51.1-513.4 - Trust fund for long-term care programs. - Virginia Statutes

§ 51.1-513.4. Trust fund for long-term care programs.

The Board is authorized to establish a trust fund in connection with thelong-term care insurance programs administered under §§ 51.1-513.2 and51.1-513.3. The costs incurred by the Board in administering such long-termcare insurance programs including the provision of case management and costcontainment programs, shall be withdrawn from time to time by the Board fromthe trust fund. Any trust fund established by the Board under this sectionshall be deemed a separate and independent trust fund, shall be segregatedfrom all other funds of the Commonwealth, and shall be invested andadministered solely in the interests of the participants and beneficiariesthereof. Neither the General Assembly nor any public officer, employee, oragency shall use or authorize the use of such trust funds for any purposeother than as provided in law for benefits, refunds, and administrativeexpenses, including but not limited to legislative oversight of the long-termcare insurance programs administered under §§ 51.1-513.2 and 51.1-513.3.

(2008, c. 568.)