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Developed and maintained by the Division of Legislative Automated Systems.
2011 SESSION
11103684DWHEREAS, the 2008 Regular Session of the General Assembly, through the passage of House Joint Resolution 196, requested that the Bureau of Insurance within the State Corporation Commission collect certain demographic and other information from producer licensing examination candidates; and
WHEREAS, the Bureau of Insurance protects the citizens of the Commonwealth by following its ongoing mission to ensure that such citizens are provided with access to adequate and reliable insurance protection; that the insurance companies selling policies are financially sound to support payment of claims; that the insurance policies are of high quality, are understandable and are fairly priced; and that the licensees selling insurance policies are qualified, and that they conduct business according to statutory and regulatory requirements, as well as acceptable standards of conduct; and
WHEREAS, it is critical that families of all socioeconomic groups in the Commonwealth have access to the financial protection and security offered through insurance products; and
WHEREAS, the preferred choice for most citizens of the Commonwealth is to utilize the knowledge and advice that is provided by licensed insurance producers when purchasing life insurance and other similar financial products; and
WHEREAS, there is a need in the Commonwealth for additional licensed insurance producers willing to provide services to those in a wide variety of socioeconomic groups; and
WHEREAS, the Bureau of Insurance has recognized the need to confirm periodically that licensing examinations are fair, unbiased, and designed to test entry-level knowledge regardless of the race, gender, or educational background of the candidate; and
WHEREAS, the Bureau of Insurance, in order to more adequately meet this need, and to ensure adequate consumer access to insurance products, is continuing to analyze the collected licensing examination candidate data and to make changes to the producer licensing process that will better ensure that the Commonwealth’s examination process effectively protects consumers; and
WHEREAS, the General Assembly recognizes the efforts of the State Corporation Commission’s Bureau of Insurance to ensure that insurance products are accessible to all of Virginia’s citizens, regardless of socioeconomic group; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That the Bureau of Insurance within the State Corporation Commission be requested to collect demographic and other information from producer licensing examination candidates. The Bureau of Insurance shall (i) collect information from producer licensing examination candidates for a period of four years commencing July 1, 2011, and ending July 1, 2015, and shall continue posting the information biannually on its homepage through the website of the State Corporation Commission and (ii) continue examining and reviewing the data collected from July 1, 2008, through July 1, 2015.
In addition, the Bureau of Insurance is requested to continue making changes in the licensing examination process that will ensure that the licensing examinations are fair, unbiased, and designed to test entry-level knowledge regardless of the race, gender, or educational background of the candidate.
Technical assistance shall be provided to the Bureau of Insurance by the contracted insurance license examination provider and licensing examination preparatory course providers. All agencies of the Commonwealth shall provide assistance to the Bureau of Insurance within the State Corporation Commission for this study, upon request.
The Bureau of Insurance within the State Corporation Commission shall submit to the Governor and the General Assembly an executive summary and report of its findings and recommendations for publication as a House or Senate document no later than the first day of the 2012 Regular Session of the General Assembly. The executive summary shall include an explanation of changes made to the producer licensing process since July 1, 2008, the effect of those changes on the producer licensing process, and the data and information collected on certain demographic and other information from producer licensing examination candidates.
The executive summaries and reports shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports no later than the first day of the next regular session of the General Assembly and shall be posted on the General Assembly's website.