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2011 SESSION

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HB 2286 Surplus lines insurance; eliminates requirement that broker be licensed in Virginia.

Introduced by: Mark D. Sickles | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Surplus lines insurance.  Eliminates the requirement that a surplus lines broker be licensed in Virginia unless the broker is selling, soliciting, or negotiating contracts of insurance for insureds whose home state is Virginia. The measure also establishes uniform eligibility requirements for the approval of nonadmitted, or unlicensed, insurers in Virginia and clarifies that surplus lines premium taxes will be collected for risks whose home state is Virginia. The amendments implement provisions of the federal Nonadmitted and Reinsurance Reform Act of 2010.


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