VA | The Commonwealth of Virginia State Corporation Commission Bureau of Insurance has issued Administrative Order No 12182.
The Virginia Automobile Insurance Plan, on behalf of its members, requested approval of the
following revisions to the personal auto manual:
An overall rate level change of +7.7%, distributed as follows:
– Bodily Injury: +7.5%
– Property Damage: +9.5%
– Med Pay: +3.5%
– Uninsured Motorists: +7.5%
– LIABILITY: +8.4%
– Comprehensive: +6.1%
– Collision: +5.0%
– PHYSICAL DAMAGE:
– TOTAL: +7.7%
Now, the Commissioner of Insurance, having considered the recommendation of the staff of the Bureau of Insurance, that the proposed filing is proper and not in conflict or inconsistent with the laws of Virginia, finds and orders that:
(1) the proposed amendments are approved in Virginia for use by the members to the Virginia Automobile Insurance Plan, for new policies effective on and after March 1,2024 and renewal policies effective on and after April 1, 2024; and
(2) an attested copy of this order be sent to the Automobile Insurance Plans Service Office, 302 Central Avenue, Johnston, Rhode Island 02919-5095; to Sandy Crayton, Manager, Virginia Automobile Insurance Plan, P.O. Box 6530, Providence, Rhode Island, 02940-6530; and to the Deputy Commissioner of Insurance of the Property and Casualty Division.