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SCC News

SCC Receives Federal Approval to Establish Commonwealth Health Reinsurance Program

MAY 19, 2022

RICHMOND – The State Corporation Commission (SCC) has received approval of a federal waiver to establish the Commonwealth Health Reinsurance Program (CHRP). The SCC will be responsible for implementing and operating that program, which is scheduled to begin January 1, 2023.

The SCC was directed under Virginia Code Section §38.2-6606 to submit an application for a State Innovation Waiver to the U.S. Department of Health and Human Services (HHS) and to the U.S. Department of the Treasury (Treasury Department) to establish the CHRP. Under the waiver, insurance carriers are reimbursed a percentage of the claims of covered individuals with high annual costs.

House Bill 2332 was passed in the 2021 Special Session I of the Virginia General Assembly and signed into law on March 31, 2021, creating the CHRP and directing the SCC to seek the waiver application. The SCC submitted an application for the waiver to the Centers for Medicare and Medicaid Services, a division of HHS, and the Treasury Department on December 30, 2021. The approval is for an initial period of up to five years.

Information about the CHRP is available on the SCC website at scc.virginia.gov/pages/Reinsurance-Waiver

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Contact: Katha Treanor, 804-371-9141

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SCC Cautions Virginia Investors Regarding Online Investment Scams

MAY 17, 2022

RICHMOND – The Internet, social media and messaging apps offer many useful features for daily life, but also new opportunities for investment scams. While social media platforms, online dating websites and dating apps may be good ways to meet people, Virginia residents should be wary if someone uses an online friendship or romance to solicit an investment or offer investment opportunities.

Individuals trying to promote investment scams may pose as potential romantic partners or possible new friends in an attempt to lure unsuspecting individuals into fraudulent investment schemes. These scammers may set online traps as well as use technology and social media platforms to profile targets. They may spend time getting to know their target and use flattery to try to win them over before introducing an investment opportunity.

The State Corporation Commission’s (SCC) Division of Securities and Retail Franchising (Division) encourages Virginians to be skeptical of investments offered by a new and unfamiliar online contact or friend request, and to do their homework before considering any investment.

“Don’t let your heart rule your head when making financial decisions,” said Director Ron Thomas. “The virtual world can make it easy for scammers to pretend to be someone who they are not. Whether online, by phone or in person, be leery of unsolicited investment offers and never share financial information with a stranger. Understand the risks and benefits of any investment and do not invest more than you can afford to lose.”

Thomas offers the following tips:

  1. Independently verify who is offering an investment and the details of an offer, as well as verify any app or website to which a stranger may direct you. Be wary of individuals who are unwilling to meet face-to-face or via clear video feed, or who attempt to pressure you into making an investment.

    Keep in mind that individuals offering investments are obligated to disclose all material facts regarding an investment, and they must disclose the risks associated with each product. Bad actors will often minimize or conceal risks of an investment and, instead, tout their alleged profits and payouts.
     
  2. Make sure any investment and the person offering it are properly registered. In Virginia, contact the Division at 804-371-9051 or toll-free at 1-800-552-7945, or email SRF_General@scc.virginia.gov. Investors can also search the federal Securities and Exchange Commission’s Investment Adviser Public Disclosure website or visit the BrokerCheck platform offered by the Financial Industry Regulatory Authority (FINRA).
     
  3. If an offer sounds too good to be true, it probably is. Don’t be swayed by flattery or the promise of friendship or romance, or be enticed by claims of safe, lucrative or guaranteed returns with little or no risk. These representations are often a red flag for fraud, since all investments carry some degree of risk.

For more information, visit the Division’s website at scc.virginia.gov/pages/Consumer-Investments or the NASAA website at nasaa.org.

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Contact: Katha Treanor, 804-371-9141

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