§ 38.2-1834. Duration of appointment; annual renewal of agent's appointment.
A. A valid appointment of an agent shall authorize the agent to act for theinsurer during the time for which the appointing insurer is licensed to dobusiness in this Commonwealth, unless such appointment is otherwiseterminated, suspended, or revoked. No later than 10 calendar days afternotice of the termination, suspension or revocation of an appointment hasbeen sent to the agent or agency, the agent or agency shall immediately ceaseselling or soliciting on behalf of such insurer.
B. Prior to August 10 of each year, or the first business day thereafter ifAugust 10 falls on a weekend or holiday, every insurer shall remit in amanner prescribed by the Commission a renewal appointment fee, for eachappointment for which notice of appointment termination was not received bythe Commission on or before the preceding June 30, in an amount prescribed bythe Commission, which shall be collected by the Commission and, along withany penalties collected pursuant to subsection C, paid directly into thestate treasury and credited to the fund for the maintenance of the Bureau ofInsurance as provided in subsection B of § 38.2-400.
C. Upon the failure of the insurer to pay amounts due under this section bythe date due, the Commission:
1. Shall impose a penalty of $50 per day for each calendar day between thedate due and the date full payment is received by the Commission. The renewalappointment fees described above shall not be considered paid in full unlessand until the penalty described herein has been received by the Commission;and
2. May, in addition to the penalty imposed above, administratively terminatethe appointment of each agent on whose behalf the appointment renewal fee,including any penalty imposed pursuant to this section, was not received bythe Commission by the date due and after the insurer has been given duenotice and an opportunity to submit the overdue payment.
D. Except as provided in § 38.2-1834.1, upon the termination of theappointment of an agent by an insurer, the insurer shall notify the agent ofsuch termination within five calendar days and the Commission, except asprovided in subsection B of this section, within 30 calendar days in a manneracceptable to the Commission, whereupon termination of the agent'sappointment to represent the insurer shall be recorded by the Commission.
E. Any license in effect on January 1, 1986, shall be deemed to be anappointment for the unexpired term of that license. Certificates ofqualifications issued prior to January 1, 1986, shall be deemed to be thelicense required by this chapter.
F. An appointment of an agent holding a restricted or limited license shallauthorize such agent to sell, solicit, or negotiate only those classes ofinsurance specifically included in such agent's license authority.
(1985, c. 616, § 38.1-327.44:2; 1986, c. 562; 1987, c. 521; 1988, c. 32;1994, c. 316; 2001, c. 706; 2003, c. 871.)
§ 38.2-1834. Duration of appointment; annual renewal of agent's appointment.
A. A valid appointment of an agent shall authorize the agent to act for theinsurer during the time for which the appointing insurer is licensed to dobusiness in this Commonwealth, unless such appointment is otherwiseterminated, suspended, or revoked. No later than 10 calendar days afternotice of the termination, suspension or revocation of an appointment hasbeen sent to the agent or agency, the agent or agency shall immediately ceaseselling or soliciting on behalf of such insurer.
B. Prior to August 10 of each year, or the first business day thereafter ifAugust 10 falls on a weekend or holiday, every insurer shall remit in amanner prescribed by the Commission a renewal appointment fee, for eachappointment for which notice of appointment termination was not received bythe Commission on or before the preceding June 30, in an amount prescribed bythe Commission, which shall be collected by the Commission and, along withany penalties collected pursuant to subsection C, paid directly into thestate treasury and credited to the fund for the maintenance of the Bureau ofInsurance as provided in subsection B of § 38.2-400.
C. Upon the failure of the insurer to pay amounts due under this section bythe date due, the Commission:
1. Shall impose a penalty of $50 per day for each calendar day between thedate due and the date full payment is received by the Commission. The renewalappointment fees described above shall not be considered paid in full unlessand until the penalty described herein has been received by the Commission;and
2. May, in addition to the penalty imposed above, administratively terminatethe appointment of each agent on whose behalf the appointment renewal fee,including any penalty imposed pursuant to this section, was not received bythe Commission by the date due and after the insurer has been given duenotice and an opportunity to submit the overdue payment.
D. Except as provided in § 38.2-1834.1, upon the termination of theappointment of an agent by an insurer, the insurer shall notify the agent ofsuch termination within five calendar days and the Commission, except asprovided in subsection B of this section, within 30 calendar days in a manneracceptable to the Commission, whereupon termination of the agent'sappointment to represent the insurer shall be recorded by the Commission.
E. Any license in effect on January 1, 1986, shall be deemed to be anappointment for the unexpired term of that license. Certificates ofqualifications issued prior to January 1, 1986, shall be deemed to be thelicense required by this chapter.
F. An appointment of an agent holding a restricted or limited license shallauthorize such agent to sell, solicit, or negotiate only those classes ofinsurance specifically included in such agent's license authority.
(1985, c. 616, § 38.1-327.44:2; 1986, c. 562; 1987, c. 521; 1988, c. 32;1994, c. 316; 2001, c. 706; 2003, c. 871.)
§ 38.2-1834. Duration of appointment; annual renewal of agent's appointment.
A. A valid appointment of an agent shall authorize the agent to act for theinsurer during the time for which the appointing insurer is licensed to dobusiness in this Commonwealth, unless such appointment is otherwiseterminated, suspended, or revoked. No later than 10 calendar days afternotice of the termination, suspension or revocation of an appointment hasbeen sent to the agent or agency, the agent or agency shall immediately ceaseselling or soliciting on behalf of such insurer.
B. Prior to August 10 of each year, or the first business day thereafter ifAugust 10 falls on a weekend or holiday, every insurer shall remit in amanner prescribed by the Commission a renewal appointment fee, for eachappointment for which notice of appointment termination was not received bythe Commission on or before the preceding June 30, in an amount prescribed bythe Commission, which shall be collected by the Commission and, along withany penalties collected pursuant to subsection C, paid directly into thestate treasury and credited to the fund for the maintenance of the Bureau ofInsurance as provided in subsection B of § 38.2-400.
C. Upon the failure of the insurer to pay amounts due under this section bythe date due, the Commission:
1. Shall impose a penalty of $50 per day for each calendar day between thedate due and the date full payment is received by the Commission. The renewalappointment fees described above shall not be considered paid in full unlessand until the penalty described herein has been received by the Commission;and
2. May, in addition to the penalty imposed above, administratively terminatethe appointment of each agent on whose behalf the appointment renewal fee,including any penalty imposed pursuant to this section, was not received bythe Commission by the date due and after the insurer has been given duenotice and an opportunity to submit the overdue payment.
D. Except as provided in § 38.2-1834.1, upon the termination of theappointment of an agent by an insurer, the insurer shall notify the agent ofsuch termination within five calendar days and the Commission, except asprovided in subsection B of this section, within 30 calendar days in a manneracceptable to the Commission, whereupon termination of the agent'sappointment to represent the insurer shall be recorded by the Commission.
E. Any license in effect on January 1, 1986, shall be deemed to be anappointment for the unexpired term of that license. Certificates ofqualifications issued prior to January 1, 1986, shall be deemed to be thelicense required by this chapter.
F. An appointment of an agent holding a restricted or limited license shallauthorize such agent to sell, solicit, or negotiate only those classes ofinsurance specifically included in such agent's license authority.
(1985, c. 616, § 38.1-327.44:2; 1986, c. 562; 1987, c. 521; 1988, c. 32;1994, c. 316; 2001, c. 706; 2003, c. 871.)
