The Resource Inactive company files of the Virginia Bureau of Insurance

Inactive company files of the Virginia Bureau of Insurance

Label
Inactive company files of the Virginia Bureau of Insurance, 1993-2010
Title
Inactive company files of the Virginia Bureau of Insurance
Inclusive dates
1993-2010
Creator
Contributor
Subject
Genre
Language
eng
Summary
  • The Inactive Company Files represent the work of the Company Licensing and Regulatory Compliance section of the Bureau of Insurance's Financial Regulatory Division. The Inactive Company Files include files related to Withdrawn Multiple Employer Welfare Arrangements, Closed Multiple Employer Welfare Arrangements, and Withdrawn Continuing Care Retirement Communities. The Withdrawn & Closed Multiple Employer Welfare Arrangements (MEWA) contain initial filing documents, renewal filing documents, correspondence, and tracking sheets for inactive insurance companies. The initial filing folders include bylaws, articles of incorporation, proof of coverage forms, agreements, applications, policy verification forms, demographic information forms, initial filing requirements, group master contracts, group acceptance agreements, insurance company handbooks, and biographical affidavits. The renewal filing folders include proof of coverage forms, & demographic information forms. The correspondence files contain incoming and outgoing letters from the Insurance Financial Examiner at the Bureau of Insurance and the inactive company. The correspondence files often enclose forms, worksheets, etc. Lastly, the tracking sheet records the transfer of the application through the Company Licensing Section. May also include Closed Case Inquiries
  • The Withdrawn Continuing Care Retirement Community (CCRC) files include correspondence and annual disclosure statements. These files also contain residency agreements, financial statements, memorandums, etc
Note
Agency history record describes the history and functions of the Virginia State Corporation Commission. (Search Virginia State Corporation Commission as author).
Member of
Action
  • Accessioned
  • Described
Biographical or historical data
  • The Bureau of Insurance is a regulatory division of the State Corporation Commission. The Bureau of Insurance is organized into four divisions: Financial Regulation, Life and Health Market Regulation, Property and Casualty Market Regulation, and Agent Regulation and Administration. The Finance Regulation Division is divided into three sections: Company Licensing and Regulatory Compliance, Financial Analysis, and Financial Condition Examination.
  • The Company Licensing and Regulatory Compliance section is primarily responsible for administering the initial license, approval, and registration process for insurers and insurance related entities desiring to do the business of insurance in Virginia. The section also has the responsibility for monitoring health maintenance organizations, premium finance companies, automobile clubs, multiple employer welfare arrangements, viatical settlement providers and continuing care retirement communities. In addition, the section is responsible for ensuring regulatory compliance with licensing requirements for companies transacting business in Virginia.
  • The Financial Analysis section is charged with the on-going monitoring and solvency assessment of insurance companies. The section also has the responsibility for approving purchasing groups, risk retention groups, surplus lines carriers, and qualified reinsurers. In addition, the section is responsible for notification of any insolvency to the Insurance Guaranty Fund Associations.
  • The Financial Condition Examination section is responsible for conducting periodic on-site examinations of domestic insurers’ accounts, records, books, and operations. The section also has the responsibility for publishing Examination Reports on the financial condition of insurance companies and any material findings.
Cataloging source
VIC
Label
Inactive company files of the Virginia Bureau of Insurance
Note
  • These records are part of the Virginia State Corporation Commission record group (RG# 112)
  • Unprocessed
http://library.link/vocab/branchCode
  • The Library of Virginia
Extent
83
Governing access note
There are no access restrictions
http://library.link/vocab/recordID
001537185
Type of unit
cu. ft.

Library Locations

    • Library of VirginiaBorrow it
      800 East Broad Street, Richmond, VA, 23219, US
      37.5415632 -77.4360805
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