38.2-1825 - Duration and termination of licenses and appointments.
§ 38.2-1825. Duration and termination of licenses and appointments.
A. A license issued to:
1. An individual agent shall authorize him to act as an agent until thelicense is otherwise terminated, suspended or revoked.
2. A business entity shall authorize such business entity to act as an agentuntil the license is otherwise terminated, suspended, or revoked. Thedissolution or discontinuance of a partnership, whether by intent or byoperation of law, shall automatically terminate all licenses issued to suchpartnership. The Bureau shall automatically terminate all insurance licenseswithin ninety calendar days of receiving notification from the clerk of theCommission that the certificate of organization or charter of a domesticlimited liability company or corporation, respectively, whether by intent orby operation of law, has been terminated or that the certificate ofregistration or certificate of authority of a foreign limited liabilitycompany or corporation, respectively, has been revoked.
B. The license issued to a resident variable contract agent pursuant to thischapter shall terminate immediately upon the termination of the licensee'slife and annuities insurance agent license, and may not be applied for againuntil the person has been issued a new life and annuities insurance agentlicense.
C. The license issued to a resident surplus lines broker pursuant to thistitle shall terminate immediately upon the termination of the licensee'sproperty and casualty insurance agent license, and may not be applied foragain until the person has been issued a new property and casualty insuranceagent license.
D. Immediately upon termination of a settlement agent's last appointmentunder his title insurance agent license, the Bureau shall notify the VirginiaState Bar to terminate the settlement agent's registration and the personshall not be permitted to act as a settlement agent under his title insuranceagent's license until a new appointment has taken effect.
E. An appointment issued to an agent by an insurer, unless terminated,suspended or revoked, shall authorize the appointee to act as an agent forthat insurer and to be compensated therefor notwithstanding the provisions of§§ 38.2-1812 and 38.2-1823.
(Code 1950, § 38.1-305; 1952, c. 317; 1978, c. 4; 1979, c. 513, §38.1-327.36; 1981, c. 604; 1984, c. 549; 1985, c. 616; 1986, c. 562; 1987, c.521; 1997, c. 583; 2001, c. 706; 2007, c. 703; 2010, c. 281.)