Virginia Personal Lines Exam (Virginia
Insurance Laws & Regulations) 2025
Expert Verified | Ace the Test
Hierarchy - 🧠ANSWER ✔✔State Corporation Commission.
Bureau of Insurance.
Commissioner.
Examination by the Commission - 🧠ANSWER ✔✔The commission must
examine every insurer licensed in Virginia at least once every 5 years.
Investigation Powers of the Commission - 🧠ANSWER ✔✔The commission
has power to examine and investigate the business affairs of any person
engaged or alleged to be engaged in the business of insurance in the
Commonwealth. Essentially they have the right to investigate anyone tied
to offering insurance.
, Record Retention - 🧠ANSWER ✔✔Every licensed insurance company shall
retain all records relative to insurance transactions for a period of three
years.
Penalties and Restitution Payments - 🧠ANSWER ✔✔Any person who
knowingly violates a provision shall be punished for each violation no more
than $5000 per incident.
Any person who violates a provision unknowingly may be punished for
each violation no more than $1000 per incident and no more than $10,000
total.
Reasons for Penalties - 🧠ANSWER ✔✔Charging a rate in excess of what is
filed, charging a unfair and discriminatory premium, failing to pay
undisputed amounts required for a claim and improperly handling money or
property received in the course of doing business.
Transacting Insurance without a License - 🧠ANSWER ✔✔While the person
is not a holder of a valid agent's license, they will be penalized the sum of
money of their first year's commission.
Insurance Laws & Regulations) 2025
Expert Verified | Ace the Test
Hierarchy - 🧠ANSWER ✔✔State Corporation Commission.
Bureau of Insurance.
Commissioner.
Examination by the Commission - 🧠ANSWER ✔✔The commission must
examine every insurer licensed in Virginia at least once every 5 years.
Investigation Powers of the Commission - 🧠ANSWER ✔✔The commission
has power to examine and investigate the business affairs of any person
engaged or alleged to be engaged in the business of insurance in the
Commonwealth. Essentially they have the right to investigate anyone tied
to offering insurance.
, Record Retention - 🧠ANSWER ✔✔Every licensed insurance company shall
retain all records relative to insurance transactions for a period of three
years.
Penalties and Restitution Payments - 🧠ANSWER ✔✔Any person who
knowingly violates a provision shall be punished for each violation no more
than $5000 per incident.
Any person who violates a provision unknowingly may be punished for
each violation no more than $1000 per incident and no more than $10,000
total.
Reasons for Penalties - 🧠ANSWER ✔✔Charging a rate in excess of what is
filed, charging a unfair and discriminatory premium, failing to pay
undisputed amounts required for a claim and improperly handling money or
property received in the course of doing business.
Transacting Insurance without a License - 🧠ANSWER ✔✔While the person
is not a holder of a valid agent's license, they will be penalized the sum of
money of their first year's commission.
