§ 38.2-1820 Issuance of license
A. Each applicant who is at least 18 years of age and who has satisfied the Commission that he is of good character, has a good reputation for honesty, and has complied with the other requirements of this article is entitled to and shall receive a license in the form the Commission prescribes.
B. A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application, or such other application acceptable to the Commission. Before approving the application, the Commission shall find that:
1. The business entity has paid the nonrefundable application processing fee set forth in § 38.2-1819; and
2. The business entity has designated an employee, officer, director, manager, member, or partner to serve as the licensed producer responsible for the business entity’s compliance with the insurance laws, rules, and regulations of the Commonwealth. However, with respect to a business entity applying for a limited lines license pursuant to Article 8 (§ 38.2-1875 et seq.) or 8.1 (§ 38.2-1881 et seq.), the licensed producer designated by the vendor or lessor is not required to be an employee, officer, director, manager, member, or partner of the vendor or lessor.
C. The Commission may require any documents reasonably necessary to verify the information contained in an application.
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 7 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 1985, chapter 616; in 1986, chapter 562; in 2001, chapter 706; in 2008, chapter 213; in 2016, chapter 552; in 2018, chapter 131; in 2019, chapter 675.
1979, c. 513, § 38.1-327.21; 1985, c. 616; 1986, c. 562; 2001, c. 706; 2008, c. 213; 2016, c. 552; 2018, c. 131; 2019, c. 675.