State RegulationsVA specificDifficulty 2/5
A Virginia long-term care insurer is preparing both its rate filing and its policyholder notices for a premium increase. Which state body oversees the filing and enforces the notice requirements of Va. Code § 38.2-5206.1?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Rate filings and the conduct of long-term care insurers in Virginia are overseen by the State Corporation Commission through the Virginia Bureau of Insurance, which administers the long-term care chapter that includes the rate-increase notice requirements of Va. Code § 38.2-5206.1. Policyholders who believe a notice was inadequate can complain to the Bureau. No federal office or trade body fills that role.
Why the other options are wrong
- A) No federal office approves Virginia insurance rate filings or enforces Virginia's notice statutes; that authority is state-level.
- B) The insurer's own actuaries support the filing internally, but they do not oversee or enforce regulatory requirements.
- C) A trade association is a private industry body with no regulatory authority over filings or notices.
Memory hook
The Commission watches the filing; the Bureau enforces the letters.