SCC News

RICHMOND – Seniors lose billions of dollars annually due to financial exploitation. The loss to individual victims averages tens of thousands of dollars. Many times, the financial exploitation goes unreported.

On World Elder Abuse Awareness Day (June 15), the State Corporation Commission (SCC) reminds seniors, caregivers, financial professionals and all Virginians to recognize the signs of elder financial abuse and know how to report it.

Financial abuse can take many forms, including efforts to sell seniors fraudulent investments in person, online or by phone, or attempts to access their investment accounts for personal gain. It can be perpetrated by friends, family, caregivers, financial professionals or strangers. Seniors who have disabilities, rely on others for help or are socially isolated are especially vulnerable.

“Senior financial exploitation can happen anywhere, anytime and to anyone,” said Doug Joyce, director of the State Corporation Commission’s Division of Securities and Retail Franchising (Division). “Increasingly, seniors are being targeted by scammers. Perpetrators often strike when seniors are most vulnerable such as during a health crisis or after the death of a loved one. Social isolation and seniors’ increased reliance on the internet for many daily activities only compound the problem.”

In some cases, scammers may target their victims using personal details gleaned from obituaries and social media posts. Some may exploit established relationships within a senior’s social and support groups to become more involved in their life.

Possible red flags of senior financial abuse include the following:

• Surrendering passwords and control of finances to a new or overly protective friend or caregiver;
• Suspicious signatures on checks or other documents;
• Unusual activity in investment or bank accounts, including large, frequent or unexplained withdrawals or transfers between accounts;
• Unusual or sudden changes to beneficiary designations or to legal or financial documents involving investments, such as power of attorney, wills, trusts, retirement accounts or insurance policies, or documents that suddenly go missing;
• Unexplained financial activities, such as the disappearance or “gifting” of assets, valuables or securities;
• Fear of or sudden change in feelings toward friends or family members; and
• A lack of knowledge by a senior about their financial status or reluctance to discuss financial matters.

Joyce encourages Virginians who suspect they or a loved one are the victims of investment fraud or possible senior financial exploitation to contact the Division by telephone (in Richmond at 804-371-9051 or toll-free at 1-800-552-7945), or by email at SRF_General@scc.virginia.gov. Additional information is available on the Division’s Invest Wisely web page at InvestWiselyVA.com.

The North American Securities Administrators Association, of which the Division is a member, also has developed resources to help individuals identify investment fraud and know how to report suspected elder financial abuse. These resources are available at nasaa.org/investor-education/senior-investor-resource-center/.

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Contact: Katha Treanor, 804-371-9141

RICHMOND – Hurricane season is just around the corner, and the State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) reminds Virginians that the time to plan is now. This includes reviewing your insurance policies to make sure you have the coverage you need if a hurricane or other disaster strikes.

The Atlantic hurricane season runs from June 1 through November 30 each year. Once a hurricane develops in the Atlantic, it may be difficult to find an insurance company willing to write hurricane-related coverage for your home, vehicle or business until after the storm threat passes

“Protect yourself physically and financially against hurricanes and other disasters. It’s never too early to start,” said Virginia Insurance Commissioner Scott A. White. “Hurricanes can wreak havoc on your home and other property. Review your insurance policies now and know what is and is not covered. If you have questions, contact your insurance agency or company or the Bureau of Insurance.”

Even areas hundreds of miles from the coast can experience floods and other damage caused by hurricanes’ high winds and torrential rains. Most hurricane damage is caused by flooding, not high winds. Even minor floods can cause extensive damage to your home, vehicle, business or belongings.

The Bureau offers the following reminders: 

• Homeowners, renters and commercial insurance policies issued in Virginia typically do not cover damage caused by floods, surface water or storm surge. The federal government sells insurance for direct flood and flood-related damage to homeowners, renters and businesses in eligible communities through the National Flood Insurance Program (NFIP). Keep in mind that there is typically a 30-day waiting period for a new flood insurance policy to take effect. To learn more about this program, contact your insurance agent or the NFIP at 877-336-2627 or visit floodsmart.gov. Some private insurers also offer their own flood policies, so check with your insurance agent about the availability of a private flood insurance policy. In either case, ask whether your flood policy provides coverage for your personal property.  
• Some homeowners policies require a special deductible for wind or hurricane losses. These deductibles may be applied separately from any other deductible on the homeowners policy. Deductibles may be written as a flat amount, such as $1,000, or as a percentage of the insurance coverage limit on the dwelling, such as 2% of a $200,000 coverage limit ($4,000). Remember that the deductible is the amount that you must pay before the insurance company pays its portion of a claim. 
• Prepare a complete inventory of your personal property including photographs, videos and serial numbers. Having a home inventory can facilitate the claims process if damage occurs. The National Association of Insurance Commissioners offers a free smartphone app that can facilitate this process. The app is available at naic.org/consumer/home-inventory. Keep your insurance policies and home inventory together in a secure, waterproof and fireproof place. 
• Know what to do if your property is damaged by a hurricane. Contact your insurance agent or company as soon as possible. As soon as it is safe to do so, make any necessary emergency repairs and take reasonable steps to prevent further damage to your property. Additionally, make a list of all damage to your property and include photographs, notes and repair-related receipts.
• If you must evacuate, know the name of your insurance company and take your homeowners, auto and other insurance policies and your home inventory with you, or make sure you can access these important documents electronically. The policies will contain your policy numbers and the phone numbers of your insurance companies in case you have questions or need to file a claim. 

The Bureau of Insurance offers free consumer guides for homeowners and commercial property owners with information about what to do when a disaster strikes. These and many other consumer insurance guides are available at scc.virginia.gov/pages/Insurance. The Bureau’s specially trained staff stand ready to assist consumers with their insurance-related questions and concerns. To learn more, contact the Consumer Services Section of the Bureau’s Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185. 

For additional emergency preparedness information regarding hurricanes and other types of disasters and hazards, visit vaemergency.gov. 

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Contact: Katha Treanor, 804-371-9141

RICHMOND – The State Corporation Commission (SCC) is offering time for members of the public to give oral comments by telephone on Appalachian Power Company’s 2024 Biennial Review of Rates. In the review, the SCC will analyze the company’s base rates as well as the terms and conditions for the provision of generation, distribution, and transmission services. 

In its application, Appalachian Power requests to increase revenues by approximately $95 million, or 5.1 percent. The company states that the factors that contributed to its request include cost recovery for restoring service during major storms, increases in capital, material and labor costs, and rising interest rates. 

The overall impact of the company’s proposals would increase the monthly bill of a residential customer using 1,000 kilowatt hours of electricity per month by approximately $10.22, or 6 percent. 

The SCC has scheduled a public witness session to begin at 10 a.m. on September 9, 2024. Public witnesses intending to provide oral testimony must pre-register with the SCC by 5 p.m. on September 4, 2024. The hearing will be webcast at: scc.virginia.gov/pages/Webcasting.

Public witnesses wishing to provide oral testimony may pre-register in one of three ways: 

• Completing a public witness form for case number PUR-2024-00024 on the SCC’s website at: scc.virginia.gov/pages/Webcasting 
• E-mailing the same form (PDF version on the same website as above) to SCCInfo@scc.virginia.gov
• Calling the SCC at 804-371-9141 during normal business hours (8:15 a.m. – 5 p.m.) and providing your name and the phone number you wish the Commission to call to reach you during the hearing
• To promote fairness for all public witnesses, each witness will be allotted five minutes to provide testimony. 

A public evidentiary hearing will follow the public witness hearing at 10 a.m. on September 10, 2024, in the SCC’s second floor courtroom at 1300 East Main Street in Richmond to receive testimony and evidence from the company, any respondents and the SCC staff.  

For those who prefer, there is also an opportunity to provide comments in writing on the Appalachian Power application. Written comments may be submitted through the SCC’s website by September 4, 2024, at scc.virginia.gov/casecomments/Submit-Public-Comments. Simply go to the SCC website, select "Cases" and then "Submit Public Comments," and scroll down to case number PUR-2024-00024. Then select SUBMIT COMMENTS. 

Comments can also be submitted by U.S. mail to the Clerk of the State Corporation Commission, c/o Document Control Center, P.O. Box 2118, Richmond, Virginia 23218-2118. All comments must refer to case number PUR-2024-00024. 

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Contact: Andy Farmer, 804-371-9141

RICHMOND – Kelsey A. Bagot was sworn in today as the 39th commissioner of the State Corporation Commission (SCC). Bagot was elected by the General Assembly to fill a term ending January 31, 2030.

Prior to being elected to the Commission, Bagot was a Senior Attorney at NextEra Energy, Inc. Previously she served as Legal Advisor to Commissioner Mark C. Christie at the Federal Energy Regulatory Commission (FERC). Christie served on the SCC for almost 17 years before joining FERC.

Bagot also served as a trial attorney at FERC as well as an associate at Troutman Saunders LLP and Van Ness Feldman LLP in Washington, D.C.

Bagot earned her Bachelor’s Degree from American University and her Juris Doctor from Harvard Law School.

The other two SCC commissioners are Jehmal T. Hudson, the current chair, and Samuel T. Towell. The commissioners serve six-year terms.

Established in 1902, the SCC’s authority encompasses utilities, insurance, a health benefit exchange, state-chartered financial institutions, securities, retail franchising, railroad safety, and underground utility damage prevention. The Commission also serves as the Commonwealth’s central filing office for all entities formed or registered under Virginia corporate law. 

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Contact: Andy Farmer, 804-371-9141

RICHMOND – April is National Safe Digging Month, and the State Corporation Commission’s Division of Utility and Railroad Safety (URS) is reminding all Virginians that digging with C.A.R.E. will help keep you safe and protect the Commonwealth’s underground utility infrastructure, communities, business districts and environment.

The steps to safe digging in Virginia are:

• Contact VA811 before you dig.
• Allow the required time for marking the utilities.
• Respect and protect the marks.
• Excavate carefully.

Whether you’re a professional contractor, do-it-yourselfer or homeowner, you have an important role in preventing damage to underground utilities. No matter how big or small the project, contacting VA811 to request the marking of underground utility lines before digging will help avoid physical injury, property damage, costly repairs, and service interruptions.

Contact VA811 by visiting va811.com, or calling 8-1-1 or 1-800-552-7001 Monday through Friday from 7 a.m. to 5 p.m., excluding legal state and national holidays. (Emergency notification service is available 24/7, 365 days a year.)

For more information about safe digging and demolition, contact URS at 804-371-9980 or visit the Damage Prevention page on the SCC website at scc.virginia.gov/pages/Damage-Prevention.

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Contact: Jordan Bondurant, 804-371-9141

RICHMOND – The arrival of spring can usher in tornadoes, strong winds, hailstorms, flash floods, lightning and other extreme weather. Severe weather can strike anywhere and anytime. Advance planning is the key to protecting yourself, your loved ones and your property, both physically and financially.

The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) encourages Virginians to plan now for potentially extreme spring weather. “Assess your risk and make sure you have the insurance coverage you need if severe weather causes damage to your home, business, vehicles or other property,” said Virginia Insurance Commissioner Scott A. White. “If you have questions, contact your insurance agent or company or the Bureau of Insurance.”

The Bureau encourages Virginians to consider the following:

• Review your insurance policy and update it, if needed. Understand what it does and does not cover, as well as any deductibles you may have to pay when filing a claim.
• Create a detailed inventory of your belongings including photos, serial numbers, videos and receipts.
• Keep electronic copies of your homeowners, auto and other insurance policies with your home inventory and, if possible, store paper files in a safe, fireproof and waterproof place. Take these documents with you if you must evacuate. These records will contain your policy numbers and the phone numbers of your insurance companies in case you have questions or need to file a claim.

Keep in mind that homeowners and renters insurance policies issued in Virginia typically do not cover damage resulting from floods, surface water or storm surges. The federal government, however, does sell insurance for direct flood and flood-related damage to homeowners, renters and businesses in eligible communities through its National Flood   Insurance Program (NFIP). There is typically a 30-day waiting period before a flood insurance policy takes effect. To learn more, contact your insurance agent; call the NFIP at 877-336-2627; or visit fema.gov/national-flood-insurance-program. 

Automobile other-than-collision insurance coverage, often called "comprehensive" insurance coverage, helps pay to repair or replace vehicles if they are stolen or damaged by such things as fire, water, wind, hail, vandalism, glass breakage, falling objects or contact with an animal.

Know what to do if your home, business, vehicles or other property are damaged as a result of a severe weather event. The Bureau recommends the following:

• Once the danger or risk has passed, contact your insurance company or agent as soon as possible.
• Take reasonable steps to prevent further damage to your property once it is safe to do so.
• Record all damage to your property with photographs, notes and repair-related receipts.

The Bureau offers free consumer guides for homeowners and commercial property owners with information about what to do when a disaster strikes. These and many other consumer insurance guides are available on the Bureau’s website at scc.virginia.gov/pages/Insurance.

The Bureau’s specially trained staff can assist consumers with their insurance-related questions and concerns. To learn more, contact the Consumer Services Section of the Bureau’s Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185.

For additional emergency preparedness information relating to various types of disasters and hazards, visit the Virginia Department of Emergency Management website at vaemergency.gov. 

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Contact: Katha Treanor, 804-371-9141

RICHMOND – Samuel T. Towell was sworn in today as the 38th commissioner of the State Corporation Commission (SCC). Towell was elected by the General Assembly to fill an unexpired term ending January 31, 2028.

Prior to being elected to the Commission, Towell was the Associate General Counsel at Smithfield Foods, Inc. Previously, he served for five years as Virginia’s Deputy Attorney General for Civil Litigation. In that role, he supervised the Insurance and Utilities Regulatory Section which appears before the SCC, the Consumer Protection Section, and the Office of Civil Rights, among others.

Towell also served as the Deputy Secretary of Agriculture and Forestry under Governor Terrence R. McAuliffe and as Special Assistant to the Secretary of Finance under Governor Mark R. Warner. In the private sector, Towell was a litigation attorney with McGuireWoods LLP and Williams Mullen, P.C. He also served as a judicial clerk on the U.S. Court of Appeals for the Fourth Circuit and the Supreme Court of Virginia.

Towell earned a Bachelor of Science degree in Mechanical Engineering with a Minor in Economics from the Massachusetts Institute of Technology and his Juris Doctor from the University of Virginia School of Law.

Towell joins Commissioner Jehmal T. Hudson, the current chair, who was appointed by Governor Ralph Northam and took office in July 2020.

Established in 1902, the SCC’s authority encompasses utilities, insurance, a health benefit exchange, state-chartered financial institutions, securities, retail franchising, railroad safety, and underground utility damage prevention. The Commission also serves as the Commonwealth’s central filing office for all entities formed or registered under Virginia corporate law.

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Contact: Andy Farmer, 804-371-9141

RICHMOND – Choices abound for consumers in today’s marketplace. Knowing how to effectively navigate those choices is essential.

The State Corporation Commission (SCC) is pleased to join the Federal Trade Commission and other organizations throughout the country in recognizing National Consumer Protection Week (March 3-9, 2024). This annual awareness campaign encourages Americans to understand their consumer rights and make informed decisions to help avoid unsuitable and fraudulent products and services.

The SCC encourages Virginians to protect themselves financially and know where to turn for help – whether they are investing, planning for retirement, looking for ways to save money on their energy bill or shopping for insurance or a loan. It reminds Virginians that it stands ready throughout the year to answer inquiries and provide information and assistance regarding industry sectors over which it has regulatory responsibility. Those sectors include insurance companies and agents, state-chartered financial institutions, investment firms and their representatives, retail franchises and investor-owned utilities providing electric, natural gas, water, sewer and telecommunications services.

The SCC offers a wealth of consumer information on these and other topics, much of which is available on our website at scc.virginia.gov. Our specially trained staff can assist Virginians in making informed choices and assisting with questions if they are not satisfied with the responses they receive from businesses that the SCC regulates.

The SCC urges Virginians to thoroughly evaluate any offer; shop around and compare prices and terms; keep written records of all transactions; find products and services that suit your needs; and verify if an individual or company is licensed or registered with the SCC.  If a problem arises, try to resolve it with the regulated individual or company first. If you are still not satisfied, you can contact the appropriate SCC division by phone, mail or email using the online complaint form.

To access complaint forms and a description of the complaint process, visit the SCC website at scc.virginia.gov and select the appropriate division. To contact the SCC by phone, call toll-free at 1-800-552-7945 or, in Richmond, call:

• Bureau of Insurance – (804) 371-9741
• Bureau of Financial Institutions – (804) 371-9657
• Division of Securities and Retail Franchising – (804) 371-9051
• Division of Public Utility Regulation – (804) 371-9611
• Office of the Clerk – (804) 371-9733
• Division of Information Resources – (804) 371-9141

In the event the SCC does not have regulatory authority over a particular firm, individual, product or transaction, its staff will direct consumers to any appropriate local, state or federal authority for assistance. These may include local law enforcement; the Office of the Attorney General; or the Federal Trade Commission, which consumers also may contact directly through its toll-free helpline at 1-877-FTC-HELP (1-877-382-4357).

To learn more about National Consumer Protection Week, visit consumer.ftc.gov/features/national-consumer-protection-week.

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Contact: Katha Treanor, 804-371-9141

RICHMOND – More than 400,000 Virginians signed up for health care coverage during the first open enrollment period for Virginia’s Insurance Marketplace, which took place from November 1, 2023, to January 16, 2024.

The number of health insurance enrollments in Virginia increased by nearly 14 percent from the previous year and marked a major milestone for Virginia’s new state-based exchange and its mission to offer health care plans that meet the needs of its residents.

Virginia’s Insurance Marketplace was created by Virginia, for Virginians. The Health Benefit Exchange, a division of the State Corporation Commission, operates Virginia’s Insurance Marketplace.

“From the beginning, our goal was to create a marketplace that was easy to use and connected Virginians and their families to health care coverage they can depend on,” said Keven Patchett, director of the Virginia Health Benefit Exchange. “We look forward to increasing our impact in the future — both by reaching more Virginians and by connecting enrolled Virginians to other programs they may be eligible for.”

“We would like to thank Virginia certified insurance agents, navigators, and assisters for their tremendous work in helping to enroll Virginians across the Commonwealth. We would also like to thank Virginia carriers for their partnership in ensuring a smooth transition as well as our state agency partners, including the Department of Medical Assistance Services and the Department of Social Services, for their efforts to coordinate our operational processes effectively to promote continuity of coverage,” said Patchett.

Virginia’s Insurance Marketplace — which replaced HealthCare.gov for all Virginians — launched on November 1, 2023, and provides a variety of resources for residents to search for affordable health care coverage.

Marketplace plans provide quality, comprehensive coverage. All health insurance plans on the Marketplace include free preventative services and guarantee coverage for preexisting conditions. Additionally, every health plan offered on the Marketplace covers the 10 essential health benefits required by law, which include doctor visits, hospitalization, prescription services, and more. In Virginia, consumers have a wide array of options to find a plan that best fits their needs.

Although the Open Enrollment Period has ended, Virginians who experience a Qualifying Life Event (such as having a baby or losing health insurance coverage) during the year may be eligible to enroll from January 17 to October 31 during a Special Enrollment Period. The next Open Enrollment Period for coverage starting in 2025 will take place from November 1, 2024, to January 15, 2025.

For additional help — either online or in person — Virginians can access the following resources:

• The Marketplace Help Center can connect Virginians to someone either in person or on the phone. Free translation services are also available.
• The FAQ page answers some of the most common questions about the Marketplace.

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Contact: Andy Farmer, 804-371-9141

RICHMOND – With severe winter weather here, now is the time to protect your home, business, vehicles and other property from the elements.

Every year, winter weather causes billions of dollars in losses on homes, businesses, vehicles and other property.

The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) encourages Virginians to give their insurance coverage a thorough review and get their homes and vehicles ready for harsh winter conditions. Knowing and understanding the limits of your insurance coverage, as well as any deductibles you may have to pay in the event of a claim, is essential.

Winter weather events are often responsible for tree limbs breaking and falling on homes, vehicles and power lines. Flooding of property and interior damage to structures can occur as snow and ice melt after a winter storm ends. Sub-freezing temperatures can lead to broken pipes inside and outside your home.

“Plan ahead for seasonal and other hazards,” said Virginia Insurance Commissioner Scott A. White. “Homeowners, renters and commercial-property policies can protect you against many types of winter weather threats, but there are exceptions. Contact your insurance agent or company or the SCC’s Bureau of Insurance to learn more.”

To help reduce the risk of damage to your home and property this winter, the Bureau suggests the following:

• Remove dead, dying, diseased or broken tree limbs near your home and property.
• Remove debris from your gutters to help prevent ice dams and allow melting water to drain freely away from your home.
• Inspect your attic insulation and ventilation to ensure warm air stays in the living areas of your home and out of the attic. Keeping attic air cold can help minimize the freeze/thaw cycle that causes ice dams, which may cause interior water damage to your home. Proper insulation of your home has the added advantage of helping save energy and may reduce your heating costs.
• Protect your pipes from freezing. Detach garden hoses from your home before temperatures drop below freezing and properly winterize pipes and irrigation systems around your home. To protect interior pipes, leave your faucet running slightly to allow water to trickle through the pipes, reducing the chance that standing water will freeze. Opening the cabinet doors under your sink allows warm air to circulate around your pipes and to help keep them from freezing.
• Make sure fireplaces, wood stoves and electric heaters work properly. Additionally, keep combustible items away from heat sources.

Damages to property due to wind, snow, cold and freezing rain are often covered under standard homeowners, renters and commercial-property insurance policies. Property damage caused by flooding typically is not covered, but separate flood insurance is available through the National Flood Insurance Program at floodsmart.gov and may be available through your insurance carrier.

It’s important to contact your insurance agent or company as soon as possible in the event your home or property suffers damage from severe winter weather. When safe to do so, make any necessary emergency repairs and take reasonable steps to prevent further damage. Record all damage to your property and include photographs, notes and repair-related receipts.

Your homeowners policy may also cover certain incidents where someone slips and falls on slick sidewalks or other surfaces on your property. Review your policy or contact your agent or company to check for this coverage under the liability and medical payments portion of the policy.

In the event of an auto accident between two or more vehicles due to snowy and slippery road conditions, or if your vehicle crashes into an object affixed along a roadway (such as a streetlight) due to those conditions, standard auto insurance policies generally provide collision coverage. Checking to see whether your auto insurance covers damage to your vehicle caused by ice, snow and falling tree limbs is also helpful. Damages of this nature usually fall under other-than-collision (or comprehensive) coverage on your vehicle, which protects against damage to a vehicle from such things as fire, water, hail, vandalism, glass breakage, wind and falling objects.

The Bureau offers consumer guides regarding homeowners, renters, commercial and auto insurance and disaster-related property insurance claims. For copies of these and other publications, or for answers to your insurance questions, contact the Bureau’s Property and Casualty Consumer Services Section at 804-371-9185 in Richmond or toll-free at 1-877-310-6560. Copies of the consumer insurance guides are also available on the Bureau’s website at scc.virginia.gov/pages/Insurance.

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Contact: Jordan Bondurant, 804-371-9141