23-50.16:24.2 - Insurance for employees of the Authority - Virginia Statutes

§ 23-50.16:24.2. Insurance for employees of the Authority.

The Authority shall purchase group life, accidental death and dismemberment,and disability insurance policies covering in whole or in part its employees.Authority employees shall not be required to present at their own expenseevidence of insurability satisfactory to an insurance company for basic grouplife insurance coverage. Any employee hired prior to July 1, 1998, shall beprovided basic group life insurance at the same level of coverage as providedby the Virginia Retirement System. Any employee hired on or after July 1,1998, shall be provided basic group life insurance at a level of coveragedetermined by the Board, provided that the level of coverage shall not beless than the equivalent of one times the employee's annual salary. TheAuthority may require employees hired on or after July 1, 1998, to pay all ora portion of the required basic group life insurance coverage, which may becollected through a payroll deduction program. The Authority may increase theinsurance coverage under such policies to make available to active insuredemployees optional life, accidental death and dismemberment, and disabilityinsurance. Authority employees shall not be covered by the VirginiaRetirement System's group insurance program under § 51.1-501.

(1998, c. 449.)