32.1-352 - Virginia Family Access to Medical Insurance Security Plan Trust Fund. - Virginia Statutes

§ 32.1-352. Virginia Family Access to Medical Insurance Security Plan TrustFund.

A. There is hereby created in the state treasury a special nonreverting fundto be known as the Virginia Family Access to Medical Insurance Security PlanTrust Fund, hereinafter referred to as the "Fund." The Fund shall beestablished on the books of the Comptroller and shall be administered by theDirector of the Department of Medical Assistance Services. The Fund shallconsist of the premium differential, any and all employer contributions whichmay be solicited or received by the Department of Medical AssistanceServices, grants, donations, gifts, and bequests, or any and all moneysdesignated for the Fund, from any source, public or private. As used in thissection, "premium differential" means an amount equal to the differencebetween (i) 0.75 percent of the direct gross subscriber fee income derivedfrom eligible contracts and (ii) the amount of license tax revenue generatedpursuant to subdivision A 4 of § 58.1-2501 with respect to eligiblecontracts. As used in this section, "eligible contract" means anysubscription contract for any kind of plan classified and defined in §38.2-4201 or § 38.2-4501 issued other than to (i) an individual or (ii) aprimary small group employer if income from the contract is subject tolicense tax at the rate of 2.25 percent pursuant to subsection D of §38.2-4229.1. The State Corporation Commission shall annually, on or beforeJune 30, calculate the premium differential for the immediately precedingtaxable year and notify the Comptroller of the Commonwealth to transfer suchamount to the Virginia Family Access to Medical Insurance Security Plan TrustFund as established on the books of the Comptroller.

B. Any moneys remaining in the Fund, including interest thereon, at the endof each fiscal year shall not revert to the general fund but shall remain inthe Fund. Moneys in the Fund shall be used solely to support the VirginiaFamily Access to Medical Insurance Security Plan in accordance with therequirements of Title XXI of the Social Security Act, as amended, theCommonwealth's plan for the State Children's Health Insurance Program(SCHIP), as established in Subtitle J of the federal Balanced Budget Act of1997 (P. L. 105-33), and any conditions set forth in the appropriation act.

C. The Director of the Department of Medical Assistance Services shall reportannually on December 1 to the Governor, the General Assembly, and the JointCommission on Health Care on the status of the Fund, the number of childrenserved by this program, the costs of such services, and any issues related tothe Virginia Family Access to Medical Insurance Security Plan that may needto be addressed.

(1997, c. 679; 1999, c. 1034; 2000, cc. 824, 848.)