Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 20 - VARIABLE CONTRACT REGULATIONS
Article VIII - Qualification and Examination of Agents
Section 14VAC5-20-80 - Agents
Current through Register Vol. 41, No. 3, September 23, 2024
A.
B. Any agent applying for a license as a variable contract agent shall do so by filing with the Commission the required application.
C. The licensing as a variable contract agent of any agent complying with subsection B shall not become effective until such agent shall have satisfactorily passed a written examination upon securities and variable contracts. Such examination shall be divided into two parts. Part I shall be on securities generally. Part II shall deal with variable contracts, and shall be composed of at least 15 questions, but not more than 50 questions, concerning the history, purpose, regulation, and sale of contracts on a variable basis.
D. The examination will be given in such places and at such times as the Commission shall from time to time designate. Upon application for license as a variable contract agent, the applicant shall be notified of the date of the next examination.
E. The examination recommended for the testing of variable contract agents by the National Association of Insurance Commissioners (NAIC) is hereby adopted for use in this State in its present form, or as it may be amended, and it shall be used in all tests given pursuant to this regulation.
F. Any applicant for license as a variable contract agent shall not be required to take Part I of the NAIC examination if, at the time of application, evidence is presented that the applicant (i) has previously passed a satisfactory alternative examination as that term is defined in 14VAC5-20-10, or (ii) is currently registered with the federal Securities and Exchange Commission as a broker-dealer, or is currently associated with a broker-dealer and has met qualification requirements with respect to such association.
G. Every applicant applying for license as a variable contract agent shall satisfactorily complete Part II of the examination required by subsection C with a grade of at least 70%, or shall present evidence of successful completion of either a variable contract examination given under the supervision of an insurance department of any State or Territory of the United States which has adopted Part II of the examination recommended for the testing of variable contract agents by the National Association of Insurance Commissioners or has been examined and licensed by any such department prior to its adoption of the National Association of Insurance Commissioners Model Regulation.
H.
I. Every application for a license as a variable contract agent shall be accompanied by an examination fee of $5.00. A fee of $5.00 will be charged for each re-examination administered to an applicant.
J. Report of the results of any examination given pursuant to this regulation shall be made by the Bureau of Insurance on "Commissioner's Report of Examination".
K. Except as modified by this chapter, the regulations of the Bureau of Insurance governing the licensing of life insurance agents including examinations therefor shall apply hereto.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.