Key Takeaways
- The Virginia State Corporation Commission (SCC) Bureau of Insurance regulates all P&C insurance activities in Virginia
- The Commissioner of Insurance is appointed by the three-member SCC, not elected
- Virginia follows the NAIC model for insurance regulation with state-specific modifications
- The Bureau of Insurance handles licensing, rate review, market conduct, and consumer complaints
- Virginia uses a file-and-use rate system for most property and casualty lines
Last updated: January 2026
State Corporation Commission Bureau of Insurance
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The Virginia State Corporation Commission (SCC) Bureau of Insurance is the state agency responsible for regulating the Property & Casualty insurance industry in Virginia. Unlike many states where the Insurance Commissioner is elected, Virginia's Commissioner is appointed.
The State Corporation Commission
The SCC is Virginia's unique regulatory structure:
- Three-member Commission elected by the General Assembly
- Commissioners serve 6-year staggered terms
- SCC has jurisdiction over insurance, utilities, banking, and corporations
- Bureau of Insurance operates under SCC authority
Commissioner of Insurance
The Commissioner of Insurance is:
- Appointed by the three-member SCC
- Responsible for enforcing Virginia insurance law (Title 38.2)
- Authorized to adopt regulations, review rates, investigate violations, and discipline licensees
- Directs the day-to-day operations of the Bureau of Insurance
Commissioner Powers for P&C Insurance
| Power | Description |
|---|---|
| Licensing | Issue, suspend, and revoke producer licenses |
| Rate Review | Review property and casualty insurance rates |
| Market Conduct | Examine insurer business practices |
| Enforcement | Investigate and prosecute violations |
| Consumer Protection | Handle complaints and protect policyholders |
| Rulemaking | Adopt regulations interpreting insurance law |
Rate Regulation
Virginia uses a file-and-use system for most P&C insurance:
File-and-Use System
- Insurers file rates with the Bureau before use
- Rates become effective upon filing (or within specified period)
- Commissioner can disapprove rates within 30 days
- Rates must not be excessive, inadequate, or unfairly discriminatory
Rate Standards
| Standard | Meaning |
|---|---|
| Not Excessive | Rates must not generate unreasonable profit |
| Not Inadequate | Rates must be sufficient for claims and expenses |
| Not Discriminatory | Rates must not unfairly target groups |
Bureau of Insurance Organization
The Bureau operates through several divisions:
- Agent Licensing Division - Handles producer licensing
- Property and Casualty Division - Reviews P&C rates and forms
- Market Conduct Division - Examines insurer practices
- Consumer Services Division - Handles consumer complaints
- Financial Regulation Division - Monitors insurer solvency
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Test Your Knowledge
How is the Virginia Commissioner of Insurance selected?
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Test Your Knowledge
What rate regulation system does Virginia use for most P&C insurance?
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