Virginia Insurance Industry - Governance, Risk and Compliance

Virginia Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘Virginia Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Virginia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the state.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Virginia, including -

• An overview of the insurance regulatory framework in Virginia.
• The latest key changes, and changes expected in the state’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the state.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the state.
• Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the state.

Key Highlights

• The Virginia insurance industry is regulated by the State Corporation Commission.
• Non-admitted insurance is not permitted in the Virginian insurance industry, with the some exceptions.
• Foreign direct investment of up to 100% is permitted in the US insurance industry.
• Insurance companies must be established in the form of stock insurance companies or mutual insurance companies.
• Risk-Based Capital (RBC) Framework is the current solvency standard applicable in the state.

Scope

• The report covers details of the insurance regulatory framework in Virginia.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the state's insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the state.
• Gain insights into the insurance regulatory framework in Virginia.
• Track the latest regulatory changes, and expected changes impacting the Virginian insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
• Understand key regulations and market practices pertaining to various types of insurance product.