38.2-1857.5 - Requirement to report to Commission. - Virginia Statutes

§ 38.2-1857.5. Requirement to report to Commission.

A. Each licensed surplus lines broker shall report within thirty calendardays to the Commission any change in his residence or name.

B. In addition to the requirements of §§ 59.1-69 and 59.1-70, any individualor business entity licensed as a surplus lines broker in this Commonwealthand operating under an assumed or fictitious name shall notify theCommission, at the earlier of the time the application for a surplus linesbroker license is filed or within thirty calendar days from the date theassumed or fictitious name is adopted, setting forth the name under which thesurplus lines broker intends to operate in Virginia. The Commission shallalso be notified within thirty calendar days from the date of cessation ofthe use of such assumed or fictitious name.

C. Each licensed surplus lines broker convicted of a felony shall reportwithin thirty calendar days to the Commission the facts and circumstancesregarding the criminal conviction.

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

E. The license authority of any licensed resident surplus lines broker shallterminate immediately when such surplus lines broker has moved his residencefrom this Commonwealth, whether or not the Commission has been notified ofsuch move.

F. The license authority of any business entity licensed as a surplus linesbroker shall terminate immediately if the sole licensed responsible producerdesignated pursuant to subdivision E 2 of § 38.2-1857.2 for the businessentity's compliance with the insurance laws, rules and regulations of thisCommonwealth is removed for any reason, and a new responsible producer hasnot been appointed and the Commission notified within thirty calendar days ofsuch removal and of the newly designated responsible producer.

(2001, c. 706; 2008, c. 213.)