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Information Resources Division: 804-371-9141



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RICHMOND – Virginia consumers now have an opportunity to shop for affordable health care coverage or make changes to an existing plan for the 2023 plan year through The 2023 Open Enrollment period will take place from November 1, 2022, to January 15, 2023. Open Enrollment is the only time during the year consumers can enroll in coverage, without a qualifying life event that can make you eligible for a Special Enrollment Period.

For 2023, enhanced premium credits have been continued and more Virginians will now be eligible for financial assistance. The federal government recently finalized a new rule which makes financial assistance available to family members of certain workers whose employer provided insurance may not be affordable for spouses and dependents.

In accordance with federal law, Qualified Health Plans (QHPs) must provide coverage for 10 essential health benefits which include:

  • Ambulatory care
  • Emergency services
  • Hospitalization
  • Maternity and newborn care
  • Mental health, behavioral health and substance use disorder services
  • Prescription drugs
  • Rehabilitative and habilitative services and devices
  • Laboratory services
  • Preventive and wellness services and chronic disease management
  • Pediatric services, including oral and vision care

Qualified Health Plans also prohibit denials for pre-existing conditions, require zero co-pays on preventative care, and have no lifetime maximums on covered benefits.

Through, Virginia residents can access financial assistance to lower costs for health insurance for plan year 2023.

For coverage that begins January 1, 2023, there are now at least two health carriers participating in the marketplace in every county and region across the Commonwealth.

To begin an application or renew existing coverage, consumers can visit or call the Marketplace Call Center at 1-800-318-2596, TTY: 1-855-889-4325.

For free in-person or on-line help, or help over the phone, Virginia residents have several options.

To learn more about the Virginia Exchange or obtain additional contact information, visit the Exchange Website at


Contact: Andy Farmer, 804-371-9141

RICHMOND – What would you do if your business is flooded, or a fire or powerful winds destroyed your building? Natural disasters can take a severe toll on businesses, knocking them out of commission for days, weeks or months and curtailing even the best laid plans. Some businesses never reopen following a natural disaster, and others that can reopen may fail within one year after disaster strikes.

Even natural disasters far away - including hurricanes, floods, tornadoes, wildfires and earthquakes – can impact your business by disrupting supply chains and communications. Small businesses are especially vulnerable to natural disasters since they often have fewer resources, locations and employees to help them become operational again.

"How you plan for and respond to disasters can determine whether your business survives," said Virginia Insurance Commissioner Scott A. White. “Protect yourself and your business against the unexpected by having the insurance coverage you need and updating it regularly.”

The State Corporation Commission's (SCC) Bureau of Insurance (Bureau) urges businesses to undertake advance planning – both physical and financial – to safeguard employees, protect assets and minimize business disruptions. To get your business running again as quickly as possible after a disaster, here are some steps you can take now:

  • Understand risks, including the potential danger of natural disasters;
  • Have emergency disaster and business continuity plans in place;
  • Make sure your insurance coverage is up-to-date by reviewing policies and making adjustments as needed; and
  • Know how to respond if disaster strikes.

The Bureau specifically urges you to educate yourself on what your insurance policies cover and how much money you may need to make repairs and pay employees, creditors and yourself in the event of a disaster. Consider:

  • What your deductibles, coverage limits and exclusions are;
  • Whether additional or separate coverages are needed, such as coverage for damage related to floods or earthquakes, which are not usually covered by standard business insurance policies;
  • Whether you need to buy separate automobile insurance for business vehicles;
  • Whether your business and its contents are insured for current replacement cost; and
  • If you need business interruption insurance to cover loss of income that your business may suffer after a disaster.

Additional steps small business owners can take include the following:

  • Share business continuity plans with employees that include current employee contact information, backup vendors or suppliers and a temporary relocation site;
  • Develop a communication plan and procedures for work processes and payroll during a disaster or business interruption;
  • Keep preparedness items onsite at your workplace – including disaster provisions, maps with evacuation routes and access to a working radio and mobile apps for emergency instructions;
  • Compile and safely store an inventory of assets and equipment (including computer hardware), as well as back up all personal and company data regularly in case information is lost during a disaster;
  • Keep physical copies of important records (such as building plans, insurance policies, bank accounts and employee contact information) in a safe, waterproof and fireproof place;
  • After a disaster strikes your business, contact your insurance agent or company immediately and ask what information is needed to file a claim.

The Bureau of Insurance offers free consumer guides specifically geared to businesses. To learn more, contact the Consumer Services Section of the Bureau of Insurance Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185 or visit

For additional emergency preparedness information relating to disasters, visit


Contact: Katha Treanor, 804-371-9141

RICHMOND – Fueled by rising interest in investing, reliance on apps and social media for investing information is replacing more traditional sources of such information, such as brokerage or investment advisory firms. Increasingly, Virginians rely on social media to find investment advice and connect with financial advisors.

This trend has introduced financial influencers or “finfluencers” – celebrities or other well-known online personalities who use social media (such as Twitter, YouTube, TikTok, Facebook or other sites) – to promote investment opportunities or offer financial advice. These finfluencers may or may not have a background in the financial services industry, and sometimes receive compensation by the business offering the investment, the social media platform on which the message appears, or some other undisclosed source with an interest in the promoted investment or financial service.

“When it comes to investing, there is no one-size-fits-all approach. Instead, individuals should consider whether an investment fits their particular needs,” said Ron Thomas, director of the State Corporation Commission’s (SCC) Division of Securities and Retail Franchising (Division). Thomas encourages Virginians to review financial opportunities on social media carefully and investigate them thoroughly. “Understand the risks and benefits of any investment and never invest more than you can afford to lose,” he said.

The financial services industry is highly regulated, with strict rules about statements concerning an investment’s performance and disclosures regarding compensation and potential conflicts of interest. Investment promoters typically must provide potential investors with all information relevant to making an informed investment decision.

Thomas offers the following tips:

  • Consider investment opportunities or advice from finfluencers with caution and independently conduct your own due diligence before investing or taking advice.
  • Be wary of content on social media or elsewhere promoting investment opportunities with big or guaranteed returns with little or no risk. If it sounds too good to be true, it probably is.
  • As part of your due diligence, independently verify who is offering an investment and the details of any offers. 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.
  • 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

For more information, visit the Division’s website at or the NASAA website at


Contact: Katha Treanor, 804-371-9141


RICHMOND – When a family member dies – particularly if they are a wage earner – their survivors may suffer financial loss, or even hardship. Life insurance is designed to protect loved ones against the loss of an individual’s income or services. During Life Insurance Awareness Month (September), the State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) reminds Virginians that there are many factors to consider when determining if life insurance is right for you and your family.

“When considering your family’s financial future, review your existing financial resources, debts and other liabilities, as well as your family’s needs and goals,” said Virginia Insurance Commissioner Scott White. “Understand the different types of life insurance and shop around to compare prices and coverage.”

White encourages Virginians who already have life insurance to review their policies regularly and update their policies and beneficiaries to ensure their coverage keeps pace with their changing circumstances. Life events – such as a birth, divorce, remarriage, or other changes affecting your finances (such as a new mortgage or a new job) – may trigger a need to update your life insurance policy.

When determining whether to purchase life insurance and how much coverage you may need, evaluate your existing resources and your family’s likely financial situation following a death. Consider the following: Does your spouse work? Do you have any sources of income other than salary? Do you have life insurance through your job?

Also think about financial obligations that may fall upon family members if you die, such as mortgage or rent payments, business expenses, medical expenses, car loans or student loans. Also consider your family’s short-term and long-term goals – such as your spouse’s retirement, providing care for a loved one or your children’s education.

Understand the types of life insurance available – term life or permanent – and how benefits are paid if you die. What you pay for life insurance (premiums) depends largely on the type of policy chosen, your health status, age, gender, occupation, family health history and lifestyle. Be sure to compare premiums, coverage and claims service when considering life insurance options.

Contact the Bureau in Richmond at 804-371-9741 or toll-free at 1-877-310-6560 for questions or to make sure the company or individual offering the coverage is licensed and in good standing. The Bureau offers a free Virginia Life Insurance Consumer Guide with answers to many life insurance questions on its website at,-Guides-Publications.

The National Association of Insurance Commissioners offers a free Life Insurance Policy Locator Service that can help consumers find lost life insurance policies and annuity contracts. To learn more about the Locator Service, visit


Contact: Katha Treanor, 804-371-9141

RICHMOND – If you are covered under Medicare, or will soon be eligible for Medicare coverage, the State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) offers a helpful tool for you: the Medigap Premium Finder. This tool allows you to search and compare annual premiums for Medicare Supplement plans. These optional plans, also known as “Medigap” and offered by private insurance companies, are designed to help pay deductibles, copayments and some out-of-pocket costs, and provide other benefits that Medicare does not cover. Medigap policy premiums are separate from any other premiums consumers pay for Medicare coverage.

There are 12 different Medigap plans – A through N – from which consumers can select. Premiums can vary significantly depending on the insurance company and plan you choose. While comparison shopping for prices, benefits, and services can seem daunting, the Medigap Premium Finder helps simplify this task. This one-stop shopping tool allows you to search by ZIP Code to see the names and contact information for insurance companies writing Medigap insurance in your area, as well as those companies’ coverage options and annual premiums.

Comparison shopping can result in considerable cost savings and help consumers find a company and policy that best suits their needs. The Bureau encourages Virginians to comparison shop before selecting a specific Medigap plan.

Consumers can access the Medigap Premium Finder at The website also includes the Virginia Medigap Guide and other valuable consumer insurance information.

The Bureau’s Life and Health Division also has specially trained staff who can help with your questions regarding Medigap insurance. To contact them, call 804-371-9691 in Richmond or toll-free at 1-877-310-6560 or email the Bureau at

Additionally, the Bureau offers free consumer outreach programs on a number of insurance-related topics, including Medigap. Speakers are available to talk to your group or organization on the insurance topics of your choice and can provide answers to general questions regarding insurance. For more information, contact the Bureau’s Outreach Section at 804-371-9389 or e-mail


Contact: Katha Treanor, 804-371-9141

RICHMOND – September is National Preparedness Month, an annual observance to raise awareness about the importance of preparing for disasters and emergencies that could happen at any time. This also marks the midpoint of the Atlantic hurricane season, the peak period when potentially deadly tropical cyclones form in the Atlantic Ocean. As such, the State Corporation Commission (SCC) is urging Virginians to think ahead and act now to protect themselves and their families.

“It’s critical to ensure that your insurance coverage is up-to-date so you can minimize any financial damage,” said Virginia Insurance Commissioner Scott A. White. “Take time to review each of your insurance policies so you know exactly what is – and is not – covered.”

The Atlantic hurricane season runs from June 1 through November 30. Once a hurricane develops in the Atlantic, it may be difficult to find an insurance company willing to write coverage until after the storm threat passes.

Keep in mind that hurricane damage is often caused by flooding, not high winds. Standard homeowners, renters and commercial insurance policies issued in Virginia typically do not provide coverage for damage from floods, surface water or storm surges. Coverage for flood damage is available to homeowners, renters and business owners in eligible communities through the National Flood Insurance Program. If you think you may need flood insurance, it’s important to prepare ahead of time since there is typically a 30-day waiting period before a new flood insurance policy takes effect. To learn more, visit

Creating an inventory of your personal property including photos, videotapes and serial numbers will help you prepare for emergencies. The National Association of Insurance Commissioners' free smartphone app — NAIC Home Inventory — makes creating a home inventory quick and easy. Keep this inventory and your insurance policies in a safe place and take them with you if you evacuate. Your policy contains the policy number and insurance company’s phone number if you have questions or need to file a claim.

For information about these or other insurance-related topics, contact the Virginia Bureau of Insurance in Richmond at (804) 371-9741 or toll-free at 1-877-310-6560 or visit its website at


Contact: Ford Carson, 804-371-9141

RICHMOND – The State Corporation Commission (SCC) has denied authorization for the Virginia Credit Union (VACU) to expand its field of membership to include the Medical Society of Virginia (MSV).

VACU had sought the SCC's approval to expand its field of membership to include MSV. The Virginia Bankers Association and seven banks opposed the requested expansion.

In its final order, the Commission said the Code of Virginia (§ 6.2-1328) provides a clear directive that: “When practicable and consistent with reasonable safety-and-soundness standards, the Commission shall encourage the formation of a separately chartered credit union instead of adding a new group to the field of membership of an existing credit union.”

After full proceedings, the Commission found that VACU did not meet its burden to show that the formation of a separate credit union by MSV is not practicable or is not consistent with reasonable safety-and-soundness standards.


Contact: Andy Farmer, 804-371-9141

Case Number BFI-2019-00049 – Virginia Bankers Association, et al. v. Virginia Credit Union, Inc., et al.


RICHMOND – August is the time many students head to college, some for the first time. In addition to new classes, instructors, friends and living quarters, this time can also bring new insurance needs.

The State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) encourages Virginia families with college students to make sure their college prep checklist includes a thorough review of both their own insurance needs as well as those of their students. “Protect yourself and your family financially by ensuring your student has the insurance coverage they need before they leave for college,” said Virginia Insurance Commissioner Scott A. White. “Review insurance coverage for their health, auto, living space and belongings and make sure they understand their coverage.”

The Bureau encourages parents and students to shop around for insurance coverage and compare premiums and policy provisions. Read any insurance policy carefully and make sure you understand exactly what is covered, as well as exclusions, deductibles and limits. If you have questions or concerns, contact your insurance agent or company. Additionally, the Bureau offers the following insurance considerations for parents and college students:


College students have several options for getting health insurance. Under federal law, students may be able to stay on their parents’ health insurance until they turn 26 years old. If your student remains on your health insurance policy, make sure they have a copy of any insurance cards and understand what services are covered, as well as know how to obtain referrals, if necessary, before seeking treatment. Under some health insurance policies, your student would need to find a physician or hospital that is within your insurance carrier’s provider network – except for emergency care – or pay more out of pocket if a provider is outside your carrier’s network.

Students who do not have health insurance through a parent's policy, or who have limited coverage due to provider networks or service areas, may opt to purchase a student health insurance plan through their college or university. Students also may be eligible for a Special Enrollment Period that would allow them to apply for a private health insurance plan through the federally-facilitated health insurance marketplace at


College students often take many valuable items with them to school, such as laptops, printers, mobile phones, televisions, gaming devices and bicycles. When reviewing your insurance needs, consider how much it would cost to replace everything in your student’s dorm room or apartment if a theft or disaster occurred.
For students who live in on-campus student housing, their parents’ homeowners or renters policy may cover their belongings if they are stolen or damaged. Some policies, however, may limit the amount of coverage provided. Certain items – such as jewelry or expensive electronics – may require special coverage. In the event of a loss, policy deductibles may also apply.

Students living off campus should consider renters insurance, which generally covers a tenant's personal property as well as insures the tenant in case someone is injured on their leased premises. Landlords’ policies generally only cover the structure, not a renter’s possessions. Renters insurance premiums vary depending on the location and size of the rental unit and the value of the tenant's possessions.

No matter where your student lives, they should have a list of their belongings. An inventory of personal property will help you and your student determine how much insurance is needed. If a loss occurs, the inventory can facilitate the claims process. The National Association of Insurance Commissioners (NAIC) offers a free smartphone app that makes creating an inventory easy.


For college students planning to take a car to school, parents should ask their insurance agent or company about coverage availability – as well as rates for the city and state where the college is located – before deciding whether to keep the student’s car on the family policy. If your student is attending college in another state, make sure you know that state’s minimum requirements for auto insurance coverage. Additionally, check with your agent or insurance company about good-student discounts on the vehicle’s insurance premiums for students who maintain good grades and any eligibility requirements.

Students whose names are on the title for a car must purchase their own auto insurance policy. However, they may be able to stay on their parents' policy if their parents own the vehicle they will use at school. Tell your insurance agent where the vehicle will be stored if the address is different from what is on the policy.

For more information, contact the Bureau toll-free at 1-877-310-6560 or in Richmond at 804-371-9741 or visit its website at


Contact: Katha Treanor, 804-371-9141

RICHMOND – For all the sun, fun and travel that comes with summer, the season also poses its share of risks. The State Corporation Commission's (SCC) Bureau of Insurance (Bureau) reminds Virginians to double-check with their insurance agent or company to assure sufficient insurance coverage in the event of an illness, theft or mishap.

“Whether you’re grilling with friends, driving, or boating, don’t let a lack of insurance coverage put a damper on your summer fun,” said Virginia Insurance Commissioner Scott A. White. “Anticipate summer hazards now to minimize their potential financial damage by ensuring your insurance coverage is adequate and up-to-date.”

The Bureau offers several tips to help Virginians protect themselves against potential risks. Keep your home, vehicles, belongings and personal information safe, especially when away on vacation. Know how much your auto and homeowners insurance will cover if someone steals belongings from your vehicle, home or yard. If hosting an event at your home – such as a yard sale, neighborhood cookout or pool party – know what type of insurance you may need if a guest is injured or if there is property damage. Also, understand your insurance coverages if severe summer weather damages your home or vehicles. Finally, understand any deductibles or coverage limits that may apply.

Additionally, the Bureau recommends you review and update your home inventory. This will help to ensure your homeowners or renters policy provides enough coverage for your belongings. Separate coverage may be needed for high-cost items like jewelry, art or electronics. A home inventory can help facilitate the claims process if damage or theft occurs. The National Association of Insurance Commissioners' free smartphone app — NAIC Home Inventory — makes creating a home inventory quick and easy. This app is available through the App Store and Google Play.

In the season of hurricanes and heavy rains, keep in mind that homeowners, renters and commercial insurance policies issued in Virginia typically do not cover damage to your home and belongings due to floods, surface water or storm surges. The federal government sells insurance covering direct flood and flood-related damage to homeowners, renters and businesses in eligible communities through its National Flood Insurance Program (NFIP). In most cases, there is 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 1-800-427-4661 or visit Some private insurers offer 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.

If you are planning a summer trip, understand your health insurance coverage in case you require medical treatment in an urgent care facility or hospital while traveling out-of-state or abroad. Bring health insurance information with you on your trip including identification cards and contact details for family members.

If you’re driving for vacation or to visit friends and family, make sure your auto insurance policy meets your specific needs before you leave. Check your liability limits to ensure adequate protection against personal injury or property damage arising from an accident while traveling. Keep your insurance company's contact information and a copy of your insurance card with you when you drive and know what to do if an accident occurs.

For information about these or other insurance-related topics, contact the Virginia Bureau of Insurance in Richmond at (804) 371-9741 or toll-free at 1-877-310-6560 or visit its website at


Contact: Ford Carson, 804-371-9141

RICHMOND – On World Elder Abuse Awareness Day (June 15), the State Corporation Commission reminds financial professionals and all Virginians to be on the lookout for signs of elder financial abuse and to know how to report it.

Each year, seniors lose billions of dollars as a result of financial exploitation, with losses averaging tens of thousands of dollars per victim.

Although financial abuse can take many forms, senior citizens (and those around them) should be aware of exploitation efforts involving the sale of investments, as well as attempts to access seniors’ investments accounts. Such efforts can include online or telemarketing scams selling fraudulent investments, or someone trying to gain control over a senior citizen’s investment accounts for their own personal gain. Perpetrators may be strangers, family members, trusted friends or caregivers, financial professionals or others. Seniors who have disabilities, rely on others for help or live alone may be particularly susceptible to financial exploitation.

“Seniors are increasingly being targeted by scammers,” said Ron Thomas, director of the State Corporation Commission’s Division of Securities and Retail Franchising (Division). “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 increased reliance on the internet for many daily activities can compound the problem," he said. In some cases, scammers may target their victims using personal details gleaned from obituaries and social media posts. Some perpetrators may exploit established relationships within seniors’ social and support groups to become more involved in their lives.

Some red flags of financial abuse could be as follows:

  • 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;
  • Sudden changes to beneficiary designations or legal or financial documents involving investments, such as power of attorney, wills, trusts, retirement accounts or insurance policies, or suddenly missing documents;
  • 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.

Thomas urges Virginians who suspect they or a loved one are the victims of investment fraud or possible senior financial exploitation to contact the Division at 804-371-9051 in Richmond or toll-free at 1-800-552-7945. For more information, visit the Division’s website at The North American Securities Administrators Association, of which the Division is a member, also offers resources on its website at or at


Contact: Katha Treanor, 804-371-9141


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