1. Are insurance companies
rated? Yes, there are several organizations that rate
insurance companies. They include A.M. Best Company, Duff
& Phelps, Moody’s, and Standard & Poor’s Corporation. Most
public libraries have this information available in their
reference section.
2. What information about
an insurance company can the Bureau of Insurance provide to
the public? The Bureau of Insurance can tell you if a
company is licensed to do business in the Commonwealth of
Virginia, and it can provide financial data on a company.
3. I would like a listing
of insurance companies licensed in the Commonwealth of Virginia.
Can I obtain such a list? Yes, the Bureau of Insurance
has a listing of all companies licensed in the Commonwealth
of Virginia. You may obtain a list(s) by company type (i.e.
property and casualty, life and health, etc.) free of charge,
by clicking on this link to Company
Lists. Or, you may request a copy of a list from the Bureau
of Insurance by calling 804- 371-9546. There may be a charge
for specific listings (e.g. a list of the top 10 health insurers
in Virginia by premium volume). You may also review the information
at our office by setting up an appointment.
4. I would like a copy
of the Annual Statement of a particular company. Can I obtain
such information? Yes, to obtain a copy of any financial
information from the Annual Statement of an insurance company,
please call 804-371-9546. The cost is $.50 per page. You may
also review the Annual Statement at our office by setting
up an appointment.
5. What if I would like
to obtain a copy of the Virginia Insurance Laws? You may
place an order for Insurance and Related Laws of Virginia,
using the lexis-nexis.com
website. You can also view the laws at http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC3802000
6. What if I would like
to start an insurance company, a health maintenance organization,
a health services plan, a premium finance company, a dental
or optometric services plan, a continuing care retirement
community, or a multiple employer welfare arrangement? Who
do I contact? For persons seeking to become licensed as
an insurance company, Virginia now accepts Uniform Certificate
of Authority Applications (UCAA). The UCAA process is designed
to allow persons to file the same application for admission
in numerous states. A copy of the UCAA, and all required forms
and instructions, may be obtained by clicking on this link
to UCAA.
A copy of the requirements and applications for the other
license types can be obtained by clicking on this link to
Licensing. There
is no cost for a copy of the requirements and application
packet.
7. I am looking for a
new insurance company. How can the Bureau of Insurance help?
The Bureau of Insurance cannot recommend an insurance company
to you. However, we have prepared several Consumer Guides
to assist you in understanding insurance and obtaining coverage
that best suits your needs. The guides cover topics such as
auto insurance, health insurance, homeowners insurance, and
life insurance. The automobile and homeowner’s guides also
contain premium comparisons for the top 50 companies carrying
that type of insurance. To go
the guides, click here.
8. I cannot find the name
or the phone number of the agent who sold me a policy. Can
the Bureau of Insurance help? The Bureau of Insurance
does not have any individual policy information. The Bureau
of Insurance has information on which insurance companies
an agent is appointed with to sell an insurance policy. We
can also give you the administrative home address and phone
number of your insurance company.
9. I cannot find my policy
number. Can the Bureau of Insurance help? The Bureau of
Insurance does not track what your policy number is. We can
help you contact your insurance company by providing you with
their administrative home address and phone number.
10. What life or health
insurance options are available to me if I lose or leave my
job? Depending upon the type of insurance you have through
your employer, the length of time you have had such coverage,
and the period of time you expect to be unemployed, there
are options available to you in the event you want to remain
covered under some form of life or health insurance. Click
here for further details. To contact COBRA directly, call
(202) 219-8776 or (866) 275-7922 toll-free.
11. How do I file a complaint
with the BOI? Click on this link: Want
to File a Complaint.
12. I am a state employee.
Who would I contact to get help concerning my state health
insurance coverage? Contact the Department of Human Resources
and Management at (804) 371-6436.
13. Who would I contact
to find out if a deceased person had life insurance? The
Bureau of Insurance does not retain this type of information.
However, you might want to access Quick Quote's web site at
http://www.quickquote.com/lifilehow.html
for helpful information on this subject (possible fee involved
for this service).
14.
Is there anything I should consider if I decide to purchase
insurance coverage through a company other than a licensed
insurer? In addition
to licensed insurance companies, you may be able to obtain
coverage through a purchasing group, a risk retention group,
or a surplus lines insurer. Surplus lines insurers are non-admitted
carriers that sell coverage through licensed surplus lines
brokers. Purchasing groups and risk retention groups are allowed
to be formed pursuant to the federal Liability Risk Retention
Act of 1986, and Chapter 51 of Title 38.2. Purchasing groups
simply purchase liability insurance on a group basis; unlike
risk retention groups, they do not assume any risk.
Because of the federal Liability Risk Retention
Act of 1986, the regulatory authority that the Commission
may exercise over risk retention groups chartered in other
states is not as great as the authority it may exercise over
risk retention groups chartered in Virginia. Risk retention
groups chartered in other states that are doing business in
Virginia must apply to be “recognized” to do business
in Virginia, but they are not licensed here. Risk
retention groups and surplus lines insurers are not covered
by the Property and Casualty Insurance Guaranty Association,
so if a risk retention group or a surplus lines insurer becomes
insolvent, its insureds cannot rely on the safety net provided
by the guaranty fund.
Purchasing groups that are domiciled in Virginia
must purchase insurance (i) from an insurer licensed here,
(ii) from a surplus lines insurer on our “approved”
list, or (iii) from a risk retention group “recognized”
to do business in Virginia. Purchasing groups that are domiciled
outside of Virginia must purchase insurance from an insurer
or risk retention group licensed, authorized, or recognized
to do business in the purchasing group’s state of domicile.
If you are a resident of Virginia and have
purchased coverage through a purchasing group domiciled in
another state, you may or may not have coverage under the
Virginia Property and Casualty Insurance Guaranty Association
in the event of an insolvency. If your purchasing group purchased
coverage from an insurer licensed in Virginia, you will have
coverage. However, if your purchasing group purchased
coverage from an unlicensed insurer, such as a surplus lines
insurer, or from a risk retention group, you will not have
coverage under the Property and Casualty Insurance Guaranty
Association if the unlicensed insurer or the risk retention
group becomes insolvent. Click
here for more
information on the Virginia Property and Casualty Insurance
Guaranty Association. Click
here for more
information on licensed insurers, surplus lines insurers,
purchasing groups, and risk retention groups.
