14 Va. Admin. Code § 5-160-10

Current through Register Vol. 41, No. 2, September 9, 2024

Section 14VAC5-160-10 - Purpose

This chapter (14VAC5-160-10 et seq.) is designed to

1. Assure the orderly implementation and conversion of Medicare supplement insurance benefits and premiums due to changes in the federal Medicare program;

2. Provide for the reasonable standardization of the coverage, terms and benefits of Medicare supplement policies or contracts;

3. Facilitate public understanding of such policies or contracts;

4. Eliminate provisions contained in such policies or contracts which may be misleading or confusing in connection with the purchase of such policies or contracts;

5. Eliminate policy or contract provisions which may duplicate Medicare benefits;

6. Provide for adjustment of required minimum benefits for Medicare supplement policies;

7. Provide notice to former policyholders of offer to reinstitute coverage;

8. Provide full disclosure of policy or contract benefits and benefit changes; and

9. Provide for appropriate premium adjustments.

14 Va. Admin. Code § 5-160-10

Derived from Regulation 36, Case No. INS900003, § 2, eff. January 31, 1990.

Statutory Authority

§§ 38.2-223, 38.2-3516 through 38.2-3520, 38.2-3600 through 38.2-3609, 38.2-4214, 38.2-4215 and 38.2-514 of the Code of Virginia.