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Flashcards in General Insurance Regulations Deck (2)
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1
Q

The commission is also known as the bureau of insurance, what are the roles of the commission?

A

Administers, enforces, and carries out the provisions of the Virginia insurance code and other applicable laws, including the calculation of insurance reserves

2
Q

What are the general powers and duties of the commission?

A

Regulate the business of insurance in this state, administer the Worker’s Compensation system of the state, ensure that this code and other laws regarding insurance and insurance companies are executed, protect and ensure the fair treatment of consumers, ensure fair competition in the insurance industry in order to foster a competitive market