Key Takeaways
- The Virginia Bureau of Insurance (BOI) regulates all insurance activities under the State Corporation Commission (SCC)
- The Commissioner of Insurance is appointed by the three-member State Corporation Commission
- Virginia insurance law is found in Virginia Code Title 38.2 and the Virginia Administrative Code
- The Bureau handles licensing, enforcement, consumer complaints, rate review, and market conduct
- Virginia requires a Criminal History Record Report (CHRR) for all license applicants
Virginia Bureau of Insurance
Important: This study guide covers Virginia state-specific Life & Health insurance content only. You should complete the national Life & Health exam preparation first, as it covers the foundational insurance concepts tested on your exam.
The Virginia Bureau of Insurance (BOI) is the state agency responsible for regulating the insurance industry in Virginia. The Bureau operates under the State Corporation Commission (SCC), which is unique among state regulatory structures.
The State Corporation Commission
Virginia's insurance regulation is overseen by the State Corporation Commission (SCC):
- Three elected Commissioners serve 6-year staggered terms
- SCC is a constitutional body with quasi-judicial authority
- Regulates insurance, utilities, banking, and corporations
- Has independent regulatory and judicial powers
Commissioner of Insurance
The Commissioner of Insurance is:
- Appointed by the three SCC Commissioners
- Heads the Bureau of Insurance
- Responsible for enforcing Virginia Code Title 38.2
- Authorized to adopt regulations, investigate violations, and discipline licensees
Commissioner Powers and Duties
| Power | Description |
|---|---|
| Licensing | Issue, suspend, and revoke producer licenses |
| Rulemaking | Adopt regulations interpreting the Insurance Code |
| Enforcement | Investigate and prosecute violations |
| Rate Review | Review and approve insurance rates |
| Consumer Protection | Handle complaints and protect policyholders |
| Market Conduct | Examine insurer business practices |
Virginia Code Title 38.2
Virginia insurance law is found in Virginia Code Title 38.2 (Insurance):
- Licensing requirements for producers and insurers
- Policy standards and required provisions
- Consumer protections and disclosure requirements
- Prohibited practices and penalties
- Claims handling requirements
Exam Tip: Remember that Virginia insurance law is in Title 38.2, not the general business code. This is frequently tested.
Bureau of Insurance Organization
The BOI operates through several divisions:
- Agent Licensing - Handles producer licensing and examinations
- Life and Health Division - Regulates life and health insurance
- Property and Casualty Division - Regulates P&C insurance
- Market Conduct - Examines insurer practices
- Consumer Services - Handles consumer complaints
How is the Virginia Commissioner of Insurance selected?
Where is Virginia insurance law primarily found?