Who is required to notify the State Corporation Commission in the event of appointment termination?

In Virginia, when an agent's appointment is terminated, it is the responsibility of the insurer to notify the State Corporation Commission. This requirement ensures that the regulatory body is kept informed of all active insurance agents and their statuses, maintaining an accurate and up-to-date record of licensed professionals operating within the state. The insurer, as the party that employed the agent and holds the legal relationship, must take this step to ensure compliance with state regulations designed to protect consumers and the integrity of the insurance industry. This accountability is essential for maintaining trust in the regulatory system and preventing any unauthorized activities by former agents.

Other individuals, such as the agent themselves or the insured, do not have this specific obligation, which focuses on the insurer's role in reporting to the state. The commissioner is an official responsible for overseeing insurance laws but is not directly involved in the notification process regarding appointment terminations.