Virginia Work Comp Carrier Taken Over by State

The Virginia State Corporation Commission ("SCC") has been named receiver by the Circuit Court of the City of Richmond for Reciprocal of America ("ROA") and ROA's attorney-in-fact, The Reciprocal Group ("TRG"). After an examination, the SCC's Bureau of Insurance found ROA and TRG to be in a hazardous financial condition. ROA is a Virginia-domiciled insurance reciprocal writing primarily hospital professional liability and workers' compensation insurance. ROA and TRG are headquartered in Glen Allen, Virginia. ROA recently experienced financial difficulties because of poor claims exp...