Virginia Code 38.2-1889: Suspension, revocation, or termination of license.
A. If a limited lines travel insurance agent or travel retailer or its employee or authorized representative violates any provision of this article, the Commission may do any of the following:
Terms Used In Virginia Code 38.2-1889
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Limited lines travel insurance agent: means a licensed property and casualty insurance agent, a personal lines insurance agent, or a limited lines property and casualty agent. See Virginia Code 38.2-1887
- Travel insurance: means insurance coverage for personal risks incident to planned travel, including (i) interruption or cancellation of trip or event; (ii) loss of baggage or personal effects; (iii) damages to accommodations or rental vehicles; (iv) emergency evacuation; (v) repatriation of remains; or (vi) any other contractual obligations to indemnify or pay a specified amount to the traveler upon determinable contingencies related to travel as approved by the Commission. See Virginia Code 38.2-1887
- Travel retailer: means a business entity that offers and disseminates travel insurance on behalf of and under the direction and license of a travel insurance agent. See Virginia Code 38.2-1887
1. After notice and hearing, impose fines and penalties in accordance with § 38.2-218; and
2. After notice and hearing, impose such other penalties that the Commission deems necessary and reasonable to carry out the purpose of this article, including (i) suspending the privilege of transacting travel insurance pursuant to this article at specific business locations where violations have occurred, (ii) suspending or revoking the ability of individual employees or authorized representatives or travel retailers to act under the license, and (iii) imposing a penalty in accordance with § 38.2-218 on the licensed producer designated by the travel insurance agent pursuant to § 38.2-1820.
B. The license authority of any licensed limited lines property and casualty producer selling travel insurance may be terminated if the sole licensed responsible producer designated for the limited lines travel insurance agent’s compliance with the insurance laws, rules, and regulations of the Commonwealth is removed for any reason and a new responsible producer has not been appointed. The Commission shall be notified within 30 calendar days of such removal and of the newly designated responsible producer.
2013, c. 497.