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Administrative Code

Virginia Administrative Code
11/21/2024

Article XI. Qualifications of Agents for the Sale of Variable Life Insurance

14VAC5-80-340. Qualification to sell variable life insurance.

Article XI
Qualifications of Agents for the Sale of Variable Life Insurance

A. No person may sell or offer for sale in this Commonwealth any variable life insurance policy unless such person is currently licensed by the Commission as a life and health insurance agent, is authorized to represent the insurer through which the policy is offered and evidence has been filed with the Commission, in a form satisfactory to the Commission, that such person also holds any license or authorization which may be required by this Commonwealth or the federal government for the solicitation or sale of variable life insurance.

B. Any examination administered by the Commission for the purpose of determining the eligibility of any person for licensing as an agent shall, after June 15, 1992, include such questions concerning the history, purpose, regulation, and sale of variable life insurance as the Commission deems appropriate.

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, § 1, eff. June 15, 1992.

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.

14VAC5-80-360. Refusal to qualify agent to sell variable life insurance: suspension, revocation, or nonrenewal of qualification.

The Commission may reject any application or suspend or revoke or refuse to renew any agent's qualification under this article to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this Commonwealth. The rules governing any proceeding relating to the suspension or revocation of any agent's license shall also govern any preceeding for suspension or revocation of an agent's qualification to sell or to offer to sell variable life insurance.

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, § 3, eff. June 15, 1992.

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