14 Va. Admin. Code § 5-160-80

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-160-80 - Requirements for new policy and certificates

A. Effective January 1, 1990, no Medicare supplement insurance policy, contract or certificate shall be delivered or issued for delivery in this Commonwealth which provides benefits which duplicate benefits provided by Medicare. No such policy, contract or certificate shall provide less benefits than those required under the existing law or regulation except where duplication of Medicare benefits would result and except as required by these transition provisions.

B. General requirements.

1. Within 90 days of the effective date of this chapter, every insurer, health services plan or other entity required to file its policies or contracts for approval by the Commission shall file new Medicare supplement insurance policies or contracts which eliminate any duplication of Medicare supplement benefits with benefits provided by Medicare, which adjust minimum required benefits to changes in Medicare benefits, and which provide a clear description of the policy or contract benefit;

2. The filing required under 14VAC5-160-60 A 1 shall provide for less ratios which are in compliance with all statutory and regulatory requirements; and

3. Every applicant for a Medicare supplement insurance policy, contract or certificate shall be provided with an outline of coverage which simplifies and accurately describes benefits provided by Medicare and policy or contract benefits along with benefit limitations.

14 Va. Admin. Code § 5-160-80

Derived from Regulation 36, Case No. INS900003, § 9, 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.