Virginia Approves Deregulation Bill

Virginia Governor James Gilmore signed into law legislation reducing government regulation of commercial insurance. To qualify for the exemption, companies must use a qualified risk manager to purchase their insurance coverage. In addition, companies must meet at least two of the following criteria to qualify: have a net worth over $10 million; generate annual revenues over $25 million; employ more than 80 people; or pay annual insurance premiums over $100,000. Non-profit organizations or public bodies generating annual budgeted expenses of at least $10 million and municipalities with populations over 30,000 also could qualify as large commercial risks.