38.2-1865.2 - Grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license.
§ 38.2-1865.2. Grounds for placing on probation, refusal to issue or renew,revocation, or suspension of license.
The Commission may, in addition to or in lieu of a penalty imposed under §38.2-218, place on probation, suspend, revoke or refuse to issue or renew anyperson's license for any one or more of the following causes:
1. Providing materially incorrect, misleading, incomplete or untrueinformation in the license application or any other document filed with theCommission;
2. Violating any insurance laws, or violating any regulation, subpoena ororder of the Commission or of another state's insurance regulatory authority;
3. Obtaining or attempting to obtain a license through misrepresentation orfraud;
4. Improperly withholding, misappropriating or converting any moneys orproperties received in the course of doing business;
5. Engaging in the practice of rebating;
6. Engaging in twisting or any form thereof, where "twisting" meansinducing an insured to terminate an existing policy and purchase a new policythrough misrepresentation;
7. Intentionally misrepresenting the terms of an actual or proposed insuranceor viatical settlement contract or application therefor;
8. Having been convicted of a felony;
9. Having admitted or been found to have committed any insurance unfair tradepractice or fraud;
10. Using fraudulent, coercive, or dishonest practices, or demonstratingincompetence, or untrustworthiness in the conduct of business in thisCommonwealth or elsewhere, or demonstrating financial irresponsibility in thehandling of applicant, policyholder, agency, or insurance company funds;
11. Having an insurance producer, viatical settlement broker, or consultantlicense, or its equivalent, denied, suspended or revoked in any other state,province, district or territory;
12. Forging another's name to an application for insurance or to any documentrelated to an insurance or viatical settlement transaction;
13. Improperly using notes or any other reference material to complete anexamination for an insurance license;
14. Knowingly accepting insurance business from an individual who is notlicensed;
15. Placing or attempting to place a viatical settlement with a viaticalsettlement provider not licensed in this Commonwealth;
16. Failing to comply with an administrative or court order imposing a childsupport obligation; or
17. Failing to pay state income tax or comply with any administrative orcourt order directing payment of state income tax.
(2001, c. 706.)