Insurance Bureau Reducing Fee for Producer Appointments

The Virginia Bureau of Insurance is reducing the fee it charges insurers that appoint producers to $10 from $12 on July 1, according to a notice posted in the Virginia Register of Regulations.The bureau said it is reducing the fee because an anticipated increase in processing costs that led to an increase in the statutory maximum to $25 did not occur. The bureau said appointment renew invoices for the fiscal year ending on June 30 will be billed at the current $12 amount, but appointment fees billed to insurers for the quarter ending on Sept. 30 and payable on Nov. 10 will be reduced to $10.So...