Virginia

Virginia has enacted Senate Bill 652 which states that the State Corporation Commission's Bureau of Insurance (Bureau) will submit an additional annual report summarizing the results and relevant information from property and casualty insurance customer satisfaction surveys conducted by or on behalf of companies issuing property and casualty insurance policies. The Bureau will request the submission of customer satisfaction information from such companies, who will then submit the information to the Bureau on a quarterly basis.

On October 31, 2025, the Virginia Bureau of Insurance (Bureau) issued Administrative Letter 2025-06 to address whether labor expenses and other nontangible items may be depreciated in "actual cash value" (ACV) loss settlement calculations under property insurance policies that contain ACV or replacement cost loss settlement conditions.