38.2-3516 - Purpose. - Virginia Statutes

§ 38.2-3516. Purpose.

The purpose of this article is to authorize the Commission, pursuant to theauthority granted in § 38.2-223, to issue rules and regulations to:

1. Provide reasonable standardization and simplification of terms andcoverages of individual accident and sickness insurance policies;

2. Facilitate public understanding and comparison;

3. Eliminate provisions contained in individual accident and sicknessinsurance policies which may be misleading or unreasonably confusing inconnection either with the purchase of coverages or with the settlement ofclaims; and

4. Provide for full disclosure in the sale of individual accident andsickness policies.

(1980, c. 204, § 38.1-362.11; 1986, c. 562.)