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Virginia Code Title 38.2. Insurance § 38.2-1888.1. Suspension, revocation, or termination of license

Current as of January 01, 2025 | Updated by Findlaw Staff

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:

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 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 designated licensed producer has not been appointed. The Commission shall be notified within 30 calendar days of such removal and of the newly designated licensed producer.

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Cite this article: FindLaw.com - Virginia Code Title 38.2. Insurance § 38.2-1888.1. Suspension, revocation, or termination of license - last updated January 01, 2025 | https://codes.findlaw.com/va/title-38-2-insurance/va-code-sect-38-2-1888-1/

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