Virginia (VA) Annuity Information
The Virginia Bureau of Insurance
The Virginia Bureau of Insurance's ongoing effort, is to fulfill a 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.
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 registers, examines and investigates (title) real estate settlement agents and agencies.
Jacqueline K. Cunningham was appointed to serve as Virginia’s 13th Insurance Commissioner in the 104-year history of the SCC’s regulation of the insurance industry.
Cunningham had been Deputy Commissioner of the life and health division of the SCC’s Bureau of Insurance for more than six years. She had been employed by the SCC in various capacities within the Bureau since 1993.
Cunningham has been actively engaged in efforts of the NAIC regarding state responses to the requirements of federal health care law. She also is actively engaged with the Virginia Health Reform Commission and its predecessor, the Virginia Health Reform Initiative, providing technical support to its efforts to ensure meaningful reform that meets the needs of Virginia’s citizens and government. Cunningham currently serves as vice chair of the Producer Licensing (EX) Task Force and as vice chair of the IIPRC.
Virginia Annuity Resources: The Financial Regulation Division of the Virginia (VA) Bureau of Insurance is divided into three sections: Company Licensing and Regulatory Compliance, Financial Analysis, and Financial Condition Examination.
The Company Licensing and Regulatory Compliance section is responsible for administering licenses, approval, and registration for insurers looking to offer insurance in Virginia. In addition, the section is responsible for ensuring regulatory compliance with licensing requirements for companies transacting business in Virginia.
The Financial Analysis section oversees 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.
The Financial Condition Examination section is responsible for on-site inspections of domestic insurers’ accounts, records, books, and operations. The section is also responsible for publishing Examination Reports on the financial condition of insurance companies and any material findings.
|State Commissioner:||Jacqueline K. Cunningham|
|Insurance Hotline:||(800) 552-7945|
|Annuity Guarantee Limit:||$250,000|
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