The Agents Licensing Section handles all licensing processes for individuals
and business entities. This section screens applications, issues producer and public adjuster
licenses, tracks appointments, registers navigators, monitors regulatory requirements for
licensing, and responds to informational requests concerning insurance producers. There
are approximately 249,000 individual insurance agents, 14,000 insurance agencies, and
1,500 insurance companies conducting business in Virginia.
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Changes to Medigap Plans
Changes are coming to Medicare Supplement (Medigap) Plans C, F and F High Deductible (F HD) effective January 1, 2020. The changes are the result of the federal Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). The National Association of Insurance Commissioners (NAIC) has issued guidance to clarify what MACRA does and does not do and to address any misinformation that is currently being circulated to the public.
Medicare supplement coverage is guaranteed renewable and coverage in your existing plan cannot be cancelled as long as the policyholder pays the premium and the company continues to provide your plan. Under the changes, individuals who are Medicare eligible before January 1, 2020, will be able to choose or continue Medicare Supplement Plans C, F and F HD after January 1, 2020. Newly eligible Medicare recipients – individuals who become eligible for Medicare on or after January 1, 2020 – will be able to choose from any plans other than Medicare Supplement Plans C, F and F HD.
Keep in mind that agents should not try to induce eligible consumers to switch coverage for the purpose of earning new commissions using marketing and sales techniques that violate Medicare supplement insurance laws and Virginia’s unfair trade practices laws. Such actions are subject to enforcement.
To learn more, contact the SCC Bureau of Insurance Agent Regulation Division at (804) 371-9221 or toll-free at 1-877-310-6560 or review the NAIC guidance at the following links: https://www.naic.org/documents/cmte_b_senior_issues_related_macra_producer_bulletin.pdf?89 and https://naic-cms.org/article/consumer_alert_truth_about_medigap_changes.htm.
Nonstandard License Renewal
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. Online renewal is now open.
Notice Regarding Adjusters in Virginia: Virginia does not license Company or Independent Adjusters. Emergency adjuster licenses are not required to adjust claims on behalf of insurance carriers. Virginia only licenses Public Adjusters, and any properly licensed out of state public adjusters must apply for a Virginia non-resident license in order to adjust catastrophe claims. Review public adjuster requirements at www.scc.virginia.gov/BOI/pro/adj.aspx.
Annuity Suitability Training
The Virginia Bureau of Insurance (“Bureau”) has revised the Rules Governing Suitability in
Annuity Transactions, incorporating provisions contained in the National Association of Insurance Commissioners’ Suitability in Annuity Transactions Model Regulation. The revised Rules can be accessed at www.scc.virginia.gov/case by selecting “Docket Search,”
“Search Cases” and entering the Case Number INS-2016-00267.
The new rules became effective April 1, 2017.
Revisions include a new definition for suitability information, additional requirements for
providing information to consumers regarding the annuity, and a five year record keeping
retention requirement. The revised Rules also require agents to complete a one-time
Virginia approved four-credit continuing education course on annuity products. Agents licensed to sell annuities must complete
the required training prior to engaging in the sale of annuities in Virginia. Insurers are
responsible for verifying that an agent selling an annuity product in Virginia on their behalf have completed the required training. (See 14 VAC 5-45-45 B
10 of the Virginia Administrative Code.)
The Bureau has determined that resident agents may meet this training requirement by completing an approved training course – one that has either been approved in Virginia or in another state since that state’s adoption of the 2010 or 2015 NAIC Suitability in Annuity Transactions Model Regulation. Non-residents are exempt if they have already
completed "substantially similar" training in their home state.
Visit www.sircon.com/virginia to review a list of approved providers,
courses and course offerings.
Directory and Services:
Licenses and Registrations Directory
Select one of the links below to find more information on how to obtain the required license or
registration for that line of authority.
Producer – Any individual or business entity that sells, solicits, or negotiates contracts of insurance or annuity in the Commonwealth.
Consultant – Any individual or business entity that, for a fee, advises, offers, or purports to advise in the area of Life and Health insurance or Property and Casualty insurance; is required to be licensed as an insurance consultant.
Viatical Settlement Broker – Any individual or business entity that negotiates a viatical settlement on behalf of a life insurance policy owner. Viatical brokers work with a number of viatical providers, which is another term for the financial institutions that buy these policies, in order to find the best price for their client's insurance policy.
Surplus Lines Broker – An individual or business entity licensed to sell, solicit, or negotiate insurance on properties, risks, or exposures located or to be performed in Virginia with non-admitted insurers.
Navigator – An individual or entity described in 42 U.S.C. § 1311 (i)(2) that is selected to perform the activities and duties identified in 42 U.S.C. § 18031 (i) in the Commonwealth.
Real Estate Settlement Agent – Any person, other than the lender, seller, purchaser or borrower, who conducts the settlement conference and receives or handles money; must be registered.
Public Adjuster – Any individual or business entity who receives, either directly or indirectly, a salary, fee, commission or other compensation for investigating, negotiating, adjusting or providing advice to an insured in relation to first party claims arising under insurance contracts that insure real or personal property of an insured for the purpose of effecting the settlement of a claim on behalf of the insured. Public adjusters do not work for any insurance company, are not public employees, and do not work on behalf of the Commonwealth of Virginia. Public adjusters work with insureds to assist in the preparation, presentation, and settlement of claims.
Licensing Information for Military Service Members & their Families
Administrative Letters that Should be Reviewed by Every Producer
Producer Online Services
Agency License Cancellation Request Form
Individual License Cancellation Request Form
Service Request Form