Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 200 - RULES GOVERNING LONG-TERM CARE INSURENCE
Section 14VAC5-200-130 - Discretionary powers of commission
Universal Citation: 4 VA Admin Code 5-200-130
Current through Register Vol. 41, No. 3, September 23, 2024
The Commission may upon written request modify or suspend a specific provision or provisions of this chapter with respect to a specific long-term care insurance policy or certificate upon a written finding that:
1. The modification or suspension would be in the best interest of the insureds; and
2. The purposes to be achieved could not be effectively or efficiently achieved without the modification or suspension; and
a. The modification or suspension is
necessary to the development of an innovative and reasonable approach for
insuring long-term care; or
b. The
policy or certificate is to be issued to residents of a life care or continuing
care retirement community or some other residential community for the elderly
and the modification or suspension is reasonably related to the special needs
or nature of such a community; or
c. The modification or suspension is
necessary to permit long-term care insurance to be sold as part of, or in
conjunction with, another insurance product.
Statutory Authority
§§ 38.2-223 and 38.2-5200 through 38.2-5208 of the Code of Virginia.
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