Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 80. Rules Governing Variable Life Insurance

14VAC5-80-350. Reports of Disciplinary Actions.

Any person qualified in this Commonwealth under this article to sell or offer to sell variable life insurance shall immediately report to the Commission:

1. Any suspension or revocation of his agent's license in any other state or territory of the United States;

2. The imposition of any disciplinary sanction, including suspension or expulsion from membership, suspension, or revocation of or denial of registration, imposed upon him by any national securities exchange, or national securities association, or any federal, state, or territorial agency with jurisdiction over securities or variable life insurance; and

3. Any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article XII, § 2, eff. June 15, 1992.

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