Receive Notification When Our Webpages Change
You now have the ability to be notified via e-mail
when certain pages of our website change. To take advantage of this
new feature, check for the little envelope at the top of the page.
For example, if you go to the list of Administrative
Letters for 2003, you can click on the envelope at the top of
the page, give us your e-mail address, select the page and you will
be notified when a new Administrative Letter has been added. If
there are pages for which you would like to receive notifications
for changes and they are not available for selection on the list,
please contact us at bureauofinsurance@scc.virginia.gov.
Welcome
to
the home page of the Bureau of Insurance, a division of the Virginia
State Corporation Commission.
This web
site was established in our ongoing effort to fulfill our regulatory
mission: to ensure that citizens of the Commonwealth are provided
with access to adequate and reliable insurance protection; that
the insurance companies selling policies are financially sound to
support payment of claims; that the agents selling company policies
are qualified and conduct their business according to statutory
and regulatory requirements, as well as acceptable standards of
conduct; and that the insurance policies are of high quality, are
understandable and are fairly priced.
We are located
in Richmond, Virginia. The Bureau licenses, regulates, investigates
and examines insurance companies, agencies and agents on behalf
of the citizens of the Commonwealth of Virginia. The
Bureau of Insurance also examines and investigates title insurance
settlement agents and agencies for compliance with the Consumer
Real Estate Settlement Protection Act.
If you have suggestions as
to what you would like to see added to our web site or any possible
improvements, please email
webmaster@scc.virginia.gov.
Alfred W. Gross,
Commissioner
of Insurance
Bureau
Divisions
The Bureau of Insurance is organized into four
divisions:
Financial
Regulation
The Financial Regulation Division of the Bureau of Insurance
is divided into three sections. The sections are Company Licensing
and Regulatory Compliance, Financial Analysis, and Financial Condition
Examination.
The Company Licensing and Regulatory Compliance section is primarily
responsible for administering the initial license, approval, and
registration process for insurers and insurance related entities
desiring to do the business of insurance in Virginia. The section
also has the responsibility for monitoring health maintenance organizations,
premium finance companies, automobile clubs, multiple employer welfare
arrangements, viatical settlement providers and continuing care
retirement communities. In addition, the section is responsible
for ensuring regulatory compliance with licensing requirements for
companies transacting business in Virginia.
The Financial Analysis section is charged with the on-going
monitoring and solvency assessment of insurance companies. The section
also has the responsibility for approving purchasing groups, risk
retention groups, surplus lines carriers, and qualified reinsurers.
In addition, the section is responsible for notification of any
insolvency to the Insurance Guaranty Fund Associations.
Life
and Health Market Regulation
The Life and Health Market Regulation Division monitors the market
activities of companies within the Life and Health classes of insurance
and monitors agents in all classes of insurance. There are six functional
sections, whose responsibilities are described below:
Consumer Services: This section logs, investigates and works
toward resolution of complaints about agents, agencies and companies.
They make recommendations for disciplinary action where necessary.
Consumer Services representatives also provide consumers with information
and answer insurance-related questions.
Market Conduct: This section performs field examinations
of insurance companies to ensure their business practices are in
compliance with Virginia’s insurance laws and regulations.
Forms and Rates: This section reviews policies and contracts
to ensure they are in compliance with statutory and regulatory requirements.
They also review and, for certain lines, may approve premium rates.
Research: This section assesses the impact of major issues
affecting the insurance industry, develops regulations and proposes
legislation relative to the issues. They participate in legislative
studies, undertake consumer research projects and develop guidebooks
to promote awareness of insurance issues and standards.
Office of the Managed Care
Ombudsman: This section helps consumers who have Managed
Care Health Insurance Plan (MCHIPs) products understand their rights
of appeal of adverse decisions by MCHIPs.
Outreach
Coordinator:
Insurance Consumer Outreach serves and protects by providing education,
information, and assistance to consumers. This section accomplishes
this mission by coordinating all life and health consumer outreach
programs, including special programs for senior citizens.
External
Appeals:
In addition to the traditional services provided by this division,
Life and Health Market Regulation also has a section dedicated to
the external review of final adverse decisions rendered by managed
care health insurance plans.
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Property
and Casualty Market Regulation
The Property and Casualty Market Regulation Division monitors
the market activities of companies and agents within the Property
and Casualty classes of insurance. There are five functional sections,
whose responsibilities are described below:
Consumer Services: This section logs, investigates and works
toward resolution of complaints about agents, agencies and companies.
Consumer Services representatives also provide consumers with information
and answer insurance-related questions.
Market Conduct: This section performs field examinations
of insurance companies to ensure their business practices are in
compliance with Virginia’s insurance laws and regulations. Available
for download: Common
Problems Found During Property and Casualty Market Conduct Examinations.
Personal & Commercial Lines Rules, Rates and Forms: This
section reviews policies and contracts to ensure they are in compliance
with statutory and regulatory requirements. They also review and,
for certain lines, may approve premium rates.
Research: This section assesses the impact of major issues
affecting the insurance industry, develops regulations and proposes
legislation relative to the issues. They participate in legislative
studies, undertake consumer research projects and develop guidebooks
to promote awareness of insurance issues and standards.
Outreach
Coordinator: Property and Casualty Insurance Consumer
Outreach provides education, information, and assistance to consumers
and members of the insurance industry. This section accomplishes
this mission by coordinating all property and casualty consumer
outreach programs.
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Agent
Regulation and Administration
Agent Regulation and Administration provides
the primary financial and personnel support for all operational departments
in the Bureau of Insurance. This includes preparing the Bureau of
Insurance biennial budget, collecting and recording fees and taxes
and overseeing Bureau of Insurance personnel transactions.
Agents Licensing: This section performs licensing for all
lines of insurance and tracking functions for the entire Bureau
of Insurance. They screen applications, issue agent/agency licenses,
track appointments, process appointment renewals and monitor regulatory
requirements for licensing. They respond to all informational requests
about agents. There are approximately 105,000 insurance agents,
1,500 insurance companies, and 10,500 insurance agencies doing business
in Virginia. The Agents Licensing Section handles an average of
8,000 telephone calls per month.
Automated Systems: This section is responsible for oversight
of all the computer-based systems utilized within the Bureau of
Insurance.
Agent Investigations: This section conducts field examinations
of agent activities and reviews their financial transactions and business
practices to ensure they are in compliance with Virginia insurance
laws and regulations.
Administration: This section provides support to the Bureau
of Insurance staff. The section is responsible for the Bureau’s
biennial budget, preparation of vouchers for vendor payments and for
reimbursement of travel expenses, assists with personnel functions,
procurement, Bureau payroll, and leave keeping. Administration also
administers the Bureau’s education program.
Administrative Tax: This section is directly responsible
for the collection and audit of premium license tax, assessment for
the maintenance of the Bureau, the Fire Programs Fund Assessment,
the Flood Assessment, the Help Eliminate Auto Theft (HEAT) Assessment,
the Fraud Unit, the Managed Care Health Insurance Plan Assessment
(MCHIP) and retaliatory taxes. The Administrative Tax Division processes
several thousand tax and assessment filings from insurers and generally
collects revenues in excess of $350 million. The Administrative Tax
Division is also responsible for processing surplus lines insurance
filings from nearly 800 licensed brokers.
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