38.2-4307.1 - Additional reports. - Virginia Statutes

§ 38.2-4307.1. Additional reports.

A. In addition to the annual statement, the Commission may require a licensedhealth maintenance organization to file additional reports, exhibits orstatements considered necessary to secure complete information concerning thecondition, solvency, experience, transactions or affairs of the healthmaintenance organization. The Commission shall establish reasonable deadlinesfor filing these additional reports, exhibits, or statements and may requireverification by any officers of the health maintenance organizationdesignated by the Commission.

B. The Commission may require a licensed health maintenance organization tofile with the National Association of Insurance Commissioners (NAIC) a copyof its financial statement required to be filed pursuant to § 38.2-4307, on aquarterly basis. Unless otherwise prescribed by the Commission, all suchfinancial statements, whether filed with the Commission or the NAIC, shall beprepared in accordance with applicable provisions of the annual statementinstructions and the accounting practices and procedures manual adopted bythe NAIC, or any successor publications. The Commission may prescribe thatadditional copies of financial statements and other reports be filed inmachine-readable format.

C. Each annual and quarterly statement shall be accompanied by a statement ofcovered and uncovered expenses. The statement shall be prepared in accordancewith instructions prescribed by the Commission for reporting the expenses ofthe health maintenance organization during the three months comprising themost recently ended calendar-year quarter. The statement of covered anduncovered expenses shall not be required for any health maintenanceorganization that reports a capital and surplus amount of at least $4,500,000on its most recent annual or quarterly financial statement filed with theCommission.

(1990, c. 224; 1999, c. 482; 2000, c. 503; 2006, c. 448.)