Insurance Regulations

Once the agent's appointment with the insurer has been terminated, how soon must the insurer mail a notice of termination to the agent?

15 calendar days

How long is an insurer required to maintain records in VA?

3 years

A policyholder has requested access to personal information collected and recorded by the insurance agent. The agent must respond to the request within

30 business days

If the Commission determines the agent's appointment is invalid, within how many days will the Commission notify the insurer?

5 business days

An agent who collects a premium payment from a client must hold such funds in which of the following types of accounts?

A separate account from the agent's personal or business account

At what time may the Insurance Commissioner inspect records pertaining to insurance transactions?

At any business time in the 3 years immediately following the relevant transaction

Circulating deceptive sales materials to the public is what type of Unfair Trade Practice?

False advertising

When is it legal to limit coverage based on marital status?

It is never legal to limit coverage based on marital status

What are the disclosure requirements if an insurance producer wishes to charge a fee?

Posting a schedule of fees in the producer's office, disclosing the fees to the client in writing, and obtaining a signature on the disclosure from the client