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Charge fee in addition to or in lieu of collecting commissions?
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Specific Disclosures or written agreements required to charge fees to a client?
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Admin fees for insurance placement?
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Charges for services unrelated to the placement of insurance?
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Additional licensing required?
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Agents may charge fees in addition to receiving commissions for the solicitation, sale and negotiation of insurance provided all fee and commission compensation is included in the premium or stated in the policy of insurance. Va. Code Ann. § 38.2-310. Agents may charge fees not included in the premium or stated in the policy of insurance for administrative costs. Va. Code Ann. § 38.2-1812.2. Agents acting as consultants may charge fees for consulting services. Va. Code Ann. § 38.2-1838. Licensed consultants may charge fees as long as there is a prior written contract showing the amount and basis for the fee. Consultants also serving as agents or brokers may receive fees as well as commissions as long as there is proper disclosure in the contract. Va. Code Ann. § 38.2-1837; Va. Code Ann. § 38.2-1839.
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Yes. Producers may charge consulting fees and administrative fees not included in the premium or stated in the policy, provided there is prior disclosure and agreement with the client. Consent for administrative fees must be provided on a form that includes the policyholder’s signature, the duration of the services for which the fees are charged, and a statement that the agent is entitled to receive a commission from the insurer for soliciting, negotiating, procuring or effecting the insurance policy. In addition to the applicant’s or policyholder’s consent, an agent or broker must maintain and upon request make available a schedule of fees and documentation for services rendered. Va. Code Ann. § 38.2-1812.2; Va. Code Ann. § 38.2-1838.
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Yes |
Yes
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Yes. Consultants must be licensed. Va. Code Ann. § 38.2-1838 Licensed consultants may charge fees as long as there is a prior written contract showing the amount and basis for the fee. Consultants also serving as agents or brokers may receive fees as well as commissions as long as there is proper disclosure in the contract. Va. Code Ann. § 38.2-1837; Va. Code Ann. § 38.2-1839.
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