38.2-3608 - Regulations establishing minimum standards. - Virginia Statutes

§ 38.2-3608. Regulations establishing minimum standards.

A. The Commission may issue regulations to establish minimum standards forpayment of claims under Medicare supplement policies and for marketingpractices, compensation arrangements, requirements for loss ratio refunds orcredits, Medicare select policies and certificates, and reporting practicesof insurers providing such policies.

B. The Commission may revise or amend such regulations and may increase thescope of the regulations only to the extent necessary to maintain federalapproval of the Commonwealth's program for regulation of Medicare supplementinsurance pursuant to the requirements established by the United StatesDepartment of Health and Human Services.

C. The Commission shall annually advise the standing committees of theGeneral Assembly having jurisdiction over insurance matters of revisions andamendments made pursuant to subsection B.

(1989, c. 151; 1990, c. 268; 1992, c. 225; 1996, c. 11.)