Which entity has the authority to suspend or revoke an agent's license?

The State Corporation Commission holds the authority to suspend or revoke an agent's license in Virginia. This commission is the regulatory body responsible for overseeing insurance companies and agents within the state. Its primary role includes ensuring that insurance agents comply with state laws and regulations regarding ethical conduct and proper business practices. If an agent is found to be in violation of these standards, the State Corporation Commission can take disciplinary actions, including suspending or revoking their license to operate.

The other entities listed do not possess the same jurisdiction. For instance, while the Insurance Fraud Bureau plays a critical role in investigating fraudulent activities within the insurance industry, it does not have the power to enact licensing penalties. Similarly, the Department of Justice and the Consumer Financial Protection Bureau handle broader legal and financial matters, but they do not specifically govern the licensing of insurance agents. Therefore, the authority clearly resides with the State Corporation Commission regarding licensing decisions in Virginia.