Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 46 Topic 5 Discussion
Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 46 Topic 5 Discussion
In general practice, which one of the following is true of the powers of the Bureau of Insurance with respect to access to an agent’s business records?
A.
Records can only be accessed by an order of a state court
B.
Authorization must come from the National Association of Insurance Commissioners (NAIC)
C.
Records must be produced upon the request of the Bureau of Insurance
D.
The Bureau of Insurance has no right to access an agent’s business records because of privacy considerations
The Virginia Bureau of Insurance has authority to request and review an agent’s business records (C) to ensure compliance with state laws, without requiring a court order (A) or NAIC approval (B).
Option D (no access) is false; regulatory oversight overrides privacy in this context.
The Virginia study guide confirms that the Bureau of Insurance can demand records as part of its regulatory powers under Virginia insurance law, ensuring market conduct compliance. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Insurance Regulation."
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