38.2-1841 - Termination, suspension or revocation of license.
§ 38.2-1841. Termination, suspension or revocation of license.
A. A license issued to an individual insurance consultant shall authorize himto act as an insurance consultant until his license is otherwise terminated,suspended, or revoked.
B. A license issued to a business entity shall authorize such business entityto act as an insurance consultant until such license is otherwise terminated,suspended, or revoked. The dissolution or discontinuance of a partnership,whether by intent or by operation of law, shall automatically terminate theinsurance consultant's license issued to such partnership. The Bureau shallautomatically terminate all insurance consultant licenses within ninetycalendar days of receiving notification from the clerk of the Commission thatthe certificate of organization or charter of a domestic limited liabilitycompany or corporation respectively, whether by intent or by operation oflaw, has been terminated or that the certificate of registration orcertificate of authority of a foreign limited liability company orcorporation, respectively, has been revoked.
C. The termination of a consultant's license as an insurance agent pursuantto subsection A of § 38.2-1825 shall not result in the termination of theconsultant's license provided the annual renewal application andnonrefundable renewal application processing fee prescribed in § 38.2-1840continues to be paid, the consultant license continues to be renewed asrequired by § 38.2-1840, and the license is not otherwise revoked, suspendedor terminated.
(1985, c. 3, § 38.1-327.66; 1986, c. 562; 1987, cc. 521, 678; 1992, c. 574;1997, c. 583; 1999, c. 44; 2001, c. 706.)