Code of Virginia

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Code of Virginia
Title 51.1. Pensions, Benefits, and Retirement
Chapter 5. Group Insurance Program

§ 51.1-501. Board authorized to purchase group life and accident insurance policies.

The Board is authorized to purchase group insurance policies to insure eligible employees. The policies shall provide life, accidental death, and dismemberment insurance and shall be purchased from and carried with a life insurance company authorized to do business in the Commonwealth and which maintains in the Commonwealth sufficient staff and facilities to efficiently administer and service the insurance. Each policy shall contain a provision stipulating the maximum expense and risk charges that are determined by the Board to be on a basis consistent with the general level of charges made by life insurance companies under policies of group life, accidental death, and dismemberment insurance issued to large employers. The Board may require that the policies have reinsurance with a life insurance company incorporated or organized under the laws of and authorized to do business in the Commonwealth.

1960, c. 604, § 51-111.67:1; 1968, c. 617; 1974, c. 353; 1985, c. 236; 1990, c. 832.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.