Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 160 - RULES TO IMPLEMENT TRANSITIONAL REQUIREMENTS FOR THE CONVERSION OF MEDICARE SUPPLEMENT INSURANCE BENEFITS AND PREMIUMS TO CONFORM TO REPEAL OF THE MEDICARE CATASTROPHIC COVERAGE ACT
Section 14VAC5-160-10 - Purpose
Current through Register Vol. 41, No. 3, September 23, 2024
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.
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.
