38.2-3404 - Commission may establish rules and regulations for simplified and readable accident and sickness insurance policies. - Virginia Statutes

§ 38.2-3404. Commission may establish rules and regulations for simplifiedand readable accident and sickness insurance policies.

A. Pursuant to the authority granted in § 38.2-223, the Commission may issuerules and regulations establishing standards for simplified and readableaccident and sickness insurance policy forms. Any such rules and regulationsshall apply to any policy forms of accident and sickness insurance as definedin § 38.2-109, except credit accident and sickness insurance, issued on anongroup basis or to groups with ten or fewer members.

B. The rules and regulations issued hereunder may permit an insurer to issuepolicies containing policy provisions that deviate in language from thepolicy provisions required by §§ 38.2-3500 through 38.2-3506 whereapplicable, provided the provisions in each instance are not less favorableto the insured or the beneficiary.

C. No insurer shall deliver or issue for delivery an accident and sicknessinsurance policy in this Commonwealth unless the Commission has determinedthat the policy form satisfies the readability standards established by therules and regulations and is in compliance with other statutory requirements.

(1979, c. 47, § 38.1-354.1; 1986, c. 562.)