Virginia joins four other states given an A on the 2015 R Street Institute’s Insurance Regulation Report Card for 2015. The report is an annual examination of which states do the best job of regulating the business of insurance. The survey is a test of which states regulatory systems best embody the principles of limited, effective and efficient government.
“We are exceedingly pleased to have Virginia recognized as a great place for business with equal attention to providing the effective and affordable insurance products that consumers want,” noted Jason Angus, Chairman of the Board for the Independent Insurance Agents of Virginia who is with The Hilb Group in Richmond. “This report demonstrates how a mix of legislative, regulatory, industry, agent and consumer interests works toward everyone’s benefit.”
In the R Street Institutes report, Virginia received an “A” with the noted strengths of “politicization, workers’ compensation market, and competitiveness”. There were no weaknesses reported. Surrounding states received less glowing reports with North Carolina receiving an “F”, West Virginia receiving a “C” and Maryland receiving a “B”.
“As an active participant in the legislative and regulatory process, we have consistently praised the Virginia Bureau of Insurance for their responsiveness to industry and consumer interests and we hope that our work in the legislative process is an integral part of this cooperation,” stated Bob Bradshaw the President & CEO. “I might also add that companies look at these reports to decide which states they want to do business in. They help make Virginia a competitive marketplace.”
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