Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau Of Insurance
Chapter 120. Rules Governing the Implementation of the Individual Accident and Sickness Insurance Minimum Standards Act with Respect to Specified Disease Policies

14VAC5-120-10. Purpose.

The purpose of this chapter (14VAC5-120-10 et seq.) is to implement the "Individual Accident and Sickness Insurance Minimum Standards Act" with respect to specified disease policies.

This chapter is designed to:

1. Provide reasonable standardization and simplification of terms and coverages of individual specified disease policies;

2. Facilitate public understanding and comparison;

3. Eliminate provisions contained in individual specified disease policies which may be misleading or unreasonably confusing in connection either with the purchase of such coverages or with the settlement of claims; and

4. Provide for full disclosure in the sale of individual specified disease coverages.

Statutory Authority

§§ 38.2-514, 38.2-3516 through 38.2-3520 of the Code of Virginia.

Historical Notes

Derived from Regulation 21, Case No. INS810010, § 2, eff. June 1, 1981.

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