State RegulationsVA specificDifficulty 1/5
Which body holds general supervisory authority over Virginia's insurance business, including oversight of the Bureau of Insurance?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Va. Code § 38.2-200 places the administration and supervision of Virginia's insurance laws with the State Corporation Commission, which exercises that authority through the Bureau of Insurance. The Commission licenses producers, regulates insurers, holds hearings, and enters orders affecting the market. Candidates and producers deal with the Bureau day to day, but the underlying legal authority flows from the Commission.
Why the other options are wrong
- B) Legislative committees write and study the law, but they do not administer or supervise the insurance business under Va. Code § 38.2-200.
- C) Circuit courts handle litigation, not the day-to-day supervision of insurers and producers; that administrative role belongs to the Commission.
- D) The attorney general enforces consumer protection law generally, but insurance supervision is vested in the State Corporation Commission.
Memory hook
The Commission wears the crown; the Bureau of Insurance is its working arm.