                                 CODE OF VIRGINIA

REQUIREMENT TO REPORT TO COMMISSION (§ 38.2-1865.5)

A. Each licensed viatical settlement broker shall report, in writing, any change
in business or residence address, email address, or name within 30 calendar days
to the Commission.

B. In addition to the requirements of &#xA7;&#xA7; 59.1-69 and 59.1-70, any
individual or business entity licensed as a viatical settlement 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 viatical settlement
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 viatical
settlement 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 viatical settlement 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 viatical settlement 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. The license authority of any licensed resident viatical settlement broker
shall terminate immediately when such viatical settlement broker has moved his
residence from the Commonwealth, whether or not the Commission has been notified
of such move.

F. The license authority of any business entity licensed as a viatical
settlement broker shall terminate immediately if the designated licensed
viatical settlement broker responsible for the business entity&#8217;s
compliance with the insurance laws, rules, and regulations of the Commonwealth
pursuant to subdivision E 2 of &#xA7; 38.2-1865.1 is removed for any reason and
a new responsible viatical settlement broker has not been designated and the
Commission notified within 30 calendar days of such removal and of the new
designated responsible viatical settlement broker.

HISTORY: 2001, c. 706; 2016, c. 552; 2019, c. 675.