38.2-5206 - Rates. - Virginia Statutes

§ 38.2-5206. Rates.

A. Benefits provided for long-term care shall be reviewed and approved as setforth in regulations issued by the Commission addressing long-term careinsurance. The regulations shall provide standards for initial filingrequirements and premium rate schedule increases similar to those set forthin the model regulation for long-term care insurance developed by theNational Association of Insurance Commissioners.

B. The regulation promulgated under this section shall recognize the unique,developing and experimental nature of long-term care insurance and shallrecognize the unique needs of those individuals who have reached retirementage and the needs of those preretirement individuals interested in purchasinglong-term care insurance policies.

C. A certificate by a qualified actuary or other qualified professionalapproved by the Commission as to the adequacy of the rates and reserves shallbe filed with the Commission along with adequate supporting information.

(1987, c. 586; 1990, c. 286; 2002, c. 334.)