A. Beginning January 1, 2021, each individual surplus lines broker shall submit biennially to the Commission a renewal application in a form and manner prescribed by the Commission, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Licenses shall be renewed biennially based on the broker's month and year of birth. The license for a surplus lines broker born in an even-numbered year shall expire at the end of the broker's birth month in even-numbered years. The license for a surplus lines broker born in an odd-numbered year shall expire at the end of the broker's birth month in odd-numbered years. Any surplus lines broker license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any surplus lines broker license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.
B. On or before May 1, 2021, and biennially thereafter, each business entity licensed as a surplus lines broker shall submit to the Commission a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Any surplus lines broker license for which the required renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any surplus lines broker license for which the required renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.
C. The nonrefundable renewal application processing fee shall be paid in a manner and in an amount prescribed by the Commission. The nonrefundable renewal processing fee shall be collected by the Commission and paid directly into the state treasury and credited to the fund for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.
D. An individual surplus lines broker whose license terminates due to failure to renew may, within 12 months from the renewal date, reinstate the same license by submitting the renewal application and a nonrefundable reinstatement processing fee equivalent to double the nonrefundable renewal application processing fee and by complying with all other applicable licensing and renewal provisions in this chapter.
E. A licensed surplus lines broker's failure to file the maintenance assessment report required by § 38.2-406 or pay the maintenance assessment and any related fines, penalties, and interest required by § 38.2-403 on or before the first day of March of each year shall result in the termination of the surplus lines broker license.
F. An individual surplus lines broker who is unable to comply with the license renewal requirements due to military service or another extenuating circumstance such as a long-term illness or incapacity may request a waiver of those requirements. Requests for waivers of renewal requirements shall be made in a form and manner prescribed by the Commission. Surplus lines brokers seeking a waiver of renewal requirements shall submit all documentation specified by the Commission so as to be received by the Commission no later than the last day of the renewal period. After the renewal period, surplus lines brokers who have failed to complete the renewal waiver requirements may request a waiver from the reinstatement requirements set forth in subsection D within the 12-month reinstatement period. The Commission shall approve or disapprove the waiver request within 30 calendar days of receipt thereof, and shall provide written notice of its decision to the applicant for waiver within five calendar days of rendering its decision. Any waiver granted pursuant to this section shall be valid only for the renewal period or reinstatement period for which the waiver request was made.
2019, c. 675.
Structure Code of Virginia
§ 38.2-1800.1. Proof of residency
§ 38.2-1802. Acting as agent for unlicensed insurer prohibited; penalties
§ 38.2-1805. Acceptance by insurance agents of premiums in arrears; how advance premiums recorded
§ 38.2-1806. Interest with respect to credit extended or money lent for premiums on certain policies
§ 38.2-1808. All agreements to be expressed in contract
§ 38.2-1812. Payment and sharing of commissions
§ 38.2-1812.1. Placement of insurance for public bodies
§ 38.2-1812.2. Administrative charges in excess of premium prohibited; exceptions
§ 38.2-1813. Reporting and accounting for premiums
§ 38.2-1814.1. License required of resident title insurance agent
§ 38.2-1815. License required of resident life and annuities agent
§ 38.2-1815.1. License required of resident health agent
§ 38.2-1817. Examination for license; fee required; when fee forfeited
§ 38.2-1818. Individual moving from another state or Canadian province
§ 38.2-1819. Application for license; fee required; fingerprints
§ 38.2-1820. Issuance of license
§ 38.2-1821. Revocation, etc., of license revokes appointment
§ 38.2-1821.1. Exceptions to licensing
§ 38.2-1823. Penalty for acting for insurer, joint underwriting association, etc., when not licensed
§ 38.2-1824. Kinds of agents' licenses and appointments issued
§ 38.2-1825. Duration and termination of licenses and appointments
§ 38.2-1826. Requirement to report to Commission
§ 38.2-1827. Appointment may include one or more classes of insurance
§ 38.2-1828. Selling accident and sickness insurance
§ 38.2-1830. Temporary licenses and appointments; when issued
§ 38.2-1832. Refusal to issue and revocation of license; hearing; new application
§ 38.2-1833. Appointments of agents
§ 38.2-1834. Duration of appointment; annual renewal of agent's appointment
§ 38.2-1835. Failure to appoint
§ 38.2-1836. Licensing nonresidents; reciprocal agreements with other states and Canadian provinces
§ 38.2-1836.1. Authority of Commission to delegate certain functions
§ 38.2-1838. License required of consultants; fingerprinting
§ 38.2-1839. Contract required; placement of insurance for public bodies
§ 38.2-1841. Termination, suspension, or revocation of license
§ 38.2-1842. Requirement to report to Commission
§ 38.2-1844. Refusal to issue and revocation of license; hearing; new application
§ 38.2-1845. Licensing nonresidents; reciprocal agreements with other states and Canadian provinces
§ 38.2-1845.2. License required of resident public adjusters
§ 38.2-1845.3. Exemptions from article
§ 38.2-1845.6. Individual moving into the Commonwealth from another state or Canadian province
§ 38.2-1845.7. Refusal to issue; hearing; new application
§ 38.2-1845.8. Renewal application and fee; reinstatement; waiver
§ 38.2-1845.11. Termination, suspension, or revocation of license
§ 38.2-1845.12. Standards of conduct for public adjusters
§ 38.2-1845.13. Contract between public adjuster and insured
§ 38.2-1845.15. Record retention
§ 38.2-1845.16. Escrow or trust accounts
§ 38.2-1845.17. Requirement to report to Commission
§ 38.2-1845.18. Information security program
§ 38.2-1845.19. What laws applicable; rulemaking authority
§ 38.2-1845.20. Immunities; confidentiality
§ 38.2-1845.21. Authority of Commission to delegate certain functions
§ 38.2-1845.23. False information and advertising generally
§ 38.2-1857.2. Applications for surplus lines broker license; fee required; fingerprinting
§ 38.2-1857.4:1. Renewal application and fee; reinstatement; waiver
§ 38.2-1857.5. Requirement to report to Commission
§ 38.2-1857.6. Accepting and placing surplus lines business
§ 38.2-1857.8. Refusal to issue and revocation of license; hearing; new application
§ 38.2-1865.3. Refusal to issue and revocation of license; hearing; new application
§ 38.2-1865.5. Requirement to report to Commission
§ 38.2-1866. Continuing education requirements
§ 38.2-1867. Insurance continuing education board; approval of credits
§ 38.2-1868.1. Proof of compliance with continuing education requirements; waivers
§ 38.2-1869. Failure to satisfy requirements; termination of license
§ 38.2-1871. Licensees not subject to the continuing education requirements of this article
§ 38.2-1872. Administrative duties of Board; transfer to outside administrator
§ 38.2-1873. Continuing insurance education fees
§ 38.2-1874. Continuing education program; plan of operation; approval by Commission
§ 38.2-1876. Licensure of vendors
§ 38.2-1877. Requirements for sale of portable electronics insurance
§ 38.2-1878. Authority of vendors of portable electronics
§ 38.2-1879. Suspension or revocation of license
§ 38.2-1880. What laws applicable; rulemaking authority
§ 38.2-1882. Licensure of lessors
§ 38.2-1883. Requirements for sale of self storage insurance
§ 38.2-1884. Authority of lessors of self storage units
§ 38.2-1885. Suspension or revocation of license
§ 38.2-1886. What laws applicable; rulemaking authority
§ 38.2-1887. Application of article; definitions
§ 38.2-1888. Licensing and registration
§ 38.2-1888.1. Suspension, revocation, or termination of license
§ 38.2-1888.2. Travel protection plans
§ 38.2-1888.3. Sales practices
§ 38.2-1888.4. Travel administrators
§ 38.2-1888.5. Classification of travel insurance
§ 38.2-1889. Suspension, revocation, or termination of license