38.2-1824 - Kinds of agents' licenses and appointments issued.
§ 38.2-1824. Kinds of agents' licenses and appointments issued.
A. 1. The Commission shall issue the following kinds of agents' licenses andappointments under this chapter: Life and annuities insurance agent; healthagent; property and casualty insurance agent; personal lines agent; limitedlines credit insurance agent; limited lines life and health insurance agent;limited lines property and casualty insurance agent; motor vehicle rentalcontract insurance agent; restricted nonresident life and annuities insuranceagent; restricted nonresident health agent; restricted nonresident propertyand casualty insurance agent; restricted nonresident personal lines agent;surplus lines broker; title insurance agent; variable contract agent; andviatical settlement broker. For the purposes of nonresident reciprocallicensing as provided in § 38.2-1836, the Commission may issue a license forany other limited line of insurance that the Commission may deem it necessaryto recognize.
2. The Commission shall permit insurers, within each insurer's authority, tomake the following kinds of appointments: life and health insurance, propertyand casualty insurance, and title insurance. The appointed agent's authorityis limited to that provided by his license and may not be expanded by hisappointment or by his contractual agreement with an insurer.
B. The licenses of all individuals and business entities who on August 31,2002, hold limited licenses to write accident and sickness insurance, orautomobile insurance, or casualty insurance, or fidelity and surety bonds, orfire insurance, or life insurance and annuities, shall have such licensesautomatically converted to the nearest equivalent license type provided insubsection A, and shall henceforth be subject to all prelicensing andcontinuing education requirements applicable to such new license type.
C. All individuals and business entities who on July 1, 1999, held limitedlicenses to write bail (appearance) bonds may remain licensed under suchlimited licenses until September 1, 2003, but no such license which haslapsed or been revoked shall be reinstated, and no new or additional licensesof such type shall be issued. All such limited licenses shall terminateeffective September 1, 2003.
D. All individuals and business entities who on August 31, 2002, hold any ofthe restricted licenses discontinued effective September 1, 2002, shall haveany such licenses converted to the appropriate limited lines license orlicenses effective September 1, 2002.
(Code 1950, § 38.1-306; 1952, c. 317; 1979, c. 513, § 38.1-327.35; 1986, c.562; 1987, c. 521; 1988, c. 32; 1991, c. 620; 1994, c. 106; 1995, c. 167;1998, cc. 16, 47, 164; 1999, cc. 86, 490, 586; 2001, c. 706; 2003, c. 979;2004, c. 460.)