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2000 SESSION

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HB 455 Insurance agents; continuing education requirements.

Introduced by: Eric I. Cantor | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Insurance agents; continuing education requirements. Eliminates the current requirement that nonresident agents who fail to comply with Virginia's continuing education requirements must complete Virginia's pre-licensing education and examination requirements prior to regaining their licenses. Such nonresident agents will continue to have their licenses terminated and will continue to have to wait 90 days or pay a $1,000 administrative penalty before regaining their license. The waiver of the pre-licensing education and examination requirements for terminated non-resident agents will apply if they are licensed in states that either have a continuing education requirement or have reciprocal provisions for Virginia resident agents. The bill also allows any resident agent who is age 65 or older with 20 or more years of continuous licensure in any state to apply for a permanent exemption from the continuing education requirements if he has held a Virginia resident license for at least four continuous years by the end of the biennium. Currently, the exemption for agents age 65 with 20 continuous years of licensure applies only to agents who have had a Virginia license for 20 years. Finally, the bill clarifies several provisions pursuant to which the insurance continuing education board may grant waivers from the continuing education requirements imposed on insurance agents.

SUMMARY AS INTRODUCED:

Insurance agents; continuing education requirements. Eliminates the current requirement that nonresident agents who fail to comply with Virginia's continuing education requirements must complete Virginia's pre-licensing education requirements and pass Virginia's pre-licensing examination prior to regaining their licenses. Such nonresident agents will continue to have their licenses terminated and will continue to have to wait 90 days or pay a $1,000 administrative penalty before regaining their license. The waiver of the requirements for completion of the pre-licensing education and examination requirements for terminated non-resident agents will not apply if they are licensed in states that either do not have a continuing education requirement or do not have reciprocal provisions for Virginia resident agents. The bill also allows any resident agent who is age 65 or older with 20 or more years of continuous licensure in any state to apply for a permanent exemption from the continuing education requirements if he has held a Virginia resident license for at least four continuous years by the end of the biennium. Currently, the exemption for agents age 65 with 20 continuous years of licensure applies only to agents who have had a Virginia license for 20 years. Finally, the bill clarifies several provisions pursuant to which the insurance continuing education board may grant waivers from the continuing education requirements imposed on insurance agents. The board is required to establish a reasonable appeal period, between the end of the 30-day record-correction period and the date of license terminations, to avoid situations where a license is terminated before an appeal is processed. Agents are required to provide written notice of appeal within 45 days following the end of the 30-day record-correction period.