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.
page to access all electronic processes.
- Notification of Virginia Adopting Rules Governing Suitability in Annuity Transactions
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 go into effect 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 on or before January 1, 2018.
Agents who obtain a license to sell annuities on or after January 1, 2018, 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,
on or after January 1, 2018, 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 – prior to the relevant deadline. The Bureau acknowledges that this is a change from its prior interpretation of these provisions as requiring that licensed resident agents complete a Virginia-approved training course between April 1, 2017 and January 1, 2018. Non-residents are exempt if they have already
completed "substantially similar" training in their home state.
On April 1, 2017 visit www.sircon.com/virginia
to review a list of approved providers,
courses and course offerings.