State RegulationsVA specificDifficulty 2/5
A Virginia insurance producer is charged with a felony. No conviction has occurred yet. What does Virginia law require of the producer?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Va. Code § 38.2-1826(B) makes the filing of a felony charge a reportable event: the producer must notify the Commission within 30 days of the charge, not wait for a conviction. Virginia treats the charge itself as information the regulator needs to evaluate the licensee's fitness, which is why the reporting clock starts at the charge. The same 30-day discipline covers administrative actions taken against the producer in another jurisdiction.
Why the other options are wrong
- B) Waiting for a conviction misses the statutory trigger; the charge alone starts the 30-day reporting duty under Va. Code § 38.2-1826(B).
- C) The insurer is not the producer's reporting channel; the duty to report the felony charge runs directly from the producer to the Commission.
- D) Renewal-time disclosure is not the mechanism; the law imposes a separate 30-day report when the charge is filed.
Memory hook
Charged, not convicted? The 30-day clock to the Commission starts anyway.