CODE OF VIRGINIA

LICENSING NONRESIDENTS; RECIPROCAL AGREEMENTS WITH OTHER STATES AND CANADIAN
PROVINCES (§ 38.2-1865.4)

A. An individual or business entity who is not a resident as defined in §
38.2-1800, but who is a resident of another state or a province of Canada, shall
receive a viatical settlement broker license if:

   1.  The applicant presents proof in a form acceptable to the Commission that
   the applicant is currently licensed or otherwise authorized as a resident
   viatical settlement broker and is in good standing in his home state or
   province;

   2.  The applicant has submitted the proper application for licensure and has
   paid the fees required by § 38.2-1865.1; and

   3.  The applicant’s home state or province issues nonresident viatical
   settlement broker licenses to residents of this Commonwealth on the same
   basis, or will permit a resident of this Commonwealth to act as a viatical
   settlement broker in such state or province without requiring a license.

B. For the purposes of this chapter, any individual whose place of residence and
place of business are in a city or town located partly within the Commonwealth
and partly within another state may be considered as meeting the requirements as
a resident of this Commonwealth, provided the other state has established by law
or regulation similar requirements as to residence of such individuals.

C. The Commission may enter into a reciprocal agreement with an appropriate
official of any other state or province of Canada if such an agreement is
required in order for a Virginia resident to be similarly licensed as a
nonresident in that state or province.

D. The Commission may verify the viatical settlement broker’s licensing
status through the Producer Database maintained by the NAIC, its affiliates or
subsidiaries.

E. A nonresident viatical settlement broker who moves from one state or province
to another state shall file a change of address and provide a certification from
the new home state or province within thirty calendar days of the change of
legal residence. No fee or license application is required.

F. Any licenses issued to nonresidents pursuant to this section shall be
terminated at any time that the nonresident’s equivalent authority in his
home state or province is terminated, suspended, or revoked.

HISTORY: 2001, c. 706; 2008, c. 213.