51.1-501 - Board authorized to purchase group life and accident insurance policies. - Virginia Statutes

§ 51.1-501. Board authorized to purchase group life and accident insurancepolicies.

The Board is authorized to purchase group insurance policies to insureeligible employees. The policies shall provide life, accidental death, anddismemberment insurance and shall be purchased from and carried with a lifeinsurance company authorized to do business in the Commonwealth and whichmaintains in the Commonwealth sufficient staff and facilities to efficientlyadminister and service the insurance. Each policy shall contain a provisionstipulating the maximum expense and risk charges that are determined by theBoard to be on a basis consistent with the general level of charges made bylife insurance companies under policies of group life, accidental death, anddismemberment insurance issued to large employers. The Board may requirethat the policies have reinsurance with a life insurance company incorporatedor organized under the laws of and authorized to do business in theCommonwealth.

(1960, c. 604, § 51-111.67:1; 1968, c. 617; 1974, c. 353; 1985, c. 236; 1990,c. 832.)