38.2-1857.9 - Licensing nonresidents; clerk of the Commission to be appointed agent for service of process; reciprocal agreements with other states and Canadian provinces. - Virginia Statutes

§ 38.2-1857.9. Licensing nonresidents; clerk of the Commission to beappointed agent for service of process; reciprocal agreements with otherstates and Canadian provinces.

A. An individual or business entity who is not a resident as defined in §38.2-1800, but who is a resident of another state, territory, or province ofCanada, shall receive a nonresident surplus lines broker license if:

1. The applicant presents proof in a form acceptable to the Commission thatthe applicant is currently licensed or otherwise authorized as a residentsurplus lines broker and is in good standing in his home state;

2. The applicant has submitted the proper application for licensure, or inlieu thereof has submitted a copy of the application for a Surplus LinesBroker license submitted to the home state, and has paid the fees required by§ 38.2-1857.3; and

3. The applicant's home state issues nonresident surplus lines brokerlicenses to residents of this Commonwealth on the same basis, or will permita resident of this Commonwealth to act as a surplus lines broker in suchstate without requiring a license.

B. For the purposes of this chapter, any individual whose place of residenceand place of business are in a city or town located partly within theCommonwealth and partly within another state may be considered as meeting therequirements as a resident of this Commonwealth, provided the other state hasestablished by law or regulation similar requirements as to residence of suchindividuals.

C. The Commission may enter into a reciprocal agreement with an appropriateofficial of any other state or province of Canada if such an agreement isrequired in order for a Virginia resident to be similarly licensed as anonresident in that state or province.

D. The Commission may verify the surplus lines broker's licensing statusthrough the Producer Database maintained by the NAIC, its affiliates orsubsidiaries.

E. A nonresident surplus lines broker who moves from one state or province toanother state or province shall file a change of address and provide acertification from the new home state or province within thirty calendar daysof the change of legal residence. No fee or license application is required.

F. Any licenses issued to nonresidents pursuant to this section shall beterminated at any time that the nonresident's equivalent authority in hishome state is terminated, suspended, or revoked.

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