The Virginia State Corporation Commission, through its Bureau of Insurance and the Virginia Insurance Continuing Education Advisory Board, is empowered by Title 38.2, Chapter 18, Article 7 of the Code of Virginia to require insurance consultants and agents holding certain licenses type to complete Continuing Education. Agents with Property & Casualty and Life & Health license must comply. For other license types, please call VA Bureau of Insurance at (804) 371-9631. |
Licensing Requirements:
- Any agent who holds licenses that require continuing education are required to complete sixteen (16) hours of CE relevant to the type of license held each biennium. (According the statute, a biennium is defined as a two-year period ending on December 31 of each even-numbered year.)
- An agent holding more than one of the above types of license is required to complete twenty-four (24) hours of CE, but at least eight (8) hours must be relevant to each type of license.
- At least three (3) hours of the 16- or 24- credit requirement must be on Ethics or insurance-related Law and Regulations applicable in Virginia or a combination of both.
- Any agent who completes more than the required CE credit hours for each license type held in each biennium is permitted to carry over those excess CE credit hours, but only to the next biennium.
- Duplicate courses cannot be used for CE credit within the same biennium, nor carried over to the next biennium for credit; however, duplicate course may be re-taken in the next biennium.
Courses may be chosen from any approved educational sponsor, however, no more than 75% of the required hours may come from insurance company- or agency-sponsored courses. CE credits earned in company- or agency-sponsored courses (IIAV is considered non-company/non-agency) that exceed 75% will not be credited the current biennium, but may be carried over only to the next biennium.
Agents Selling Long Term Care Insurance: Licensed agents may not sell a Partnership Policy in Virginia unless and until they have received the requisite eight (8) hours of initial training. Thereafter, agents must receive at least four (4) hours of ongoing training every twenty-four (24) months. All training must be approved by the Insurance Continuing Education (CE) Board and must, at a minimum, consist of the specific topics identified in the Rules. Insurers will be responsible for ensuring that their agents are appropriately trained, for maintaining documentation of such training, and for producing training records upon request by the Bureau. Agents who meet all Partnership training requirements will be considered to be "qualified" to sell Partnership policies. Insurers are cautioned to take steps to prevent the sale of Partnership policies by agents who have not met these qualification requirements.
|
