Virginia SB 165: Life and annuities agents; report on licensure exam passage rate.

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Bill Tracking - 2020 session > Legislation 

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2020 SESSION

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CHAPTER 223 

An Act to amend and reenact � 38.2-1815 of the Code of 
Virginia, relating to life and annuities agents; report on licensure exam 
passage rate. 

[S 165] 

Approved March 10, 2020 

Be it enacted by the General Assembly of Virginia:

1. That � 38.2-1815 of the Code of Virginia is amended and 
reenacted as follows:

� 38.2-1815. License required of resident life and annuities 
agent.

A. No individual who is a resident of the Commonwealth shall 
obtain a license as a life and annuities agent from the Commission unless the 
individual has passed an examination in a form and manner prescribed by the 
Commission. The Commission annually shall review whether the examination's pass 
rate is consistent with the 2011 2013 NAIC State Licensing 
Handbook, or any successor publication adopted by the NAIC, and report to 
the General Assembly by the second quarter of the following year on its 
findings and any related changes it has implemented.

B. An individual may obtain a license as a limited lines 
credit insurance agent, a limited lines life and health agent, a motor vehicle 
rental contract insurance agent, or any other type of license of restricted 
authority that the Commission may deem it necessary to recognize for the 
purposes of complying with � 38.2-1836 without taking such examination.

C. No individual who is a resident of the Commonwealth shall 
obtain a license as a variable contract agent unless the individual currently 
holds a life and annuities license, and no individual, whether resident or 
nonresident, shall obtain a license as a variable contract agent unless the 
individual has passed the Financial Industry Regulatory Authority examination 
or examinations prescribed by the Commission or such other examination 
prescribed by the Commission.