VIRGINIA Resident Licensing for Individuals

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Primary Rules    |   License Printing    |   Business Rules   |   State Offerings   |   License Fees   |   Contacts & FAQs

State Announcements

Posted 3/01/2017

Effective April 1, 2017, Virginia has revised the Rules Governing Suitability in Annuity Transactions, incorporating provisions contained in the NAIC’s 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.


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.)


Virginia residents are required to complete a four credit Virginia approved annuity suitability course. Non-residents are exempt if they have already completed "substantially similar" training in their home state.


April 1, 2017 visit www.sircon.com/virginia to review a list of approved providers, courses and course offerings.

 

Primary Rules (Individual)

Response Question
Yes Accepts initial license for individuals electronically.
Yes Accepts major lines of authority.
Yes Accepts limited lines of authority.
Yes Accepts surplus lines for individuals.
Yes Applicant can add lines of authority (amend) to an existing active license.
Yes Applicant can reinstate/reapply through NIPR's Resident License Application.
Yes License printing available electronically.

License Printing

To print your license, click the state on NIPR's Producer Licensing Map.

Business Rules (Individual)

A current Virginia State Police criminal history record report must be submitted with resident applications. Visit their website to download Form SP-167 or contact the Virginia State Police at (804) 674-2131. For expedited service, you may also request a Virginia State Police criminal history record report for an additional fee through the following insurance industry associations: Independent Insurance Agents of Virginia, Inc., or National Association of Insurance and Financial Advisors.

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. You may find a copy of Virginia Code § 38.2-6011 E at: http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+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.

Applicant must be at least eighteen (18) years old or older as determined from the applicant's date of birth.

Applicants for the variable line of authority (LOA) must supply a FINRA Central Registry Depository (CRD) number on the application.  If you need to verify your CRD number you may use the Broker Search feature found on FINRA's website.

Surplus lines broker applicants must actively hold a insurance producer property and casualty license.

Variable contracts applicants must actively hold or apply for a Virginian insurance producer life and annuities license.

Applicants applying for insurance producer property and casualty may not apply for insurance producer personal lines and vice versa.

Applicant's resident and mailing address must be in the state of Virginia. DO NOT USE A COMPANY OR ANY BUSINESS ADDRESS (INCLUDING PO BOX) AS THE INDIVIDUAL insurance producer'S RESIDENCE OR MAILING ADDRESS.

Phone and fax numbers provided may not begin with a one (1).

All applicants will be deferred to the state for licensing exam validation.

If applicant responds "yes" to one of the background questions please submit supporting documents electronically via NIPR's Attachments Warehouse. The documents may also be submitted to the state via mail, email, or fax.

Please allow a minimum of fifteen (15) business days for processing before contacting the Bureau concerning the status of an application. To search for Virginia license numbers please visit the state website.

Please note: An application is considered unapproved and closed after thirty (30) calendar days if the applicant does not provide all required documentation. A new application and non-refundable processing fee is required.

State Offerings (Individual)

Please note that license class names can vary by state.

License Class Line of Authority (LOA)
Insurance Producer Life & Annuities
Insurance Producer Health
Insurance Producer Property & Casualty
Insurance Producer Variable Contracts
Insurance Producer Personal Lines
Insurance Producer Title
Public Adjuster Public Adjuster
Limited Lines Producer Credit
Limited Lines Producer Motor Vehicle Rental Contract (Car Rental)
Limited Lines Producer Limited Lines Property & Casualty
Limited Lines Producer Limited Lines Life & Health
Surplus Lines Broker Surplus Lines
Consultant Life & Health Consultant
Consultant Property & Casualty Consultant
Viatical Settlement Broker Viatical Settlement Broker

License Fees (Individual)

Fees shown are state fees only. These fees do not include NIPR transaction fees.

License Class / LOA Combination Fee * Amendment Fee *
Insurance Producer / Per LOA $15.00 $15.00 per LOA
Limited Lines Producer / Per LOA $15.00 $15.00 per LOA
Surplus Lines Broker / Surplus Lines $50.00 NA
Consultant / Per LOA $50.00 $50.00 per LOA
Viatical Settlement Broker / Viatical Settlement Broker $50.00 NA
Public Adjuster $250.00 NA

* Per application.

Contacts

Last Update: 9/08/2017

VIRGINIA Resident Licensing for Business Entity

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Primary Rules    |   License Printing    |   Business Rules   |   State Offerings   |   License Fees   |   Contacts & FAQs

State Announcements

Posted 3/01/2017

Effective April 1, 2017, Virginia has revised the Rules Governing Suitability in Annuity Transactions, incorporating provisions contained in the NAIC’s 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.


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.)


Virginia residents are required to complete a four credit Virginia approved annuity suitability course. Non-residents are exempt if they have already completed "substantially similar" training in their home state.


April 1, 2017 visit www.sircon.com/virginia to review a list of approved providers, courses and course offerings.

 

Primary Rules (Business Entity)

Response Question
Yes Accepts initial license for business entities electronically.
Yes Accepts major lines of authority.
Yes Accepts limited lines of authority.
Yes Accepts surplus lines for business entities.
Yes Applicant can add lines of authority (amend) to an existing active license.
Yes Applicant can reinstate/reapply through NIPR's Resident License  Application.
Yes License printing available electronically.

License Printing

To print your license, click the state on NIPR's Producer Licensing Map.

Business Rules (Business Entity)

Reinstatements through the Resident License  application are allowed as long as applicant has an inactive resident license on PDB.

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. You may find a copy of Virginia Code § 38.2-6011 E at: http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+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.

A business entity is not required to first obtain its required certificate or charter from the Commission prior to its eligibility to obtain an insurance producer license. Nevertheless, the business entity must still obtain the requisite certificate or charter within ninety (90) calendar days of licensure. Failure to obtain the certificate or charter will result in the Bureau of Insurance terminating the insurance producer license. The Virginia Clerk's Office can be contacted at 804-371-9733 or visit www.scc.virginia.gov/clk/begin.aspx .

Insurance agencies are required to maintain a Designated Licensed insurance producer ("DRLP") responsible for the agency's compliance with insurance laws and regulations. The DRLP must be an employee, officer, or director of the agency. In regards to Limited Liability Companies and Partnerships, the Bureau will accept members and partners respectively as the DRLP. With respect to a business entity holding certain types of a limited lines license, the DRLP 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 DRLP and the name of the new DRLP.

All Designated Responsible Licensed insurance producers (DRLP) on Viatical Settlement Broker applications must hold an active (resident or non-resident) Virginia Viatical Settlement Broker License.

All Designated Responsible Licensed insurance producers (DRLP) listed must actively hold at least one of the following: Virginian Insurance Producer/Limited Lines Producer LOA's: Life, Health, Property & Casualty, Personal Lines, Variable Contracts, Title, Limited Lines P&C, Limited Lines Life & Health, Motor Vehicle Rental Contract, Credit.

All Designated Responsible Licensed insurance producers (DRLP) on Surplus Lines Broker applications must hold an active (resident or non-resident) Virginian insurance producer Property & Casualty line of authority.

All Designated Responsible Licensed insurance producers (DRLP) on Consultant applications must hold an active (resident or non-resident) Virginia Life & Health Consultant License or Property & Casualty Consultant License or at least one VA (resident or non-resident) active major line of authority.

All Designated Responsible Licensed insurance producers (DRLP) for a Public Adjuster must hold an active (resident or non-resident) Public Adjuster license in Virginia.

Business applicants must provide an address in the jurisdiction. P.O. Boxes will only be accepted for mailing address but not business address.

Sole Proprietorships are not accepted for electronic licensing through the VA Resident Licensing application.

If applicant responds "yes" to one of the background questions please submit supporting documents electronically via NIPR's Attachments Warehouse. The documents may also be  emailed to the state  AgentLicensing@scc.virginia.gov.

Resident applicants applying for Surplus Lines Broker license must actively hold insurance producer P&C license.

Please allow a minimum of fifteen (15) business days for processing before contacting the Bureau concerning the status of an application. An application is closed after 30 calendar days if all of the required documentation is not provided. To search for Virginia license numbers please visit the state website.

State Offerings (Business Entity)

License Class Line of Authority (LOA) DRLP Required
Insurance Producer Life and Annuities Yes
Insurance Producer Health Yes
Insurance Producer Property & Casualty Yes
Insurance Producer Variable Contracts Yes
Insurance Producer Title Yes
Public Adjuster Public Adjuster Yes
Surplus Lines Broker Surplus Lines  Yes
Consultant Life & Health Consultant Yes
Consultant Property & Casualty Consultant  Yes
Viatical Settlement Broker Viatical Settlement Broker Yes
LIMITED LINES FIRM Limited Lines Property & Casualty  - Portable Electronics Insurance Yes
LIMITED LINES FIRM Limited Lines Property & Casualty - 
Self Storage Insurance
Yes
LIMITED LINES FIRM Limited Lines Property & Casualty - 
Travel Insurance
Yes

License Fees (Business Entity)

Fees shown are state fees only. These fees do not include NIPR transaction fees.

License Class / Lines of Authority Combination Fee * Reinstatement Fee *
Insurance Producer / Per LOA $15.00 (per LOA) $15.00 (per LOA)
Surplus Lines Broker / Surplus Lines $50.00 (per class) $50.00 (per LOA)
Consultant / Per LOA $50.00 (per LOA) $50.00 (per LOA)
Viatical Settlement Broker / Viatical Settlement Broker $50.00 (per class) $50.00 (per LOA)
Public Adjuster / Public Adjuster $250.00 (Per Class) NA
Limited Lines Firm $15 $15 (per LOA)

* Per application.

Contacts

Last Update: 9/08/2017

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