The Virginia Bureau of Insurance (Bureau) sends reminders to licensees and business entities.
Appointment Renewals
The Bureau will mail appointment invoices for producer appointments added during the quarter ending September 30, 2012. Payment is due no later than November 10, 2012. Checks must be made payable to State Corporation Commission/LAP for the exact amount billed. Do not submit the payments to the Bureau.
Payments must be submitted to the Lockbox address listed on the invoice along with the bottom portion of the invoice:
Insurance 1
P.O. Box 758964
Baltimore MD 21275-8964
Failure to include the bottom portion of the invoice or payment of the incorrect amount will reject and could cause a late penalty fee to be assessed. The Company’s NAIC number and Invoice ID must be included on any correspondence.
If the company does not receive its invoice by October 15, 2012, immediately notify the Agents Licensing Section at apptbillinginquiry@scc.virginia.gov. The company will be assessed a penalty of $50 per day for each day between the date due and the date full payment is received for payments received after November 13, 2012.
Public Adjusters
Beginning January 1, 2013, any resident and nonresident individual or business entity that acts as a public adjuster in Virginia must obtain a license from the Bureau. This licensing requirement applies to any individual or business entity that receives a salary, fee, commission, or other compensation, either directly or indirectly, for investigating, negotiating, adjusting, or providing advice to an insured in relation to first party claims arising under insurance contracts that insure real or personal property of an insured with the purpose of effecting the settlement of a claim on behalf of the insured.
All public adjuster applicants, including both individual and business entities, are required to meet certain pre-licensing and renewal requirements. All resident individual public adjuster applicants must: (i) pass the Virginia pre-licensing Public Adjuster examination, (ii) obtain a Virginia Criminal History Record Report from the Virginia State Police, (iii) pay a $250.00 nonrefundable application processing fee, (iv) meet the
delineated continuing education (“CE”) requirements, and (v) certify via electronic attestation that they have, and will keep in force for as long as the license remains in effect, a $50,000 bond in favor of the Commonwealth with corporate sureties licensed by the Commission.
All licensed public adjusters are required to renew their licenses every twenty-four (24) months from the original license issue date. In conjunction with this renewal process, Virginia resident public adjusters must complete a minimum of twenty-four (24) hours of CE courses, including three (3) hours of ethics, and pay a nonrefundable $15 CE processing fee. If a resident public adjuster fails to meet the renewal or CE requirements, the resident public adjuster’s license will not be renewed and will be subject to a $250.00 nonrefundable application processing fee. While nonresident public adjusters must comply with the renewal requirements discussed above, the corresponding CE requirements do not apply to nonresident public adjuster licensees who have met the CE requirements of their home state.
Questions may be addressed to Preston Winn, Manager, Producer Licensing Section at Preston.Winn@scc.virginia.gov or 804-371-963.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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