                                 CODE OF VIRGINIA

TERMINATION, SUSPENSION, OR REVOCATION OF LICENSE (§ 38.2-1841)

A. A license issued to an individual insurance consultant shall authorize him to
act as an insurance consultant until his license is otherwise terminated,
suspended, or revoked.

B. A license issued to a business entity shall authorize such business entity to
act as an insurance consultant until such license is otherwise terminated,
suspended, or revoked. The dissolution or discontinuance of a partnership,
whether by intent or by operation of law, shall automatically terminate the
insurance consultant&#8217;s license issued to such partnership. The Bureau
shall automatically terminate all insurance consultant licenses within 90
calendar days of receiving notification from the clerk of the Commission that
the certificate of organization or charter of a domestic limited liability
company or corporation respectively, whether by intent or by operation of law,
has been terminated or that the certificate of registration or certificate of
authority of a foreign limited liability company or corporation, respectively,
has been revoked.

C. The termination of a consultant as an insurance agent pursuant to subsection
A of &#xA7; 38.2-1825 shall not result in the termination of the
consultant&#8217;s license, provided that the renewal application and
nonrefundable renewal application processing fee prescribed in &#xA7; 38.2-1840
continues to be paid, the consultant license continues to be renewed as required
by &#xA7; 38.2-1840, and the license is not otherwise revoked, suspended, or
terminated.

D. The license authority of any business entity licensed as a consultant shall
terminate immediately if the designated licensed producer responsible for the
business entity&#8217;s compliance with the insurance laws, rules, and
regulations of the Commonwealth pursuant to subdivision D 2 of &#xA7; 38.2-1838
is removed for any reason and a new responsible producer has not been designated
and the Commission notified within 30 calendar days of such removal and of the
new designated responsible producer.

HISTORY: 1985, c. 3, § 38.1-327.66; 1986, c. 562; 1987, cc. 521, 678; 1992, c.
574; 1997, c. 583; 1999, c. 44; 2001, c. 706; 2016, c. 552; 2019, c. 675.