Licensing Requirements: Surplus lines brokers are required to be licensed under Virginia law. Va. Code Ann. §§ 38.2-1857.1, 1857.2. To be licensed as a resident broker, an applicant must hold
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All premiums, return premiums or
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Agents may charge fees in addition to receiving commissions
Producers may charge consulting fees and administrative fees not included in the premium or stated in the policy, provided there is prior disclosure and agreement with the client. Consent for
What entities are covered? “[A]n individual or entity* that owns or licenses computerized data that includes personal information.” § 18.2-186.6(B). “‘Entity’ includes corporations, business trusts, estates, partnerships, limited partnerships, limited
