Virginia Code 38.2-1357: Requirement to report to Commission.
A. Each licensed reinsurance intermediary shall report any change in business or residence address or name within thirty calendar days to the Commission and to any contracted insurer.
Terms Used In Virginia Code 38.2-1357
- Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1347
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Conviction: A judgement of guilt against a criminal defendant.
- Insurer: means any person duly licensed in this Commonwealth pursuant to Chapters 10 (§ Virginia Code 38.2-1347
- Licensed reinsurance intermediary: means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article. See Virginia Code 38.2-1347
- Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article. See Virginia Code 38.2-1347
B. In addition to the requirements of §§ 59.1-69 and 59.1-70, any individual or business entity licensed as a reinsurance intermediary in this Commonwealth and operating under an assumed or fictitious name shall notify the Commission, at the earlier of the time the application for a reinsurance intermediary license is filed or within thirty calendar days from the date the assumed or fictitious name is adopted, setting forth the name under which the reinsurance intermediary intends to operate in Virginia. The Commission shall also be notified within thirty calendar days from the date of cessation of the use of such assumed or fictitious name.
C. Each licensed reinsurance intermediary convicted of a felony shall report within thirty calendar days to the Commission the facts and circumstances regarding the criminal conviction.
2001, c. 706.