Question 1 of 17
Explain how the Virginia SCC and Bureau of Insurance relate to each other and who has state enforcement authority.
Strong Interview Answer
The State Corporation Commission is Virginia's insurance regulator. The Bureau of Insurance performs the day-to-day insurance regulatory functions under the SCC, including work involving insurer and producer compliance. The NAIC can supply models and coordination, but it does not directly enforce Virginia law.
What to Listen For
- SCC = Virginia regulator; Bureau = insurance arm.
- Virginia insurance is regulated by the State Corporation Commission (SCC); the Bureau of Insurance carries out insurance regulatory functions under the SCC.
- The NAIC develops models and coordinates state regulators but does not directly enforce Virginia insurance law.
Caution
Look for an explanation of the rule and the controlling distinction; do not accept a response that merely repeats the multiple-choice stem.