76503238.2-1865.1Virginia Decodedhttps://vacode.org2016InsuranceInsurance AgentsLicensing Of Viatical Settlement Brokers2001, c. 706; 2003, c. 717; 2008, c. 213; 2016, c. 552.No person shall act as a viatical settlement broker, or solicit a viatical settlement contract while acting as a viatical settlement broker, on or after January 1, 1998, without first obtaining a license from the Commission.sectionAA1A resident or nonresident life and annuities insurance agent shall not be prohibited from obtaining a license, and subsequently acting as, a viatical settlement broker. Such licensed life and annuities agent applying for a license as a viatical settlement broker shall comply with all provisions of this chapter.sectionBB1A business entity acting as a viatical settlement broker is required to obtain a viatical settlement broker license. In addition to the other requirements in this section, and before approving the application, the Commission shall find that:sectionDD1 The business entity has paid the fee set forth in this section; andsectionD1D12The Commission may require any documents reasonably necessary to verify the information contained in an application.sectionEE1Except where prohibited by state or federal law, by submitting an application for license, the applicant shall be deemed to have appointed the clerk of the Commission as the agent for service of process on the applicant in any action or proceeding arising in the Commonwealth out of or in connection with the exercise of the license. Such appointment of the clerk of the Commission as agent for service of process shall be irrevocable during the period within which a cause of action against the applicant may arise out of transactions with respect to subjects of insurance in the Commonwealth. Service of process on the clerk of the Commission shall conform to the provisions of Chapter 8 (§ 38.2-800 et seq.).sectionFF1Before June 1 of each year, each viatical settlement broker shall remit the nonrefundable renewal fee and renewal application prescribed by the Commission for the renewal of the license effective July 1 of that year.sectionHH1A viatical settlement broker shall not, without the written agreement of the viator obtained before performing any services in connection with a viatical settlement, seek or obtain any compensation from the viator.sectionMM1http://law.lis.virginia.gov/vacode/38.2-1865.1/38.2-400Expense of administration of insurance laws borne by licensees; minimum contribution/38.2-400/38.2-800Definition/38.2-800//38.2-1865.1/38.2/18/6.1/38.2-1865.138.2-180038.2-1865.538.2-600038.2-600138.2-600638.2-601138.2-601238.2-6015