                                 CODE OF VIRGINIA

REQUIREMENT TO REPORT TO COMMISSION (§ 38.2-1857.5)

A. Each licensed surplus lines broker shall report within 30 calendar days to
the Commission any change in his residence address, email address, or name.

B. In addition to the requirements of &#xA7;&#xA7; 59.1-69 and 59.1-70, any
individual or business entity licensed as a surplus lines broker in the
Commonwealth and operating under an assumed or fictitious name shall notify the
Commission, at the earlier of the time the application for a surplus lines
broker license is filed or within 30 calendar days from the date the assumed or
fictitious name is adopted, setting forth the name under which the surplus lines
broker intends to operate in Virginia. The Commission shall also be notified
within 30 calendar days from the date of cessation of the use of such assumed or
fictitious name.

C. Each licensed surplus lines broker convicted of a felony shall report within
30 calendar days to the Commission the facts and circumstances regarding the
criminal conviction.

D. Each licensed surplus lines broker shall report to the Commission within 30
calendar days of the final disposition of the matter any administrative action
taken against him in another jurisdiction or by another governmental agency in
the Commonwealth. Such report shall include a copy of the order, consent to
order or other relevant legal documents.

E. Any licensed resident surplus lines broker who has moved his residence from
the Commonwealth shall have all licenses immediately terminated by the
Commission, whether or not the surplus lines broker has notified the Commission
of such move. Nothing shall prohibit such surplus lines broker from applying for
a license as a nonresident surplus lines broker.

F. The license authority of any business entity licensed as a surplus lines
broker shall terminate immediately if the sole licensed responsible producer
designated pursuant to subdivision F 2 of &#xA7; 38.2-1857.2 for the business
entity&#8217;s compliance with the insurance laws, rules and regulations of the
Commonwealth 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 newly designated responsible producer.

HISTORY: 2001, c. 706; 2008, c. 213; 2011, c. 498; 2019, c. 675.