The Virginia Bureau of Insurance will be mailing the annual appointment renewal invoice and list of appointed producers during the first week of July 2012. Insurers must pay a $12.00 renewal fee for each appointed producer. The renewal fee is due August 10, 2012.
A certified letter addressed to the President of the Company will be sent out to insurers who have not paid by August 10.
Underpayments/overpayments will not be accepted. Payments must match the invoice amount. Payments will not be processed without the voucher attached to the invoice. Penalties may be assessed if payment is not received by the due date.
Companies must submit cancellation requests electronically for each producer who will be renewed must be submitted and received by the Bureau no later than June 30, 2012.
The Bureau DOES NOT permit companies to cross off agents from the renewal list and submit a “net” amount.
Virginia insurance code requires insurers to notify the agent within five (5) days and the Commission within thirty (30) days of cancellation of an agent’s appointment.
Questions should be directed to the Agent Licensing Section at apptbillinginquiry@scc.virginia.gov.
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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