DLP and the name of the new DLP. This makes DLP requirements uniform among various lines of insurance.
Review and make updates to the business entity DLP (Supporting Agent) via Sircon’s Compliance Express service by accessing www.sircon.com/virginia and clicking on Maintain your firm association link located on the menu on the left side of the page.
- Discontinuation of Automobile Club Licensing
Effective July 1, 2016, Virginia repeals statutes relating to the licensure of automobile clubs by the State Corporation Commission, including provisions regarding the authority of insurance agents to negotiate automobile club contracts on behalf of licensed automobile clubs and the issuance of guaranteed arrest bond certificates by an automobile club or association.
- Virginia Surplus Lines Broker, Consultant and Viatical Settlement Broker licenses must be renewed prior to July 1. Non-renewed licenses terminate June 30. All other Virginia licenses are perpetual. Visit www.scc.virginia.gov/boi/pro/renew.aspx to complete the online renewal process.
- RESA/Title Settlement Agent Registration must be renewed by June 30, 2016. Failure to renew will result in termination of your RESA/Title Settlement Agent Registration. Online renewal is now open. Review non-resident renewal instructions at: www.scc.virginia.gov/boi/pro/resa/RESANonResRenew.pdf.
- Managing General Agent licenses renew on a biennial basis. Failure to renew at the appropriate time will result in termination of your Managing General Agent license. Online renewal is now open for licenses that expire on June 30, 2016.
- ALL VIATICAL SETTLEMENT BROKERS As required by Virginia Code, a Viatical Settlement Broker shall within 60 days of licensure and annually thereafter by March 1 of each year certify to the Commission implementation of anti-fraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent viatical settlement acts. Review a copy of Virginia Code § 38.2-6011 E at http://law.lis.virginia.gov/vacode/38.2-6011/.
Visit www.scc.virginia.gov/boi/pro/formapp.aspx to download and properly complete the Annual Certification of Anti-Fraud Initiatives Form. Email completed certifications and any questions concerning your compliance status to VSBAnti-FraudPlan@scc.virginia.gov.
- ACA Rate & Form Filing Information
- Certified Reinsurer Applications – The Commission is posting notices of applications
for certified reinsurers in the Commonwealth of Virginia and inviting members of
the public to respond to the application. Information regarding comments on applications
of certified reinsurers is available at www.scc.virginia.gov/cons/rein