Virginia
Scott A. White
Bureau of Insurance State Corporation Commission
Appointments & Terminations
Yes
Yes
Within 30 days of first business execution
JIT appointments permitted. Appointment must be submitted within 30 days of the date of execution of the first piece of business
Yes
$7 per LOA but no less than $25
$7 per LOA but no less than $25
Yes
No
Yes
Required and is the date supplied on transaction. Must not be in the future and must be less than 30 days old.
Yes
Virginia portal
1 year, $10 per line
Yes
Voluntary termination; death; appointed in error; cancelled for cause
Yes
Required and is the date supplied on transaction. Must not be in the future and must be less than 30 days old
No fee
Licensing
Resident New License Insurance Producer: $15 (per LOA) Resident New License Surplus Lines Broker: $15 Resident New License Limited Lines: $15 Non Resident New License Insurance Producer: $15 (per LOA) Non Resident New License Surplus Lines Broker: $15 Non Resident New License Limited Lines: $15 (per LOA)
Resident: Public AdjusterFee: $10 Late Renewal Fee: $30 Consultant Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority Surplus Lines Broker Fee: $10 Late Renewal Fee: $30 Viatical Settlement Broker Fee: $10 Late Renewal Fee: $30 Insurance Producer Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority Limited Lines Producer Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority Nonresident Consultant Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority Surplus Lines Broker Fee: $10 Viatical Settlement Broker Fee: $10 Insurance Producer Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority Limited Lines Producer Fee: $10 Late Renewal Fee: $30 Fee Disclaimers: All fees are charged per line of authority
90 days before expiration
Last day of birth month every 2 years based on year of birth
Late renewal allowed up to one year after expiration
90 days before expiration
Last day of birth month every 2 years based on year of birth
Late renewal allowed up to one year after expiration
For individual's business address only
No
Business and Mailing
Risk Retention Group, Viatical Settlement Broker, Surplus Lines Broker, Public Adjuster, Reins Intermediary Broker, Consultant, Insurance Producer, Coop Non-Profit Life Benefit, Mortgage Redemption, Health Services/HMOs, Property & Casualty Insurer, Title Settlement Agency, Life & Health Insurer, Temporary Producer, Limited Lines Producer
A consultant license is required for an individual or a business entity that acts as a property and casualty insurance consultant or a life and health insurance consultant for compensation.A nonresident may obtain a Virginia consultant license if: a. he/she holds the same license in his resident state; and b. the resident state has a reciprocal agreement with Virginia. Insurers are not required to appoint Brokers per NAIC PLMA
No
Agency
No
Yes
No
90 days prior to expiration until expiration date. No late renewals.
Yes
No
If the branch is operating under the same name as the licensed Business Entity, then the branch may be added to the existing license.
Adjuster
Only Public Adjusters
No
N/A
None
Biennially, on the date the license was issued.
Continuing Education
16 -24
2 years
Yes
Last day of birth month
Year of birth
Prior to license expiration.
Resident producers who are at least 65 years old and have held a Virginia license for 20 consecutive years don’t need to worry about CE requirements. Also, resident producers at least 65 years old who’ve held their license for the preceding four years and hold a license authority for Virginia for at least 20 of the immediately preceding 30 years may also be exempt from maintaining CE requirements.
Reinstatements only apply to individual licenses. Individual licenses may be reinstated within one year from the renewal date. In addition to the original renewal fee, a reinstatement fee that is double the renewal fee will be required. Renewal fee is $10 plus a $20 reinstatement fee per LOA. All CE requirements must be satisfied before submitting a reinstatement.
3
3 hours of NFIP course
8-hour initial certification (separate from or in addition to 2 hours of Virginia-specific LTC CE), with 4 hours of LTC-specific training every two years
One-time, 4-hour course
https://agentsync.io/blog/individual-producers/insurance-continuing-education-virginia
Regulatory Updates
Update: Virginia Fee for Admin Term for CE Status
There has been an updated effective date for the Virginia fee for Admin Term for CE status reason. The new effective date is 1/13/2023.
Virginia Applicatnts with “Admin Term for CE” Will Have Fee Update
Effective 12/28/2022, if an applicant's status is Admin Term for CE, then a $20 fee per line of authority will be assessed after the expiration date.
Virginia Updates Late Renewals and Reinstatements
On April 1, 2022, Virginia will be determining if a license is eligible for a late renewal or reinstatement by the authority status date for that producer. A licensee may have a late renewal or submission of a reinstatement on both their resident and non resident license for up to one year after the LOA status date.
Virginia Changes Appointment Fee
As of 1/1/22, the appointment fee was reduced from $10 to $7. This change will be reflected starting 4/1/22 quarterly billing and for anything following this date.
Virginia Reminds All to Read Cybersecurity Policy
Cybersecurity risk has been raised for US critical infrastructure following the Russian attacks on Ukraine. As a result, the State Corporation Commission's Bureau of Insurance prompts each licensee should review Shields Up.
Virginia Reinstatement Fees to Initial Applications
Virginia will charge a reinstatement fee for an LOA if the license associated was already renewed and the LOA was within a year of its expiration date.
FAQs
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How Do I Get an Insurance License in Virginia?
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How Do I Get a State Adjuster License in Virginia?
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How do I renew my insurance license in Virginia?
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How do I renew my non-resident insurance license in Virginia?
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How Do I renew My Non-Resident Adjuster License in Virginia?
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How Do I Renew My Adjuster License In Virginia?