A. The Commission may issue regulations to establish minimum standards for payment of claims under Medicare supplement policies and for marketing practices, compensation arrangements, requirements for loss ratio refunds or credits, Medicare select policies and certificates, and reporting practices of insurers providing such policies.
B. The Commission may revise or amend such regulations and may increase the scope of the regulations only to the extent necessary to maintain federal approval of the Commonwealth's program for regulation of Medicare supplement insurance pursuant to the requirements established by the United States Department of Health and Human Services.
C. The Commission shall annually advise the standing committees of the General Assembly having jurisdiction over insurance matters of revisions and amendments made pursuant to subsection B.
1989, c. 151; 1990, c. 268; 1992, c. 225; 1996, c. 11.
Structure Code of Virginia
Chapter 36 - Medicare Supplement Policies
§ 38.2-3600. Medicare supplement policy; definition
§ 38.2-3601. Medicare supplement policies; minimum return for group policies generally
§ 38.2-3603. Same; minimum return for individual policies
§ 38.2-3604. Free look notice required
§ 38.2-3605. Coverage of preexisting conditions; Medicare supplement policies
§ 38.2-3606. Outline of coverage
§ 38.2-3607. Group or individual Medicare supplement policies; minimum standards
§ 38.2-3608. Regulations establishing minimum standards
§ 38.2-3609. Insurer to file copy of advertisement with Commission
§ 38.2-3610. Medicare supplement policies for persons eligible by reason of disability