In Virginia, any person acting as an agent for an unlicensed insurer is?

In Virginia, the law stipulates that individuals acting as agents for unlicensed insurers must do so only as licensed surplus lines brokers. This is crucial because surplus lines brokers are specifically licensed to deal with insurance products from non-admitted insurers, which are those not licensed to operate within Virginia. This special status is important as it provides a regulatory framework under which surplus lines brokers can legally transact business with unlicensed insurers while ensuring consumer protection and compliance with state laws.

The other possible responses don't align with the regulatory requirements established in Virginia. Acting without any conditions or during an unregulated grace period would undermine the oversight necessary in the insurance market. Therefore, understanding the role of licensed surplus lines brokers is essential, as they ensure that even when dealing with unlicensed entities, the transaction adheres to state regulations and protections for policyholders.