As the economy continues to correct itself, the ripple effect has helped drive a record number of insurance fraud notifications to the Virginia State Police Insurance Fraud Program (IFP).

The Independent Insurance Agents of Virginia is applauding the appointment of a state panel to address health and safety issues surrounding Chinese drywall as opposed to a series of stalled bills it says were “flawed.”

When the Virginia General Assembly reconvenes in Richmond Jan. 13, it could consider forcing agents to pay restitution to victims whose funds they misappropriated, as well as a number of other insurance bills.

Virginia insurance regulators issued their first fine for a violation of a 2003 law regarding the protection by agents and agencies of policyholder information, just three weeks after issuing a reminder on the requirements.

As the nation braces for the impact of an increased H1N1 pandemic this fall, insurance companies covering Virginia residents and those nationwide are taking steps to cover the administration of a vaccine.

While Virginia ranked in the top 10 nationally on a new report regarding insurance regulations in the property-casualty industry, officials said it is just one of many analyses looking at …  Read →

Update: Virginia ends moratorium on Shenandoah Life policy payments

Virginia’s insurance regulators have taken control of Roanoke, Va.-based Shenandoah Life Insurance Co. as the company struggles with finances.

Alfred W. Gross

On Thursday …  Read →