Section 110. General

A. Any person licensed in this Commonwealth as a variable contract agent shall immediately report to the Commission (i) any suspension or revocation of his variable contract agent's license or life insurance agent's license in any other state or territory of the United States, (ii) the imposition of any disciplinary sanction (including suspension or expulsion from membership, suspension or revocation of or denial of registration) imposed upon him by any national securities exchange, or national securities association, or any federal, or state or territorial agency with jurisdiction over securities or contracts on a variable basis; (iii) any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

B. The Commission may reject any application or suspend or revoke or refuse to renew any variable contract agent's license upon any ground that would bar such applicant or such agent from being licensed to sell life insurance contracts in this Commonwealth. The rules governing any proceeding relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable contract agent's license.

C. Renewal of a variable contract agent's license shall follow the same procedure established for renewal of an agent's license to sell life insurance contracts in this Commonwealth.

Historical Notes

Derived from Regulation 3, Case No. 18623; December 19, 1968, eff. March 1, 1969.

Statutory Authority

§ 38.2-3113 of the Code of Virginia.