The Virginia State Corporate Commission (SCC) approved a rehabilitation plan for Roanoke-based Shenandoah Life Insurance Co., which includes its acquisition by United Prosperity Life.

The Virginia State Corporation Commission (SCC) scheduled a hearing in Richmond Oct. 27 on proposed adjustments to premiums levels charged for workers’ compensation insurance.

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.

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, life-settlement fraud scheme.

United Prosperity Life Insurance Co. has signed an definitive agreement to buy Shenandoah Life Insurance Co., a Roanoke, Va.-based insurer that has been in receivership over financial concerns since February 2009.

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.

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.

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 Tidewater region of the state.

The following summaries are based on information obtained from the Virginia State Corporation Commission Bureau of Insurance.

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.