Administrative Code

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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

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.

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.

Historical Notes

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

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