White is on track to take over as the state’s insurance commissioner Jan. 1.
Cunningham, who is retiring from the bureau, succeeded Alfred Gross as commissioner in 2011. She has been working for the bureau since 1993.
White is now the deputy general counsel for financial services at the State Corporation Commission general counsel’s office. He started working at the commission in 1999.
The Virginia Bureau of Insurance oversees a staff of about 195 people and about 2,400 insurers that do business in Virginia. It also oversees holders of about 248,000 insurance agent and insurance agency licenses, officials say.
The bureau has an annual budget of about $27 million, and it gets all of its revenue from fees and assessments, according to the National Association of Insurance Commissioners.
The list of insurers that the bureau oversees includes three life and annuity issuers that use Virginia as their official state of domicile, and 21 health insurers domiciled in Virginia.
The bureau will rank only 16th in the nation for 2018 in terms of annual budget, but it may have the potential to have a little extra influence over U.S. insurance regulation, because it oversees the insurers operating in the District of Columbia’s Virginia suburbs.
— Read 6 Things to Know About Tim Kaine and Insurance on ThinkAdvisor.