VA| The Commonwealth of Virginia State Corporation Commission issued Administrative Order No. 12197 on March 19, 2025, continuing the suspension of the requirement for insurers to file rates and supplementary rate information for private flood insurance under § 38.2-1906 of the Code of Virginia. This order maintains regulatory flexibility for insurers offering private flood insurance, provided they certify compliance with rate standards and submit the Virginia Rate Certification (Flood COF-1) prior to use. The order also emphasizes that rates must not be excessive, inadequate, or unfairly discriminatory, and that statistical data reporting requirements remain in effect.
- The requirement to file rates and supplementary rate information for private flood insurance remains suspended, allowing insurers greater flexibility in pricing.
- Insurers must submit a Virginia Rate Certification (Flood COF-1) through the NAIC’s SERFF system before using new or revised rates, certifying compliance with state rate standards.
- The Commissioner retains authority to review rates for fairness, and insurers must continue to report statistical data as required by law.