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Subcommittee approves technical update to insurance agent appointment process
Summary
HB 1778, sponsored by Delegate Rip Sullivan at the State Corporation Commission's request, removes outdated language relating to insurance agent appointment paperwork and late-fee penalties and modernizes the process; the subcommittee approved the bill with no fiscal impact reported.
Delegate Rip Sullivan presented HB 1778, a bill requested by the State Corporation Commission to modernize and streamline statutory language governing appointment of insurance agents. The measure removes outdated paper-based requirements, eliminates a specific $50-per-day late fee from the code while preserving the commission’s authority to penalize noncompliance, and authorizes electronic processes similar to those used in other states.
Why it matters: The sponsor and industry witnesses said the change removes antiquated procedural burdens, aligns Virginia with other states’ electronic licensing systems, and imposes no fiscal impact on the commission. Representative Karen Addison (Trautman Strategies for American Property Casualty Insurance Association) and Joe Hudgins (Independent Insurance Agents of Virginia) testified in support.
The committee voted to report the bill; a recorded roll call showed the measure passed (the transcript lists a 6-0 result at the time of the roll call). The bill will move forward in the legislative process.
