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2021 SPECIAL SESSION I
21101132DBe it enacted by the General Assembly of Virginia:
1. That § 59.1-441.2 of the Code of Virginia is amended and reenacted as follows:
§ 59.1-441.2. Registration; fees.
A. It shall be unlawful for any legal services plan seller to offer, advertise, or execute, or cause to be executed by the subscriber, any subscription contract in the Commonwealth unless the legal services plan seller at the time of the offer, advertisement, sale, or execution of a subscription contract has been properly registered with the Commissioner. However, a legal services plan seller that is not properly registered with the Commissioner may, for up to 45 days, offer, advertise, or execute, or cause to be executed by the subscriber, any subscription contract in the Commonwealth if the seller has submitted the seller's complete registration information to the legal services organization for which the seller offers subscription contracts to register, pursuant to subsection B, on the seller's behalf.
B. The registration shall (i) disclose the address, ownership, and affiliation with the legal services organization and such other information as the Commissioner may require consistent with the purposes of this chapter, (ii) be renewed annually on July 1, and (iii) be accompanied by the appropriate registration fee of $50 per each annual registration. Further, the registration shall be accompanied by a late fee of $25 if the registration renewal is neither postmarked nor received on or before July 1. A legal services plan seller's initial or renewal registration may be accomplished either by the legal services plan seller or on behalf of such seller by the legal services organization for which the seller offers subscription contracts, and the Commissioner shall accept any registration information or fee required to be submitted pursuant to this chapter that is submitted to the Commissioner on a monthly basis by the organization on behalf of such a legal services plan seller.
B. C. Any legal services plan
seller that sells a subscription contract prior to registering pursuant to this
section shall pay a late filing fee of $100 for each 30-day period the
registration is late. This fee shall be in addition to all other penalties
allowed by law.
C. D. A registration shall be
amended within 21 days if there is a change in the information included in the
registration.
D. E. Any matter subject to the
insurance regulatory authority of the State Corporation Commission pursuant to
Title 38.2 shall not be subject to the provisions of this chapter.
E. F. All fees shall be remitted
to the State Treasurer and shall be placed to the credit and special fund of
the Virginia Department of Agriculture and Consumer Services to be used in the
administration of this chapter.
F. G. All insurance agent
licenses issued by the State Corporation Commission including authority to sell
legal services plan subscription contracts shall continue in effect for a
period of 90 days following the effective date of this chapter, during which
time those holding such authority from the State Corporation Commission shall
apply for registration with the Department. At the end of the 90-day period, no
insurance agent license shall include the authority to sell legal services plan
subscription contracts.