§ 38.2-1815 License required of resident life and annuities agent
A. No individual who is a resident of the Commonwealth shall obtain a license as a life and annuities agent from the Commission unless the individual has passed an examination in a form and manner prescribed by the Commission. The Commission annually shall review whether the examination’s pass rate is consistent with the 2013 NAIC State Licensing Handbook, or any successor publication adopted by the NAIC.
B. An individual may obtain a license as a limited lines credit insurance agent, a limited lines life and health agent, a motor vehicle rental contract insurance agent, or any other type of license of restricted authority that the Commission may deem it necessary to recognize for the purposes of complying with § 38.2-1836 without taking such examination.
C. No individual who is a resident of the Commonwealth shall obtain a license as a variable contract agent unless the individual currently holds a life and annuities license, and no individual, whether resident or nonresident, shall obtain a license as a variable contract agent unless the individual has passed the Financial Industry Regulatory Authority examination or examinations prescribed by the Commission or such other examination prescribed by the Commission.
History
This law was first created in 1979. The record of its establishment is cataloged in chapter 513 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1979 “Acts” aren’t available online. It has been modified 12 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1982, chapter 223; in 1983, chapters 160 and 185; in 1985, chapter 616; in 1986, chapter 562; in 1987, chapter 521; in 1993, chapter 695; in 1998, chapter 47; in 1999, chapter 86; in 2001, chapter 706; in 2010, chapter 281; in 2012, chapter 413; in 2020, chapter 223.
1979, c. 513, § 38.1-327.24; 1982, c. 223; 1983, cc. 160, 185; 1985, c. 616; 1986, c. 562; 1987, c. 521; 1993, c. 695; 1998, c. 47; 1999, c. 86; 2001, c. 706; 2010, c. 281; 2012, c. 413; 2020, c. 223.