A. The Commission shall notify the Department of Criminal Justice Services of any action taken or investigation concerning any violation by a property and casualty agent who is also licensed as a surety bail bondsman of the prohibitions listed in this section within 30 days from the receipt of the initial report of a violation. The Commission and the Department of Criminal Justice Services may conduct a joint investigation of any alleged violation.
1. Providing materially incorrect, misleading, incomplete or untrue information in the license application or any other document filed with the Commission;
2. Violating any subpoena of the Commission;
3. Obtaining or attempting to obtain a license through misrepresentation or fraud;
4. Engaging in the practice of rebating;
5. Engaging in twisting or any form thereof, where "twisting" means inducing an insured to terminate an existing policy and purchase a new policy through misrepresentation;
6. Improperly withholding, misappropriating or converting any moneys or properties received in the course of doing business;
7. Intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance;
8. Having admitted or been found to have committed any insurance unfair trade practice or fraud;
9. Having been convicted of a felony;
10. Using fraudulent, coercive, or dishonest practices, or demonstrating incompetence or untrustworthiness in the conduct of business in the Commonwealth or elsewhere, or demonstrating financial irresponsibility in the handling of applicant, policyholder, agency, or insurance company funds;
11. Forging another's name to an application for insurance or to any document related to an insurance transaction;
12. Improperly using notes or any other reference material to complete an examination for an insurance license;
13. Knowingly accepting insurance business from an individual who is not licensed;
14. Having an insurance producer, surplus lines broker, or consultant license, or its equivalent, denied, suspended or revoked in any other state, province, district or territory;
15. Failing to comply with an administrative or court order imposing a child support obligation;
16. Failing to pay state income tax or comply with any administrative or court order directing payment of state income tax; or
17. Violating any insurance laws, or violating any regulation or order of the Commission or of another state's insurance regulatory authority.
2004, c. 460.
Structure Code of Virginia
Chapter 24 - Fidelity and Surety Insurance
§ 38.2-2400. Class of insurance to which chapter applies
§ 38.2-2401. Fidelity and surety insurer defined
§ 38.2-2402. Fidelity and surety insurer not to transact insurance without appropriate license
§ 38.2-2403. Limitation of liability on risks
§ 38.2-2404. Limit when penalty of bond exceeds actual exposure to risk
§ 38.2-2405. When insurer accepted as surety
§ 38.2-2406. Requirements deemed met by insurer
§ 38.2-2409. Agreement for joint control of money and assets
§ 38.2-2410. Expense of securing bond to be allowed in settlements; exceptions
§ 38.2-2412. Notice to clerks of revocation of licenses
§ 38.2-2412.2. Surety bail bondsman; notice to Department of Criminal Justice Services of violations
§ 38.2-2413. Release of insurers from liability; rights and remedies
§ 38.2-2414. Insurer estopped to deny power to assume liability
§ 38.2-2415. Where civil proceedings may be instituted
§ 38.2-2417. Continuance of power; revocation
§ 38.2-2418. Recordation of instrument of revocation
§ 38.2-2419. Notation of revocation; indexing
§ 38.2-2420. Bonds executed under power of attorney binding on insurer