38.2-3407.14 - Notice of premium increases. - Virginia Statutes

§ 38.2-3407.14. Notice of premium increases.

A. Each (i) insurer issuing individual or group accident and sicknessinsurance policies providing hospital, medical and surgical or major medicalcoverage on an expense-incurred basis, (ii) corporation providing individualor group accident and sickness subscription contracts, and (iii) healthmaintenance organization providing a health care plan for health careservices, shall provide in conjunction with the proposed renewal of coverageunder any such policies, contracts or plans, prior written notice of intentto increase by more than 35 percent the annual premium charged for coveragethereunder.

B. Notice required by this section shall be provided in writing at least 60days prior to the proposed renewal of coverage under any such policy,contract, or plan to the policyholder, contract holder or subscriber, or tothe designated consultant or other agent of the group policyholder, contractholder, or subscriber if requested in writing by the group policyholder,contract holder, or subscriber, as appropriate.

(1999, cc. 643, 649; 2005, c. 399.)