Virginia's revised annuity suitability regulation, incorporating the NAIC best interest standard, became effective on which date?
A. January 1, 2010
B. July 1, 2025
C. September 1, 2021
D. It has been proposed but has not yet taken effect in Virginia
Source: 14VAC5-45 (Rules Governing Suitability in Annuity Transactions)
Which entity regulates the business of insurance, including life insurance producer licensing, in Virginia?
A. The State Corporation Commission, through its Bureau of Insurance
B. The Virginia Department of Insurance
C. The Virginia Department of Professional and Occupational Regulation
D. The Office of the Attorney General of Virginia
Source: Code of Virginia Title 38.2, Chapter 1
How many members sit on the Virginia State Corporation Commission, which oversees the Bureau of Insurance?
A. One, appointed directly by the Governor
B. Three, elected by joint vote of the General Assembly
C. Five, appointed by the Governor and confirmed by the Senate
D. Seven, elected statewide by popular vote
Source: Va. Const. art. IX, Sec. 2; Code of Virginia Sec. 12.1-6
An agent in Virginia wants to know who directly administers day-to-day producer licensing functions such as processing license applications and appointments. Which office performs this role?
A. The Virginia Insurance Commissioner's independent cabinet office
B. The Virginia General Assembly's Insurance Oversight Committee
C. The Bureau of Insurance, a division of the State Corporation Commission
D. The National Association of Insurance Commissioners (NAIC) regional office
Source: Code of Virginia Sec. 38.2-1800
For most lines of authority, including life insurance, what is required of a Virginia resident applicant before sitting for the state licensing examination?
A. Completion of a state-mandated 40-hour pre-licensing course
B. A bachelor's degree in finance or business
C. Two years of supervised experience under a licensed producer
D. No state-mandated pre-licensing education hours are generally required for a life insurance line of authority
Source: Code of Virginia Sec. 38.2-1822 et seq.
