Which of the following best describes the role of the Virginia Department of Insurance?

The role of the Virginia Department of Insurance is primarily to enforce laws related to health insurance and protect consumer rights. This means that the department ensures that insurance companies operate within the legal framework established by state laws, which include regulations aimed at safeguarding the interests of consumers. The department monitors insurance practices, investigates consumer complaints, and promotes fair treatment and transparency in the insurance market.

In addition to enforcing laws, the Department of Insurance also plays a pivotal role in educating consumers about their rights and responsibilities regarding health insurance, which aligns with the overall mission of protecting consumers. The emphasis on protecting consumer rights and ensuring compliance with legal standards is crucial in maintaining public trust in the insurance system.

The other options reflect important aspects of insurance regulation but do not encapsulate the primary role of the department as effectively. For instance, while approving new insurance companies entering the market is a function of the department, it is not its defining role. Similarly, increasing insurance premiums is not a goal of the department; rather, it aims to ensure that premiums are fair and justified. Managing private sector insurance sales is also within the scope of regulation, but it does not specifically highlight the consumer protection focus that defines the department's core responsibilities.