38.2-3407.3:1 - Premium payment arrearages; order of crediting payments - Virginia Statutes

§ 38.2-3407.3:1. Premium payment arrearages; order of crediting payments.

Each (i) insurer proposing to issue 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 when accepting premium payments in arrears, credit any suchpayments first to the longest-outstanding arrearage, and then in successionto the most recent arrearage or payment due.

(1999, c. 321.)