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Virginia insurance regulator’s actions against agents, insurers
The following summaries are based on information obtained from the Virginia State Corporation Commission Bureau of Insurance. Gabrielle R. Hall Traverse City, Mich. Action: License revoked Synopsis:...
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Va. regulators fine unlicensed surety bond agent, companies $280,000
Virginia insurance regulators shut down a Newport News, Va., insurance agent and two companies and fined them a total of $280,000 for illegal sales of surety bonds for public works projects in the...
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Va. businessman guilty in multi-million dollar insurance fraud scheme
A Richmond, Va., businessman, whose companies were barred from selling in Virginia for 120 days, pleaded guilty to participating in an investment scheme involving a handful of insurance companies....
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Life insurer wants states to ease insurance agent licensing exams
The company with the largest life insurance sales force in the U.S. says the licensing test for insurance agents is too tough so it is asking state regulators to ease the test. The problem for...
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United Prosperity finalizes deal to buy troubled Shenandoah Life
Update: Virginia ends moratorium on Shenandoah Life policy payments United Prosperity Life Insurance Co. has signed an definitive agreement to buy Shenandoah Life Insurance Co., a Roanoke, Va.-based...
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Five sentenced in Va. for roles in $100 million life-settlement fraud
Five employees of a life-settlement company, including two executives, who admitted to conspiring to bilk more than 800 investors were sentenced to prison for their roles in the $100 million,...
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Former Virginia insurance commissioner Al Gross dies
Alfred W. Gross, one of the longest serving insurance commissioners in the U.S., died this week, less than seven months after he gave up his post has Virginia’s insurance regulator. He was 64. Alfred...
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Va. looking for feedback on workers’ comp. premium increases
The Virginia State Corporation Commission (SCC) scheduled a hearing in Richmond Oct. 27 on proposed adjustments to premiums levels charged for workers’ compensation insurance. The National Council on...
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Virginia approves United Prosperity’s purchase of Shenandoah Life
Update: Virginia ends moratorium on Shenandoah Life policy payments The Virginia State Corporate Commission (SCC) approved a rehabilitation plan for Roanoke-based Shenandoah Life Insurance Co., which...
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Virginia ends moratorium on Shenandoah Life policy payments
The three-year moratorium on payments to policyholders of Shenandoah Life Insurance Co. has come to an end with the insurer’s sale, Virginia insurance regulators say. Since the moratorium was...
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Agent allegedly sold Va. cities surety bonds without being licensed
An insurance agent and two companies are accused of selling surety insurance in Virginia without being licensed, according to state records. The Virginia State Corporation Commission Bureau of...
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Virginia Insurance Commissioner Gross to retire Dec. 31
Update: Former Va. insurance commissioner Al Gross dies Virginia Insurance Commissioner Alfred W. Gross, one of the longest serving at that post in the nation, plans to retire Dec. 31. Alfred W. Gross...
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Agent in New York prohibited from selling insurance in Virginia
A man from Woodbury, N.Y., had his insurance agent’s license revoked in Virginia, records from that state show. Richard Striano failed to report to the Virginia State Corporation Commission an...
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Agent loses Md. non-resident license after Va. calls his license inactive
A Virginia man who obtained a non-resident insurance license in Maryland last year had his license revoked in May because his Virginia license became inactive. The man, Diego Bauer, requested Dec. 1,...
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Cigna Healthcare of Mid-Atlantic fined $40,000 in Virginia
Cigna Healthcare of the Mid-Atlantic was fined $40,000 by Virginia insurance regulators after a market conduct examination found numerous violations of state laws and requirements. As part of the...
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Virginia sets workers’ compensation premium level adjustments
The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers’ compensation insurance in Virginia. Workers’ compensation insurance provides medical care and...
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Virginia SCC sets hearing on workers’ compensation premium level adjustments
The State Corporation Commission (SCC) has scheduled an October hearing to consider a request filed by the National Council on Compensation Insurance, Inc. (NCCI) to adjust the premium levels charged...
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Va. officials warn commonwealth residents about unregistered high-yield...
Virginia’s State Corporation Commission warned consumers recently about unregistered high-yield investment plans with the following statement: The State Corporation Commission encourages Virginians to...
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SCC encourages Virginians to talk to their financial professionals about...
The Virginia State Corporation Commission, which oversees the commonwealth’s insurance and securities regulators, issued a statement to Virginia residents encouraging them to discuss cyber security...
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Virginia adopts new rules on long-term care insurance
Virginia’s State Corporation Commission said it has adopted new regulations governing long-term care insurance policies in Virginia. The new rules are aimed at helping reduce the burden of premium...
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